Copart (NASDAQ:CPRT) Posts Earnings Results, Beats Expectations By $0.02 EPS

Copart (NASDAQ:CPRT) announced its quarterly earnings data on Thursday. The business services provider reported $0.34 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.32 by $0.02, Briefing.com reports. Copart had a net margin of 31.99% and a return on equity of 22.46%. The company had revenue of $1.02 billion during the quarter, compared to analysts’ expectations of $987.90 million. During the same quarter in the prior year, the company earned $0.25 EPS. The firm’s revenue was up 14.2% on a year-over-year basis.

Copart Stock Up 1.8 %

Shares of CPRT opened at $50.22 on Friday. Copart has a twelve month low of $29.61 and a twelve month high of $51.53. The stock has a market capitalization of $48.22 billion, a P/E ratio of 39.23 and a beta of 1.19. The firm has a fifty day simple moving average of $45.05 and a two-hundred day simple moving average of $46.39.

Wall Street Analyst Weigh In

A number of equities research analysts have recently issued reports on the stock. Argus assumed coverage on shares of Copart in a research note on Friday, September 8th. They issued a “buy” rating and a $53.00 price objective for the company. StockNews.com raised shares of Copart from a “hold” rating to a “buy” rating in a research note on Monday, October 30th. JPMorgan Chase & Co. increased their price target on shares of Copart from $39.50 to $41.00 in a research report on Monday, September 18th. Finally, Robert W. Baird increased their price target on shares of Copart from $45.00 to $48.00 and gave the company an “outperform” rating in a research report on Friday, September 15th. One equities research analyst has rated the stock with a hold rating and five have given a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $44.40.

Insiders Place Their Bets

In other Copart news, Director Stephen Fisher sold 160,000 shares of the company’s stock in a transaction on Monday, October 9th. The shares were sold at an average price of $45.69, for a total value of $7,310,400.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Copart news, Director Matt Blunt sold 49,435 shares of the company’s stock in a transaction on Tuesday, October 3rd. The shares were sold at an average price of $43.11, for a total value of $2,131,142.85. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Stephen Fisher sold 160,000 shares of the stock in a transaction dated Monday, October 9th. The stock was sold at an average price of $45.69, for a total transaction of $7,310,400.00. The disclosure for this sale can be found here. Company insiders own 10.23% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the business. Quarry LP purchased a new stake in Copart during the 1st quarter valued at about $29,000. Hollencrest Capital Management grew its position in Copart by 92.1% during the 1st quarter. Hollencrest Capital Management now owns 438 shares of the business services provider’s stock valued at $33,000 after purchasing an additional 210 shares during the last quarter. Benjamin F. Edwards & Company Inc. purchased a new stake in Copart during the 2nd quarter valued at about $38,000. Cornerstone Planning Group LLC purchased a new stake in Copart during the 2nd quarter valued at about $38,000. Finally, Harbour Investments Inc. grew its position in Copart by 420.0% during the 3rd quarter. Harbour Investments Inc. now owns 910 shares of the business services provider’s stock valued at $39,000 after purchasing an additional 735 shares during the last quarter. 79.26% of the stock is currently owned by institutional investors.

Copart Company Profile

Copart, Inc provides online auctions and vehicle remarketing services. It offers a range of services for processing and selling vehicles over the Internet through its Virtual Bidding Third Generation Internet auction-style sales technology on behalf of vehicle sellers, insurance companies, banks and finance companies, charities, and fleet operators and dealers, as well as individual owners.