Legal & General Group Plc has increased its stake in Copart, Inc. (NASDAQ:CPRT) by 2.1% during the second quarter of 2023, as detailed in its latest 13F filing with the Securities and Exchange Commission (SEC). The investment firm now holds 5,472,685 shares of the vehicle remarketing services provider, after acquiring an additional 113,786 shares in the period. As of the end of the most recent quarter, Legal & General’s holdings were valued at approximately $268,545,000.
Multiple institutional investors have also adjusted their positions in Copart recently. For instance, GC Wealth Management RIA LLC acquired a new stake in the company, valued at around $219,000. Additionally, Nordea Investment Management AB increased its stake by 3.5%, owning 753,973 shares worth approximately $36,153,000 after buying another 25,564 shares. Notably, JPMorgan Chase & Co. expanded its holdings by 15.9% in the first quarter, bringing its total to 15,345,768 shares, valued at $868,417,000 after an acquisition of 2,106,656 shares.
Analysts’ Ratings and Target Prices
Wall Street analysts have recently shared insights on Copart’s stock performance. Weiss Ratings reiterated a “hold (c)” rating on October 8, while HSBC set a price target of $62.00 with a “buy” rating on September 4. Stephens revised its price objective down from $50.00 to $46.00 with an “equal weight” rating, and Robert W. Baird lowered its target from $55.00 to $52.00, maintaining an “outperform” rating.
In contrast, Barclays reaffirmed an “underweight” rating but raised its target price from $32.00 to $33.00. Overall, one analyst has rated Copart as a Strong Buy, two gave it a Buy rating, four categorized it as Hold, and one rated it as Sell. The consensus price target for the stock stands at $49.60 according to data from MarketBeat.com.
Insider Activity and Company Performance
In related news, CEO Jeffrey Liaw sold 24,283 shares on October 15, at an average price of $44.79, totaling $1,087,635.57. Following this transaction, Liaw holds 31,332 shares valued at approximately $1,403,360.28, representing a decrease of 43.66% in ownership.
On September 15, Director Thomas N. Tryforos sold 228,840 shares at an average price of $47.54, resulting in a total transaction of $10,879,053.60. Corporate insiders currently own 9.60% of Copart’s stock.
Copart’s shares opened at $40.73 on the NASDAQ on the last trading day. The company boasts a market capitalization of $39.42 billion, with a price-to-earnings ratio of 25.46 and a beta of 1.06. The stock has fluctuated between a one-year low of $39.38 and a high of $64.38.
Copart is set to release its earnings results on November 20, 2023. In its previous earnings report, the company reported earnings per share (EPS) of $0.41, surpassing analyst estimates of $0.39. Revenue for the quarter reached $1.16 billion, slightly below the anticipated $1.18 billion. The firm experienced a net margin of 33.41% and a return on equity of 18.17%, with revenue growing by 0.7% year-over-year.
Copart, Inc. is recognized for its online auctions and vehicle remarketing services, providing a range of solutions for processing and selling vehicles through its advanced auction technology.
