Sheets Smith Wealth Management Increases Stock Holdings in Copart, Inc. (NASDAQ:CPRT)

Sheets Smith Wealth Management increased its holdings in Copart, Inc. (NASDAQ:CPRT) by 0.1% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 280,535 shares of the business services provider’s stock after acquiring an additional 253 shares during the quarter. Copart comprises about 1.8% of Sheets Smith Wealth Management’s investment portfolio, making the stock its 8th biggest holding. Sheets Smith Wealth Management’s holdings in Copart were worth $14,700,000 at the end of the most recent quarter.

A number of other large investors also recently bought and sold shares of the business. Bridges Investment Management Inc. increased its stake in shares of Copart by 0.4% during the third quarter. Bridges Investment Management Inc. now owns 869,850 shares of the business services provider’s stock valued at $45,580,000 after purchasing an additional 3,199 shares in the last quarter. Assetmark Inc. increased its position in Copart by 39.6% during the 3rd quarter. Assetmark Inc. now owns 291,440 shares of the business services provider’s stock valued at $15,271,000 after buying an additional 82,735 shares in the last quarter. Pegasus Partners Ltd. purchased a new position in Copart during the third quarter valued at $357,000. Fiera Capital Corp bought a new stake in Copart in the third quarter worth $22,183,000. Finally, AIA Group Ltd grew its stake in shares of Copart by 18.4% in the third quarter. AIA Group Ltd now owns 106,643 shares of the business services provider’s stock worth $5,588,000 after acquiring an additional 16,548 shares during the last quarter. 85.78% of the stock is owned by hedge funds and other institutional investors.

Copart Stock Up 0.6 %

Shares of CPRT opened at $56.12 on Friday. The company has a market capitalization of $54.06 billion, a P/E ratio of 40.37 and a beta of 1.27. Copart, Inc. has a twelve month low of $46.21 and a twelve month high of $58.58. The firm has a 50 day moving average of $52.44 and a 200 day moving average of $53.04.

Copart (NASDAQ:CPRT) last posted its quarterly earnings results on Wednesday, September 4th. The business services provider reported $0.33 earnings per share for the quarter, missing the consensus estimate of $0.36 by ($0.03). Copart had a return on equity of 19.55% and a net margin of 32.17%. The business had revenue of $1.07 billion during the quarter, compared to analysts’ expectations of $1.07 billion. During the same quarter in the prior year, the firm earned $0.34 EPS. The firm’s revenue for the quarter was up 7.2% compared to the same quarter last year. On average, sell-side analysts expect that Copart, Inc. will post 1.54 EPS for the current year.

Wall Street Analyst Weigh In

Separately, Robert W. Baird lowered their price target on Copart from $58.00 to $56.00 and set an “outperform” rating for the company in a research report on Thursday, September 5th.

About Copart

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.