Commerce Bank Sells 512,965 Shares of Copart, Inc. (NASDAQ:CPRT)

Commerce Bank reduced its position in Copart, Inc. (NASDAQ:CPRT) by 68.7% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 233,372 shares of the business services provider’s stock after selling 512,965 shares during the quarter. Commerce Bank’s holdings in Copart were worth $12,229,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds also recently made changes to their positions in the stock. PNC Financial Services Group Inc. grew its position in shares of Copart by 10.4% in the third quarter. PNC Financial Services Group Inc. now owns 242,705 shares of the business services provider’s stock valued at $12,718,000 after purchasing an additional 22,959 shares in the last quarter. B. Metzler seel. Sohn & Co. Holding AG bought a new stake in Copart during the third quarter worth about $3,229,000. Fifth Third Wealth Advisors LLC lifted its stake in shares of Copart by 10.0% in the 3rd quarter. Fifth Third Wealth Advisors LLC now owns 9,018 shares of the business services provider’s stock valued at $473,000 after acquiring an additional 817 shares during the last quarter. Meeder Asset Management Inc. lifted its stake in shares of Copart by 15,096.5% in the 3rd quarter. Meeder Asset Management Inc. now owns 87,380 shares of the business services provider’s stock valued at $4,579,000 after acquiring an additional 86,805 shares during the last quarter. Finally, Meeder Advisory Services Inc. lifted its stake in shares of Copart by 12.9% in the 3rd quarter. Meeder Advisory Services Inc. now owns 17,648 shares of the business services provider’s stock valued at $925,000 after acquiring an additional 2,021 shares during the last quarter. 85.78% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of research firms have commented on CPRT. JPMorgan Chase & Co. upped their price target on Copart from $55.00 to $60.00 and gave the company a “neutral” rating in a research report on Tuesday. Robert W. Baird cut their price target on Copart from $58.00 to $56.00 and set an “outperform” rating on the stock in a research note on Thursday, September 5th.

Copart Price Performance

NASDAQ CPRT opened at $55.42 on Thursday. The business’s fifty day moving average price is $53.39 and its 200-day moving average price is $53.14. The stock has a market capitalization of $53.39 billion, a price-to-earnings ratio of 39.87 and a beta of 1.27. Copart, Inc. has a 1-year low of $46.21 and a 1-year high of $58.58.

Copart (NASDAQ:CPRT) last released 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 net margin of 32.17% and a return on equity of 19.55%. The firm had revenue of $1.07 billion for the quarter, compared to the consensus estimate of $1.07 billion. During the same period in the previous year, the company earned $0.34 earnings per share. Copart’s quarterly revenue was up 7.2% compared to the same quarter last year. Equities research analysts anticipate that Copart, Inc. will post 1.54 EPS for the current year.

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.