Independence Bank of Kentucky Buys 1,635 Shares of Copart, Inc. (NASDAQ:CPRT)

Independence Bank of Kentucky boosted its stake in Copart, Inc. (NASDAQ:CPRT) by 22.7% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 8,853 shares of the business services provider’s stock after purchasing an additional 1,635 shares during the quarter. Independence Bank of Kentucky’s holdings in Copart were worth $513,000 as of its most recent SEC filing.

Several other hedge funds have also recently added to or reduced their stakes in the stock. Perpetual Ltd raised its position in shares of Copart by 9.6% during the first quarter. Perpetual Ltd now owns 161,318 shares of the business services provider’s stock worth $9,344,000 after purchasing an additional 14,126 shares during the period. Baird Financial Group Inc. lifted its stake in Copart by 15.9% in the fourth quarter. Baird Financial Group Inc. now owns 2,922,176 shares of the business services provider’s stock valued at $143,187,000 after buying an additional 400,940 shares in the last quarter. Nordea Investment Management AB boosted its holdings in shares of Copart by 64.1% in the fourth quarter. Nordea Investment Management AB now owns 1,441,839 shares of the business services provider’s stock valued at $70,448,000 after buying an additional 563,233 shares during the period. Allspring Global Investments Holdings LLC increased its position in shares of Copart by 1.6% during the fourth quarter. Allspring Global Investments Holdings LLC now owns 2,848,048 shares of the business services provider’s stock worth $139,554,000 after acquiring an additional 44,248 shares in the last quarter. Finally, CHURCHILL MANAGEMENT Corp raised its holdings in shares of Copart by 57.9% during the fourth quarter. CHURCHILL MANAGEMENT Corp now owns 63,521 shares of the business services provider’s stock worth $3,113,000 after acquiring an additional 23,304 shares during the period. Institutional investors and hedge funds own 85.78% of the company’s stock.

Analysts Set New Price Targets

Separately, JPMorgan Chase & Co. increased their target price on Copart from $48.00 to $52.00 and gave the stock a “neutral” rating in a report on Monday, April 8th. Three analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $51.00.

Copart Trading Down 1.1 %

Copart stock opened at $54.16 on Friday. Copart, Inc. has a 1-year low of $42.41 and a 1-year high of $58.58. The company has a fifty day simple moving average of $54.27 and a 200 day simple moving average of $52.61. The company has a market cap of $52.12 billion, a P/E ratio of 38.14 and a beta of 1.26.

Copart (NASDAQ:CPRT) last announced its quarterly earnings data on Thursday, May 16th. The business services provider reported $0.39 earnings per share for the quarter, beating the consensus estimate of $0.38 by $0.01. Copart had a return on equity of 20.80% and a net margin of 33.33%. The company had revenue of $1.13 billion during the quarter, compared to analysts’ expectations of $1.11 billion. During the same quarter last year, the company earned $0.36 EPS. Copart’s revenue for the quarter was up 10.3% compared to the same quarter last year. On average, equities research analysts forecast that Copart, Inc. will post 1.43 EPS for the current year.

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.