Varma Mutual Pension Insurance Co Trims Stake in Copart, Inc. (NASDAQ:CPRT)

Varma Mutual Pension Insurance Co lessened its position in Copart, Inc. (NASDAQ:CPRT) by 15.6% in the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 212,288 shares of the business services provider’s stock after selling 39,167 shares during the quarter. Varma Mutual Pension Insurance Co’s holdings in Copart were worth $11,498,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds also recently made changes to their positions in CPRT. Bowie Capital Management LLC boosted its holdings in shares of Copart by 20.7% during the 2nd quarter. Bowie Capital Management LLC now owns 1,587,543 shares of the business services provider’s stock valued at $85,981,000 after buying an additional 272,538 shares in the last quarter. Caprock Group LLC lifted its position in Copart by 2.2% during the 2nd quarter. Caprock Group LLC now owns 34,295 shares of the business services provider’s stock valued at $1,857,000 after acquiring an additional 735 shares during the period. Certuity LLC bought a new stake in Copart during the second quarter worth about $860,000. Acadian Asset Management LLC purchased a new stake in Copart in the second quarter worth about $1,123,000. Finally, Strategic Financial Concepts LLC bought a new position in shares of Copart during the second quarter valued at approximately $73,000. 85.78% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Separately, Robert W. Baird dropped their price target on Copart from $58.00 to $56.00 and set an “outperform” rating on the stock in a research report on Thursday.

Copart Price Performance

Shares of Copart stock opened at $49.46 on Monday. Copart, Inc. has a 1 year low of $42.41 and a 1 year high of $58.58. The firm’s 50-day moving average is $52.29 and its 200 day moving average is $53.88. The stock has a market cap of $47.60 billion, a price-to-earnings ratio of 34.83 and a beta of 1.27.

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