Allworth Financial LP Cuts Stake in Copart, Inc. (NASDAQ:CPRT)

Allworth Financial LP lessened its stake in shares of Copart, Inc. (NASDAQ:CPRT) by 26.1% in the third quarter, according to its most recent Form 13F filing with the SEC. The fund owned 32,437 shares of the business services provider’s stock after selling 11,458 shares during the period. Allworth Financial LP’s holdings in Copart were worth $1,700,000 as of its most recent SEC filing.

Several other hedge funds have also added to or reduced their stakes in the stock. Optimum Investment Advisors increased its stake in shares of Copart by 141.5% during the 3rd quarter. Optimum Investment Advisors now owns 512 shares of the business services provider’s stock worth $27,000 after purchasing an additional 300 shares during the last quarter. Eastern Bank purchased a new stake in Copart in the third quarter worth $29,000. Crewe Advisors LLC raised its stake in shares of Copart by 98.6% in the second quarter. Crewe Advisors LLC now owns 564 shares of the business services provider’s stock valued at $31,000 after buying an additional 280 shares during the period. Meeder Asset Management Inc. lifted its position in shares of Copart by 283.3% during the 2nd quarter. Meeder Asset Management Inc. now owns 575 shares of the business services provider’s stock valued at $31,000 after buying an additional 425 shares during the last quarter. Finally, Versant Capital Management Inc lifted its position in shares of Copart by 477.7% during the 2nd quarter. Versant Capital Management Inc now owns 595 shares of the business services provider’s stock valued at $32,000 after buying an additional 492 shares during the last quarter. Institutional investors own 85.78% of the company’s stock.

Wall Street Analysts Forecast Growth

Separately, Robert W. Baird lowered their price objective 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

Copart stock opened at $51.71 on Monday. The firm has a market capitalization of $49.76 billion, a P/E ratio of 36.42 and a beta of 1.27. Copart, Inc. has a one year low of $42.41 and a one year high of $58.58. The business has a fifty day moving average price of $52.30 and a 200-day moving average price of $53.10.

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

Copart 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.