Frank Rimerman Advisors LLC Cuts Stock Position in Copart, Inc. (NASDAQ:CPRT)

Frank Rimerman Advisors LLC lowered its stake in Copart, Inc. (NASDAQ:CPRT) by 79.7% during the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 3,966 shares of the business services provider’s stock after selling 15,580 shares during the quarter. Frank Rimerman Advisors LLC’s holdings in Copart were worth $228,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Quarry LP purchased a new stake in shares of Copart in the 3rd quarter worth approximately $29,000. True Wealth Design LLC grew its stake in shares of Copart by 1,737.1% in the 3rd quarter. True Wealth Design LLC now owns 643 shares of the business services provider’s stock worth $34,000 after buying an additional 608 shares during the last quarter. Continuum Advisory LLC grew its stake in shares of Copart by 88.6% in the 3rd quarter. Continuum Advisory LLC now owns 962 shares of the business services provider’s stock worth $55,000 after buying an additional 452 shares during the last quarter. Retirement Wealth Solutions LLC purchased a new stake in shares of Copart in the 4th quarter worth approximately $54,000. Finally, Eastern Bank grew its stake in shares of Copart by 115.1% in the 4th quarter. Eastern Bank now owns 1,196 shares of the business services provider’s stock worth $69,000 after buying an additional 640 shares during the last quarter. Hedge funds and other institutional investors own 85.78% of the company’s stock.

Copart Price Performance

CPRT stock opened at $53.75 on Tuesday. The stock’s fifty day moving average price is $56.65 and its 200-day moving average price is $56.02. Copart, Inc. has a 1 year low of $48.05 and a 1 year high of $64.38. The company has a market cap of $51.93 billion, a P/E ratio of 36.07 and a beta of 1.30.

Copart (NASDAQ:CPRT) last posted its earnings results on Thursday, February 20th. The business services provider reported $0.40 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.38 by $0.02. Copart had a net margin of 32.27% and a return on equity of 19.31%. The business had revenue of $1.16 billion for the quarter, compared to analyst estimates of $1.13 billion. As a group, analysts expect that Copart, Inc. will post 1.57 earnings per share for the current year.

Insider Activity at Copart

In other Copart news, Director Diane M. Morefield sold 30,000 shares of the firm’s stock in a transaction that occurred on Monday, December 23rd. The shares were sold at an average price of $58.01, for a total value of $1,740,300.00. Following the transaction, the director now directly owns 20,000 shares of the company’s stock, valued at $1,160,200. This trade represents a 60.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Daniel J. Englander sold 235,480 shares of the firm’s stock in a transaction that occurred on Monday, January 6th. The stock was sold at an average price of $56.84, for a total transaction of $13,384,683.20. The disclosure for this sale can be found here. In the last three months, insiders have sold 315,480 shares of company stock valued at $18,007,983. 9.68% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

Several brokerages have commented on CPRT. Argus downgraded Copart from a “buy” rating to a “hold” rating in a research note on Friday. JPMorgan Chase & Co. increased their target price on Copart from $55.00 to $60.00 and gave the company a “neutral” rating in a research note on Tuesday, November 19th.

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.