Norges Bank Makes New Investment in Copart, Inc. (NASDAQ:CPRT)

Norges Bank acquired a new stake in Copart, Inc. (NASDAQ:CPRT) in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 11,885,162 shares of the business services provider’s stock, valued at approximately $682,089,000. Norges Bank owned about 1.23% of Copart at the end of the most recent reporting period.

Other institutional investors and hedge funds have also modified their holdings of the company. Sandy Spring Bank lifted its stake in shares of Copart by 59.5% during the 4th quarter. Sandy Spring Bank now owns 472 shares of the business services provider’s stock worth $27,000 after purchasing an additional 176 shares during the period. Quarry LP purchased a new position in Copart during the third quarter worth about $29,000. True Wealth Design LLC boosted its stake in 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. Curio Wealth LLC purchased a new stake in Copart in the 4th quarter valued at about $52,000. Finally, Continuum Advisory LLC increased its stake in shares of Copart by 88.6% during the 3rd quarter. Continuum Advisory LLC now owns 962 shares of the business services provider’s stock valued at $55,000 after acquiring an additional 452 shares during the last quarter. Hedge funds and other institutional investors own 85.78% of the company’s stock.

Insider Activity at Copart

In other news, Director James E. Meeks sold 100,000 shares of the business’s stock in a transaction on Wednesday, March 19th. The shares were sold at an average price of $54.00, for a total transaction of $5,400,000.00. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Matt Blunt sold 50,000 shares of the company’s stock in a transaction on Thursday, January 2nd. The shares were sold at an average price of $57.66, for a total transaction of $2,883,000.00. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 385,480 shares of company stock worth $21,667,683. 9.68% of the stock is currently owned by corporate insiders.

Copart Trading Up 1.0 %

CPRT stock opened at $55.64 on Friday. The company has a market cap of $53.75 billion, a PE ratio of 37.34 and a beta of 1.30. Copart, Inc. has a 12-month low of $48.05 and a 12-month high of $64.38. The stock has a 50-day moving average price of $56.36 and a two-hundred day moving average price of $56.10.

Copart (NASDAQ:CPRT) last posted its quarterly earnings results on Thursday, February 20th. The business services provider reported $0.40 EPS for the quarter, beating 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 firm had revenue of $1.16 billion for the quarter, compared to analyst estimates of $1.13 billion. Equities analysts forecast that Copart, Inc. will post 1.57 EPS for the current fiscal year.

Analysts Set New Price Targets

Separately, Argus downgraded shares of Copart from a “buy” rating to a “hold” rating in a report on Friday, March 14th.

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.