Sawgrass Asset Management LLC Sells 8,384 Shares of Copart, Inc. (NASDAQ:CPRT)

Sawgrass Asset Management LLC lowered its position in shares of Copart, Inc. (NASDAQ:CPRT) by 5.8% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 136,411 shares of the business services provider’s stock after selling 8,384 shares during the period. Sawgrass Asset Management LLC’s holdings in Copart were worth $7,829,000 at the end of the most recent reporting period.

Other hedge funds have also recently added to or reduced their stakes in the company. Optimum Investment Advisors lifted its stake in Copart by 141.5% during the third 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 bought a new stake in Copart during the third quarter worth about $29,000. Quarry LP purchased a new position in shares of Copart in the third quarter worth about $29,000. Ashton Thomas Securities LLC purchased a new position in shares of Copart in the third quarter worth about $33,000. Finally, True Wealth Design LLC increased its holdings in shares of Copart by 1,737.1% in the third 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 period. Institutional investors own 85.78% of the company’s stock.

Analysts Set New Price Targets

Separately, JPMorgan Chase & Co. lifted their price objective on Copart from $55.00 to $60.00 and gave the stock a “neutral” rating in a report on Tuesday, November 19th.

Insiders Place Their Bets

In other news, Director Daniel J. Englander sold 235,480 shares of the business’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 value of $13,384,683.20. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Chairman A Jayson Adair sold 251,423 shares of the business’s stock in a transaction that occurred on Tuesday, November 26th. The stock was sold at an average price of $63.79, for a total value of $16,038,273.17. Following the completion of the sale, the chairman now directly owns 14,436,557 shares in the company, valued at approximately $920,907,971.03. This represents a 1.71 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 650,213 shares of company stock worth $39,199,813. Company insiders own 9.68% of the company’s stock.

Copart Price Performance

Shares of NASDAQ:CPRT opened at $59.02 on Thursday. Copart, Inc. has a 1 year low of $48.05 and a 1 year high of $64.38. The stock’s 50-day moving average is $58.38 and its 200 day moving average is $55.32. The company has a market cap of $56.87 billion, a PE ratio of 41.56 and a beta of 1.33.

Copart (NASDAQ:CPRT) last posted its earnings results on Thursday, November 21st. The business services provider reported $0.37 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.37. Copart had a return on equity of 18.96% and a net margin of 31.92%. The firm had revenue of $1.15 billion for the quarter, compared to the consensus estimate of $1.10 billion. During the same quarter in the prior year, the business earned $0.34 EPS. The business’s revenue for the quarter was up 12.4% on a year-over-year basis. Analysts expect that Copart, Inc. will post 1.57 EPS for the current fiscal 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.