Copart (NASDAQ:CPRT) Price Target Raised to $60.00

Copart (NASDAQ:CPRT) had its price objective increased by JPMorgan Chase & Co. from $55.00 to $60.00 in a research report sent to investors on Tuesday morning,Benzinga reports. JPMorgan Chase & Co. currently has a neutral rating on the business services provider’s stock.

Separately, Robert W. Baird dropped their price target on shares of 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 $56.97 on Tuesday. Copart has a 12-month low of $46.21 and a 12-month high of $58.58. The company has a market capitalization of $54.88 billion, a price-to-earnings ratio of 40.98 and a beta of 1.27. The firm’s fifty day moving average price is $53.54 and its 200 day moving average price is $53.16.

Copart (NASDAQ:CPRT) last released its quarterly 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). Copart had a return on equity of 19.55% and a net margin of 32.17%. The firm had revenue of $1.07 billion for the quarter, compared to analysts’ expectations of $1.07 billion. During the same period last year, the firm earned $0.34 EPS. The business’s quarterly revenue was up 7.2% on a year-over-year basis. Analysts forecast that Copart will post 1.54 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Copart

Hedge funds and other institutional investors have recently modified their holdings of the stock. Silvercrest Asset Management Group LLC increased its position in shares of Copart by 40.6% in the 1st quarter. Silvercrest Asset Management Group LLC now owns 37,962 shares of the business services provider’s stock worth $2,199,000 after purchasing an additional 10,959 shares during the last quarter. Manning & Napier Advisors LLC acquired a new position in shares of Copart in the 2nd quarter valued at about $109,382,000. Edgestream Partners L.P. acquired a new position in shares of Copart in the 1st quarter valued at about $644,000. Comerica Bank boosted its holdings in shares of Copart by 5.9% in the 1st quarter. Comerica Bank now owns 336,206 shares of the business services provider’s stock valued at $19,473,000 after buying an additional 18,605 shares during the period. Finally, Kinsale Capital Group Inc. boosted its holdings in shares of Copart by 17.7% in the 3rd quarter. Kinsale Capital Group Inc. now owns 89,979 shares of the business services provider’s stock valued at $4,715,000 after buying an additional 13,554 shares during the period. Institutional investors own 85.78% of the company’s stock.

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.