Commerce Bank Decreases Stake in Copart, Inc. (NASDAQ:CPRT)

Commerce Bank cut its holdings in Copart, Inc. (NASDAQ:CPRT - Free Report) by 68.7% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 233,372 shares of the business services provider's stock after selling 512,965 shares during the period. Commerce Bank's holdings in Copart were worth $12,229,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Optimum Investment Advisors raised its stake in 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 buying an additional 300 shares during the period. Eastern Bank acquired a new position in shares of Copart during the third quarter worth approximately $29,000. Crewe Advisors LLC raised its position in shares of Copart by 98.6% during the second quarter. Crewe Advisors LLC now owns 564 shares of the business services provider's stock worth $31,000 after purchasing an additional 280 shares during the period. Meeder Asset Management Inc. lifted its holdings in shares of Copart by 283.3% in the 2nd quarter. Meeder Asset Management Inc. now owns 575 shares of the business services provider's stock worth $31,000 after purchasing an additional 425 shares in the last quarter. Finally, Versant Capital Management Inc grew its position in Copart by 477.7% in the 2nd quarter. Versant Capital Management Inc now owns 595 shares of the business services provider's stock valued at $32,000 after purchasing an additional 492 shares during the period. 85.78% of the stock is owned by institutional investors and hedge funds.

Copart Trading Down 1.9 %

Shares of CPRT opened at $55.42 on Thursday. The stock has a 50 day moving average of $53.39 and a 200 day moving average of $53.14. The company has a market capitalization of $53.39 billion, a price-to-earnings ratio of 39.87 and a beta of 1.27. Copart, Inc. has a 12 month low of $46.21 and a 12 month high of $58.58.

Copart (NASDAQ:CPRT - Get Free Report) last released its earnings results on Wednesday, September 4th. The business services provider reported $0.33 EPS for the quarter, missing analysts' consensus estimates of $0.36 by ($0.03). The business had revenue of $1.07 billion for the quarter, compared to the consensus estimate of $1.07 billion. Copart had a return on equity of 19.55% and a net margin of 32.17%. The company's revenue for the quarter was up 7.2% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.34 earnings per share. As a group, equities research analysts predict that Copart, Inc. will post 1.54 earnings per share for the current year.

Analysts Set New Price Targets

A number of research analysts have recently issued reports on CPRT shares. Robert W. Baird reduced their price objective on shares of Copart from $58.00 to $56.00 and set an "outperform" rating for the company in a report on Thursday, September 5th. JPMorgan Chase & Co. lifted their price target on Copart from $55.00 to $60.00 and gave the company a "neutral" rating in a research note on Tuesday.

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.