Edgewood Management LLC Buys 2,907,405 Shares of Copart, Inc. (NASDAQ:CPRT)

Edgewood Management LLC grew its stake in Copart, Inc. (NASDAQ:CPRT - Free Report) by 14.1% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 23,463,118 shares of the business services provider's stock after acquiring an additional 2,907,405 shares during the period. Copart accounts for approximately 3.9% of Edgewood Management LLC's holdings, making the stock its 15th largest position. Edgewood Management LLC owned approximately 2.44% of Copart worth $1,346,548,000 as of its most recent SEC filing.

Other hedge funds also recently modified their holdings of the company. Principal Financial Group Inc. raised its position in shares of Copart by 2.5% in the third quarter. Principal Financial Group Inc. now owns 38,876,517 shares of the business services provider's stock valued at $2,037,130,000 after purchasing an additional 941,858 shares during the period. HighTower Advisors LLC raised its holdings in Copart by 9.6% in the 3rd quarter. HighTower Advisors LLC now owns 231,377 shares of the business services provider's stock valued at $12,109,000 after acquiring an additional 20,333 shares during the period. Janus Henderson Group PLC lifted its position in Copart by 7.7% during the third quarter. Janus Henderson Group PLC now owns 96,566 shares of the business services provider's stock worth $5,060,000 after acquiring an additional 6,900 shares during the last quarter. IHT Wealth Management LLC lifted its position in Copart by 67.4% during the third quarter. IHT Wealth Management LLC now owns 8,600 shares of the business services provider's stock worth $451,000 after acquiring an additional 3,462 shares during the last quarter. Finally, Quarry LP bought a new stake in shares of Copart during the third quarter worth approximately $29,000. Institutional investors own 85.78% of the company's stock.

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Wall Street Analyst Weigh In

Separately, Argus lowered Copart from a "buy" rating to a "hold" rating in a research note on Friday, March 14th.

Insiders Place Their Bets

In other news, Director James E. Meeks sold 100,000 shares of the firm's stock in a transaction that occurred on Wednesday, March 19th. The stock was sold at an average price of $54.00, for a total value of $5,400,000.00. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Company insiders own 9.68% of the company's stock.

Copart Stock Up 1.8 %

Shares of CPRT traded up $1.09 during trading hours on Friday, hitting $59.75. 3,022,036 shares of the company were exchanged, compared to its average volume of 4,380,745. Copart, Inc. has a fifty-two week low of $48.05 and a fifty-two week high of $64.38. The company has a market cap of $57.72 billion, a price-to-earnings ratio of 40.12 and a beta of 1.22. The firm's fifty day moving average is $56.08 and its 200 day moving average is $56.58.

Copart (NASDAQ:CPRT - Get Free Report) last released its quarterly earnings data on Thursday, February 20th. The business services provider reported $0.40 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.38 by $0.02. The company had revenue of $1.16 billion during the quarter, compared to the consensus estimate of $1.13 billion. Copart had a return on equity of 19.31% and a net margin of 32.27%. Analysts anticipate that Copart, Inc. will post 1.57 EPS for the current 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.