Peregrine Investment Management Inc. Invests $10.06 Million in Copart, Inc. (NASDAQ:CPRT)

Peregrine Investment Management Inc. purchased a new stake in shares of Copart, Inc. (NASDAQ:CPRT - Free Report) in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 175,220 shares of the business services provider's stock, valued at approximately $10,056,000. Copart accounts for approximately 5.8% of Peregrine Investment Management Inc.'s portfolio, making the stock its 3rd largest holding.

A number of other hedge funds also recently bought and sold shares of the company. Cadence Bank boosted its holdings in Copart by 0.6% during the third quarter. Cadence Bank now owns 31,549 shares of the business services provider's stock valued at $1,653,000 after acquiring an additional 178 shares during the period. Everpar Advisors LLC lifted its stake in shares of Copart by 4.3% in the fourth quarter. Everpar Advisors LLC now owns 4,811 shares of the business services provider's stock valued at $276,000 after buying an additional 199 shares during the period. Fifth Third Wealth Advisors LLC lifted its stake in shares of Copart by 2.3% in the fourth quarter. Fifth Third Wealth Advisors LLC now owns 9,226 shares of the business services provider's stock valued at $529,000 after buying an additional 208 shares during the period. Covestor Ltd lifted its stake in shares of Copart by 5.1% in the third quarter. Covestor Ltd now owns 4,299 shares of the business services provider's stock valued at $225,000 after buying an additional 209 shares during the period. Finally, B. Riley Wealth Advisors Inc. lifted its stake in shares of Copart by 0.8% in the third quarter. B. Riley Wealth Advisors Inc. now owns 27,631 shares of the business services provider's stock valued at $1,447,000 after buying an additional 213 shares during the period. 85.78% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Separately, JPMorgan Chase & Co. increased their target price on shares of Copart from $55.00 to $60.00 and gave the company a "neutral" rating in a research note on Tuesday, November 19th.

Copart Price Performance

Shares of NASDAQ CPRT traded up $0.15 during mid-day trading on Wednesday, hitting $59.74. The company had a trading volume of 3,636,531 shares, compared to its average volume of 3,311,239. The business's 50-day simple moving average is $58.20 and its 200-day simple moving average is $55.56. Copart, Inc. has a 12 month low of $48.05 and a 12 month high of $64.38. The firm has a market cap of $57.56 billion, a P/E ratio of 42.07 and a beta of 1.33.

Copart (NASDAQ:CPRT - Get Free Report) last posted its quarterly earnings results on Thursday, November 21st. The business services provider reported $0.37 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.37. Copart had a net margin of 31.92% and a return on equity of 18.96%. The firm had revenue of $1.15 billion during the quarter, compared to analyst estimates of $1.10 billion. During the same quarter in the prior year, the business posted $0.34 earnings per share. The company's quarterly revenue was up 12.4% compared to the same quarter last year. As a group, sell-side analysts predict that Copart, Inc. will post 1.57 EPS for the current year.

Insider Buying and Selling

In other news, Director Daniel J. Englander sold 235,480 shares of the firm's stock in a transaction that occurred on Monday, January 6th. The shares were sold at an average price of $56.84, for a total transaction of $13,384,683.20. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Chairman A Jayson Adair sold 251,423 shares of the firm'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 transaction of $16,038,273.17. Following the sale, the chairman now directly owns 14,436,557 shares of the company's stock, valued at approximately $920,907,971.03. The trade was a 1.71 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 650,213 shares of company stock valued at $39,199,813 over the last quarter. Corporate insiders own 9.68% 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.