JPMorgan Chase & Co. Raises Copart (NASDAQ:CPRT) Price Target to $60.00

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

Separately, Robert W. Baird lowered 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 Trading Down 0.2 %

NASDAQ CPRT opened at $56.52 on Tuesday. The firm has a market cap of $54.45 billion, a price-to-earnings ratio of 40.66 and a beta of 1.27. The company has a 50 day moving average of $53.27 and a 200-day moving average of $53.12. Copart has a 1-year low of $46.21 and a 1-year high of $58.58.

Copart (NASDAQ:CPRT) 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). Copart had a return on equity of 19.55% and a net margin of 32.17%. The business had revenue of $1.07 billion for the quarter, compared to analyst estimates of $1.07 billion. During the same period in the prior year, the firm posted $0.34 EPS. Copart’s revenue was up 7.2% on a year-over-year basis. On average, analysts forecast that Copart will post 1.54 earnings per share for the current year.

Institutional Trading of Copart

Institutional investors and hedge funds have recently made changes to their positions in the company. Principal Financial Group Inc. lifted its stake in Copart by 2.5% in the 3rd 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 last quarter. State Street Corp lifted its stake in Copart by 0.4% in the 3rd quarter. State Street Corp now owns 34,157,967 shares of the business services provider’s stock valued at $1,789,877,000 after purchasing an additional 120,939 shares during the last quarter. Edgewood Management LLC lifted its stake in Copart by 0.6% in the 3rd quarter. Edgewood Management LLC now owns 20,555,713 shares of the business services provider’s stock valued at $1,077,119,000 after purchasing an additional 125,220 shares during the last quarter. Geode Capital Management LLC lifted its stake in Copart by 1.6% in the 3rd quarter. Geode Capital Management LLC now owns 18,763,926 shares of the business services provider’s stock valued at $979,547,000 after purchasing an additional 291,580 shares during the last quarter. Finally, Bank of New York Mellon Corp lifted its stake in Copart by 8.1% in the 2nd quarter. Bank of New York Mellon Corp now owns 16,008,444 shares of the business services provider’s stock valued at $867,017,000 after purchasing an additional 1,199,781 shares during the last quarter. 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.