Brokers Set Expectations for Copart, Inc.’s FY2023 Earnings (NASDAQ:CPRT)

Posted by Defense World Staff on Jun 17th, 2023

Copart, Inc. (NASDAQ:CPRT – Get Rating) – Equities research analysts at Zacks Research raised their FY2023 EPS estimates for shares of Copart in a note issued to investors on Thursday, June 15th. Zacks Research analyst L. Shahu now forecasts that the business services provider will post earnings of $2.40 per share for the year, up from their previous estimate of $2.39. The consensus estimate for Copart’s current full-year earnings is $2.43 per share. Zacks Research also issued estimates for Copart’s Q4 2023 earnings at $0.56 EPS, Q1 2024 earnings at $0.59 EPS, Q3 2024 earnings at $0.68 EPS, Q4 2024 earnings at $0.65 EPS, FY2024 earnings at $2.55 EPS and Q2 2025 earnings at $0.62 EPS.

A number of other research analysts also recently issued reports on the stock. Stephens reiterated an “overweight” rating and set a $78.00 target price on shares of Copart in a research report on Tuesday, February 21st. Northcoast Research downgraded shares of Copart from a “buy” rating to a “neutral” rating in a report on Monday, May 1st. Robert W. Baird upped their price objective on shares of Copart from $78.00 to $90.00 in a report on Thursday, May 18th. Guggenheim increased their target price on shares of Copart from $75.00 to $82.00 and gave the company a “buy” rating in a report on Wednesday, February 22nd. Finally, StockNews.com began coverage on shares of Copart in a report on Thursday, May 18th. They issued a “buy” rating for the company. One investment analyst has rated the stock with a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat.com, Copart currently has a consensus rating of “Moderate Buy” and a consensus target price of $83.33.

Copart Stock Performance

NASDAQ:CPRT opened at $87.28 on Friday. The firm’s fifty day moving average is $82.47 and its 200-day moving average is $72.28. Copart has a 52 week low of $51.32 and a 52 week high of $89.79. The firm has a market cap of $41.67 billion, a P/E ratio of 36.52 and a beta of 1.23.

Copart (NASDAQ:CPRT – Get Rating) last posted its earnings results on Wednesday, May 17th. The business services provider reported $0.72 earnings per share for the quarter, topping analysts’ consensus estimates of $0.64 by $0.08. Copart had a net margin of 30.72% and a return on equity of 22.80%. The firm had revenue of $1.02 billion for the quarter, compared to analyst estimates of $1.01 billion. During the same period in the previous year, the firm posted $0.58 EPS. The company’s revenue for the quarter was up 8.7% compared to the same quarter last year.

Insider Transactions at Copart

In related news, Director Stephen Fisher sold 50,000 shares of the firm’s stock in a transaction that occurred on Tuesday, May 23rd. The shares were sold at an average price of $87.06, for a total value of $4,353,000.00. The sale was disclosed in a filing with the SEC, which is available through this link. In related news, Director Thomas N. Tryforos sold 143,100 shares of Copart stock in a transaction on Friday, May 19th. The shares were sold at an average price of $88.39, for a total value of $12,648,609.00. Following the sale, the director now owns 16,900 shares in the company, valued at $1,493,791. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Stephen Fisher sold 50,000 shares of the business’s stock in a transaction on Tuesday, May 23rd. The shares were sold at an average price of $87.06, for a total transaction of $4,353,000.00. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 273,100 shares of company stock valued at $24,091,209. 11.19% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Copart

A number of hedge funds have recently bought and sold shares of CPRT. BlackRock Inc. boosted its stake in Copart by 0.3% in the 1st quarter. BlackRock Inc. now owns 38,505,590 shares of the business services provider’s stock worth $2,896,005,000 after purchasing an additional 132,852 shares during the period. Vanguard Group Inc. raised its holdings in Copart by 1.0% during the 3rd quarter. Vanguard Group Inc. now owns 23,612,513 shares of the business services provider’s stock valued at $2,512,371,000 after buying an additional 245,063 shares during the period. Principal Financial Group Inc. increased its stake in Copart by 102.0% in the fourth quarter. Principal Financial Group Inc. now owns 21,909,960 shares of the business services provider’s stock worth $1,334,097,000 after purchasing an additional 11,063,518 shares during the period. Alliancebernstein L.P. increased its stake in Copart by 94.8% in the fourth quarter. Alliancebernstein L.P. now owns 17,519,775 shares of the business services provider’s stock worth $1,066,779,000 after purchasing an additional 8,525,968 shares during the period. Finally, Geode Capital Management LLC increased its stake in Copart by 2.2% in the first quarter. Geode Capital Management LLC now owns 9,296,080 shares of the business services provider’s stock worth $697,646,000 after purchasing an additional 197,609 shares during the period. Hedge funds and other institutional investors own 45.14% of the company’s stock.

About Copart

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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.