Copart (CPRT) Rose on a Positive News

Conestoga Capital Advisors, an asset management company, released its “Mid Cap Strategy” fourth-quarter 2023 investor letter. A copy of the same can be downloaded here. The Mid Cap Composite rose 11.00% net of fees in the fourth quarter, compared to a 14.55% return for the Russell Midcap Growth Index. Negative impacts from stock selection were outweighed by positive sector allocation effects. The Mid Cap Composite climbed 22.83% for the year vs. the benchmark’s rise of 25.87%. Four sectors accounted for the majority of the relative performance; the largest laggards were the industrial and technology sectors, while health care and energy were additive to returns. In addition, please check the fund’s top five holdings to know its best picks in 2023.

Conestoga Capital Advisors Mid Cap Strategy featured stocks such as Copart, Inc. (NASDAQ:CPRT) in the fourth quarter 2023 investor letter. Headquartered in Dallas, Texas, Copart, Inc. (NASDAQ:CPRT) is an online auction and vehicle remarketing services providing company. On February 21, 2024, Copart, Inc. (NASDAQ:CPRT) stock closed at $48.89 per share. One-month return of Copart, Inc. (NASDAQ:CPRT) was -0.20%, and its shares gained 40.49% of their value over the last 52 weeks. Copart, Inc. (NASDAQ:CPRT) has a market capitalization of $46.946 billion.

Conestoga Capital Advisors Mid Cap Strategy stated the following regarding Copart, Inc. (NASDAQ:CPRT) in its fourth quarter 2023 investor letter:

Copart, Inc. (NASDAQ:CPRT): CPRT is a leading provider of auto salvage auctions in the US, Canada, and the UK. Shares performed well during the quarter following news that a large insurance carrier was shifting volume to CPRT and away from its largest competitor. This was followed by a solid quarterly earnings report.”

Copart, Inc. (NASDAQ:CPRT) is not on our list of 30 Most Popular Stocks Among Hedge Funds. At the end of the fourth quarter, Copart, Inc. (NASDAQ:CPRT) was held by 50 hedge fund portfolios, up from 47 in the previous quarter, according to our database.

We discussed Copart, Inc. (NASDAQ:CPRT) in another article and shared The London Company Mid Cap Strategy’s views on the company. In addition, please check out our hedge fund investor letters Q4 2023 page for more investor letters from hedge funds and other leading investors.

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Disclosure: None. This article is originally published at Insider Monkey.