Public Employees Retirement Association of Colorado Purchases New Shares in Maplebear Inc. (NASDAQ:CART)

Public Employees Retirement Association of Colorado acquired a new stake in shares of Maplebear Inc. (NASDAQ:CART) during the second quarter, HoldingsChannel reports. The fund acquired 9,874 shares of the company’s stock, valued at approximately $317,000.

Other institutional investors have also added to or reduced their stakes in the company. WCG Wealth Advisors LLC purchased a new position in shares of Maplebear during the second quarter valued at about $429,000. Seven Eight Capital LP bought a new stake in Maplebear during the 2nd quarter valued at approximately $2,632,000. Amalgamated Bank grew its holdings in shares of Maplebear by 545.2% during the 2nd quarter. Amalgamated Bank now owns 9,427 shares of the company’s stock worth $303,000 after acquiring an additional 7,966 shares during the period. Renaissance Technologies LLC bought a new position in shares of Maplebear in the 2nd quarter worth approximately $22,816,000. Finally, Quantbot Technologies LP bought a new position in shares of Maplebear in the 2nd quarter worth approximately $3,262,000. 63.09% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Maplebear

In other news, General Counsel Morgan Fong sold 9,506 shares of the stock in a transaction that occurred on Monday, July 22nd. The shares were sold at an average price of $35.02, for a total value of $332,900.12. Following the transaction, the general counsel now owns 372,335 shares in the company, valued at approximately $13,039,171.70. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other news, General Counsel Morgan Fong sold 9,506 shares of the company’s stock in a transaction on Monday, July 22nd. The stock was sold at an average price of $35.02, for a total value of $332,900.12. Following the completion of the sale, the general counsel now directly owns 372,335 shares in the company, valued at approximately $13,039,171.70. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Fidji Simo sold 33,000 shares of Maplebear stock in a transaction on Wednesday, August 28th. The shares were sold at an average price of $35.27, for a total value of $1,163,910.00. Following the transaction, the chief executive officer now owns 1,844,778 shares in the company, valued at $65,065,320.06. The disclosure for this sale can be found here. Insiders sold a total of 67,655 shares of company stock worth $2,504,824 in the last three months. 36.00% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

Several brokerages recently weighed in on CART. Benchmark reaffirmed a “hold” rating on shares of Maplebear in a research note on Wednesday, August 7th. Morgan Stanley reduced their target price on shares of Maplebear from $45.00 to $41.00 and set an “equal weight” rating on the stock in a research report on Tuesday. Citigroup lifted their price target on shares of Maplebear from $44.00 to $47.00 and gave the company a “buy” rating in a research report on Thursday, August 8th. Cantor Fitzgerald restated an “overweight” rating and issued a $45.00 price objective on shares of Maplebear in a report on Monday, September 23rd. Finally, Piper Sandler lifted their target price on shares of Maplebear from $47.00 to $50.00 and gave the company an “overweight” rating in a report on Wednesday, August 7th. Eleven research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $43.33.

Maplebear Stock Performance

Shares of CART stock opened at $39.90 on Friday. The firm’s 50 day moving average is $35.22 and its 200 day moving average is $34.91. Maplebear Inc. has a 12-month low of $22.13 and a 12-month high of $42.58.

Maplebear (NASDAQ:CART) last issued its quarterly earnings data on Tuesday, August 6th. The company reported $0.20 EPS for the quarter, topping the consensus estimate of $0.13 by $0.07. The company had revenue of $823.00 million during the quarter, compared to analyst estimates of $806.35 million. Maplebear had a negative return on equity of 49.98% and a negative net margin of 52.21%. The business’s revenue was up 14.9% compared to the same quarter last year. On average, analysts predict that Maplebear Inc. will post 1.12 earnings per share for the current year.

Maplebear Company Profile

Maplebear Inc, doing business as Instacart, provides online grocery shopping services to households in North America. It sells and delivers grocery products. The company offers its services through a mobile application and website. It also provides software-as-a-service solutions to retailers. The company was incorporated in 2012 and is based in San Francisco, California.