Bank of Montreal Can Sells 13,061 Shares of Maplebear Inc. (NASDAQ:CART)

Bank of Montreal Can lowered its holdings in Maplebear Inc. (NASDAQ:CART) by 11.5% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 100,356 shares of the company’s stock after selling 13,061 shares during the quarter. Bank of Montreal Can’s holdings in Maplebear were worth $4,004,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also recently modified their holdings of the company. Portman Ltd bought a new stake in Maplebear in the 3rd quarter worth about $3,196,000. Cerity Partners LLC bought a new stake in shares of Maplebear in the third quarter worth approximately $1,442,000. Charles Schwab Investment Management Inc. raised its holdings in shares of Maplebear by 5,191.1% during the third quarter. Charles Schwab Investment Management Inc. now owns 1,489,655 shares of the company’s stock valued at $60,689,000 after purchasing an additional 1,461,501 shares during the last quarter. Pacer Advisors Inc. bought a new position in Maplebear during the third quarter valued at approximately $158,701,000. Finally, AlpInvest Partners B.V. purchased a new stake in Maplebear in the third quarter worth approximately $24,342,000. Hedge funds and other institutional investors own 63.09% of the company’s stock.

Insider Activity at Maplebear

In related news, CEO Fidji Simo sold 20,750 shares of the stock in a transaction on Monday, November 25th. The stock was sold at an average price of $42.97, for a total transaction of $891,627.50. Following the sale, the chief executive officer now owns 1,804,243 shares in the company, valued at approximately $77,528,321.71. This represents a 1.14 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, General Counsel Morgan Fong sold 10,992 shares of the firm’s stock in a transaction on Friday, September 20th. The stock was sold at an average price of $41.38, for a total value of $454,848.96. Following the completion of the sale, the general counsel now owns 298,984 shares of the company’s stock, valued at approximately $12,371,957.92. This represents a 3.55 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 110,954 shares of company stock valued at $4,890,405 over the last 90 days. 36.00% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on CART shares. Piper Sandler increased their price target on Maplebear from $50.00 to $58.00 and gave the company an “overweight” rating in a report on Wednesday, November 13th. Benchmark reissued a “hold” rating on shares of Maplebear in a report on Wednesday, August 7th. Cantor Fitzgerald restated an “overweight” rating and set a $45.00 price target on shares of Maplebear in a research note on Monday, October 7th. Jefferies Financial Group began coverage on shares of Maplebear in a research note on Wednesday, October 16th. They issued a “hold” rating and a $43.00 price objective on the stock. Finally, Citigroup boosted their target price 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. Thirteen investment analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company. According to data from MarketBeat, Maplebear presently has an average rating of “Moderate Buy” and a consensus target price of $46.82.

Maplebear Trading Up 0.4 %

NASDAQ:CART opened at $43.70 on Wednesday. The business’s 50-day moving average is $43.33 and its 200 day moving average is $37.28. Maplebear Inc. has a 12 month low of $22.13 and a 12 month high of $50.01. The company has a market capitalization of $11.23 billion, a P/E ratio of 29.33, a P/E/G ratio of 1.13 and a beta of 0.94.

Maplebear (NASDAQ:CART) last issued its quarterly earnings data on Tuesday, November 12th. The company reported $0.42 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.22 by $0.20. Maplebear had a return on equity of 13.78% and a net margin of 13.37%. The business had revenue of $852.00 million for the quarter, compared to analysts’ expectations of $844.03 million. During the same period in the prior year, the firm earned ($20.86) EPS. The company’s revenue for the quarter was up 11.5% on a year-over-year basis. On average, research analysts forecast that Maplebear Inc. will post 1.4 earnings per share for the current year.

Maplebear Profile

Maplebear Inc, doing business as Instacart, engages in the provision of online grocery shopping services to households in North America. It sells and delivers grocery products, as well as pickup services through a mobile application and website. It also operates virtual convenience stores; and provides software-as-a-service solutions to retailers.