State Street Corp Increases Stake in Maplebear Inc. (NASDAQ:CART)

State Street Corp increased its position in shares of Maplebear Inc. (NASDAQ:CART) by 48.3% in the third quarter, Holdings Channel.com reports. The firm owned 2,552,617 shares of the company’s stock after purchasing an additional 831,795 shares during the quarter. State Street Corp’s holdings in Maplebear were worth $103,994,000 at the end of the most recent quarter.

Several other hedge funds also recently added to or reduced their stakes in the company. Pacer Advisors Inc. bought a new stake in Maplebear in the third quarter worth about $158,701,000. Sculptor Capital LP purchased a new stake in shares of Maplebear in the second quarter worth approximately $77,361,000. Charles Schwab Investment Management Inc. lifted its stake in shares of Maplebear by 5,191.1% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,489,655 shares of the company’s stock worth $60,689,000 after acquiring an additional 1,461,501 shares during the last quarter. Southpoint Capital Advisors LP boosted its holdings in Maplebear by 56.3% during the 3rd quarter. Southpoint Capital Advisors LP now owns 2,500,000 shares of the company’s stock valued at $101,850,000 after acquiring an additional 900,000 shares during the period. Finally, Federated Hermes Inc. grew its position in Maplebear by 102.2% in the 2nd quarter. Federated Hermes Inc. now owns 1,734,264 shares of the company’s stock valued at $55,739,000 after acquiring an additional 876,439 shares during the last quarter. 63.09% of the stock is currently owned by institutional investors.

Maplebear Trading Down 0.3 %

NASDAQ:CART opened at $41.78 on Monday. The company has a market capitalization of $10.73 billion, a P/E ratio of 28.04, a PEG ratio of 1.08 and a beta of 0.94. Maplebear Inc. has a 12 month low of $22.13 and a 12 month high of $50.01. The firm has a fifty day simple moving average of $43.80 and a 200-day simple moving average of $37.88.

Maplebear (NASDAQ:CART) last issued its quarterly earnings results on Tuesday, November 12th. The company reported $0.42 EPS for the quarter, topping analysts’ consensus estimates of $0.22 by $0.20. The company had revenue of $852.00 million during the quarter, compared to analysts’ expectations of $844.03 million. Maplebear had a return on equity of 13.78% and a net margin of 13.37%. The firm’s revenue was up 11.5% compared to the same quarter last year. During the same quarter in the previous year, the firm posted ($20.86) EPS. Equities analysts forecast that Maplebear Inc. will post 1.4 EPS for the current year.

Analysts Set New Price Targets

A number of research firms have recently commented on CART. Jefferies Financial Group began coverage on shares of Maplebear in a report on Wednesday, October 16th. They issued a “hold” rating and a $43.00 price target on the stock. Cantor Fitzgerald restated an “overweight” rating and issued a $45.00 target price on shares of Maplebear in a research note on Monday, October 7th. Raymond James started coverage on shares of Maplebear in a research report on Tuesday, September 24th. They set a “market perform” rating on the stock. JPMorgan Chase & Co. boosted their price target on Maplebear from $47.00 to $52.00 and gave the company an “overweight” rating in a report on Wednesday, November 13th. Finally, Loop Capital raised their price objective on Maplebear from $49.00 to $56.00 and gave the stock a “buy” rating in a report on Monday, December 9th. Thirteen equities research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company’s stock. According to MarketBeat.com, Maplebear currently has a consensus rating of “Moderate Buy” and a consensus target price of $47.14.

Insider Buying and Selling

In other Maplebear news, CAO Alan Ramsay sold 2,247 shares of Maplebear stock in a transaction dated Wednesday, November 20th. The stock was sold at an average price of $41.06, for a total transaction of $92,261.82. Following the completion of the transaction, the chief accounting officer now owns 89,982 shares in the company, valued at approximately $3,694,660.92. This trade represents a 2.44 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, CEO Fidji Simo sold 20,750 shares of the company’s stock in a transaction dated Monday, November 25th. The stock was sold at an average price of $42.97, for a total value of $891,627.50. Following the completion of the sale, the chief executive officer now owns 1,804,243 shares in the company, valued at $77,528,321.71. The trade was a 1.14 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 110,954 shares of company stock valued at $4,890,405 over the last quarter. 36.00% of the stock is currently owned by company insiders.

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.