Handelsbanken Fonder AB Buys New Shares in Maplebear Inc. (NASDAQ:CART)

Handelsbanken Fonder AB bought a new stake in Maplebear Inc. (NASDAQ:CART) during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund bought 36,400 shares of the company’s stock, valued at approximately $1,508,000.

A number of other hedge funds and other institutional investors have also modified their holdings of the stock. Portman Ltd acquired a new position in Maplebear during the third quarter worth approximately $3,196,000. State Street Corp increased its position in Maplebear by 48.3% during the third quarter. State Street Corp now owns 2,552,617 shares of the company’s stock worth $103,994,000 after buying an additional 831,795 shares during the last quarter. Cerity Partners LLC acquired a new position in Maplebear during the third quarter worth approximately $1,442,000. Charles Schwab Investment Management Inc. increased its position in 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 worth $60,689,000 after buying an additional 1,461,501 shares during the last quarter. Finally, Zacks Investment Management acquired a new position in Maplebear during the third quarter worth approximately $4,853,000. Institutional investors and hedge funds own 63.09% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on CART. Barclays boosted their price target on Maplebear from $56.00 to $58.00 and gave the stock an “overweight” rating in a research report on Wednesday. Benchmark reissued a “hold” rating on shares of Maplebear in a research report on Wednesday. Wedbush reduced their price objective on Maplebear from $48.00 to $46.00 and set a “neutral” rating for the company in a report on Wednesday. Mizuho reduced their price objective on Maplebear from $55.00 to $52.00 and set an “outperform” rating for the company in a report on Wednesday. Finally, Piper Sandler boosted their price objective on Maplebear from $50.00 to $58.00 and gave the stock an “overweight” rating in a report on Wednesday, November 13th. Thirteen analysts have rated the stock with a hold rating, sixteen have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, Maplebear presently has an average rating of “Moderate Buy” and an average price target of $49.80.

Insider Transactions at Maplebear

In related news, CAO Alan Ramsay sold 2,314 shares of the stock in a transaction on Tuesday, January 21st. The stock was sold at an average price of $46.28, for a total value of $107,091.92. Following the completion of the sale, the chief accounting officer now directly owns 85,421 shares in the company, valued at $3,953,283.88. This represents a 2.64 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Fidji Simo sold 20,750 shares of the stock in a transaction on Wednesday, December 18th. The shares were sold at an average price of $42.74, for a total value of $886,855.00. Following the completion of the sale, the chief executive officer now owns 1,771,993 shares of the company’s stock, valued at $75,734,980.82. The trade was a 1.16 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 25,311 shares of company stock worth $1,088,636. Corporate insiders own 36.00% of the company’s stock.

Maplebear Price Performance

NASDAQ CART opened at $42.80 on Thursday. The business has a fifty day moving average price of $46.48 and a two-hundred day moving average price of $42.68. Maplebear Inc. has a fifty-two week low of $29.84 and a fifty-two week high of $53.44. The stock has a market capitalization of $11.00 billion, a PE ratio of 28.72, a PEG ratio of 1.19 and a beta of 1.07.

Maplebear (NASDAQ:CART) last announced its quarterly earnings results on Tuesday, February 25th. The company reported $0.53 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.37 by $0.16. The company had revenue of $883.00 million during the quarter, compared to the consensus estimate of $889.98 million. Maplebear had a net margin of 13.37% and a return on equity of 13.78%. As a group, sell-side analysts expect that Maplebear Inc. will post 1.43 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.