Maplebear Inc. (NASDAQ:CART) Position Cut by New York State Common Retirement Fund

New York State Common Retirement Fund trimmed its holdings in Maplebear Inc. (NASDAQ:CART) by 8.3% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 88,681 shares of the company’s stock after selling 8,054 shares during the quarter. New York State Common Retirement Fund’s holdings in Maplebear were worth $3,673,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Portman Ltd bought a new position in Maplebear in the 3rd quarter worth approximately $3,196,000. State Street Corp lifted its position in Maplebear by 48.3% in the third quarter. State Street Corp now owns 2,552,617 shares of the company’s stock worth $103,994,000 after purchasing an additional 831,795 shares during the period. Cerity Partners LLC acquired a new stake in Maplebear in the third quarter worth approximately $1,442,000. Charles Schwab Investment Management Inc. lifted its position in Maplebear by 5,191.1% in the third quarter. Charles Schwab Investment Management Inc. now owns 1,489,655 shares of the company’s stock worth $60,689,000 after purchasing an additional 1,461,501 shares during the period. Finally, Zacks Investment Management acquired a new stake in Maplebear in the third quarter worth approximately $4,853,000. 63.09% of the stock is owned by institutional investors.

Maplebear Trading Up 0.9 %

NASDAQ CART opened at $41.09 on Friday. Maplebear Inc. has a 1-year low of $29.84 and a 1-year high of $53.44. The company has a market capitalization of $10.56 billion, a PE ratio of 27.58, a price-to-earnings-growth ratio of 1.19 and a beta of 1.07. The firm’s fifty day simple moving average is $46.43 and its 200-day simple moving average is $42.72.

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

Insiders Place Their Bets

In other Maplebear news, CEO Fidji Simo sold 20,750 shares of the company’s stock in a transaction dated Wednesday, December 18th. The shares were sold at an average price of $42.74, for a total transaction of $886,855.00. Following the completion of the sale, the chief executive officer now directly owns 1,771,993 shares in the company, valued at $75,734,980.82. This represents a 1.16 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CAO Alan Ramsay sold 2,314 shares of the company’s stock in a transaction dated Tuesday, January 21st. The shares were sold at an average price of $46.28, for a total transaction of $107,091.92. Following the sale, the chief accounting officer now owns 85,421 shares of the company’s stock, valued at $3,953,283.88. This trade represents a 2.64 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 46,061 shares of company stock valued at $1,987,318 over the last three months. 36.00% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on CART shares. JMP Securities upped their target price on Maplebear from $42.00 to $51.00 and gave the stock a “market outperform” rating in a research report on Wednesday, November 13th. Cantor Fitzgerald restated an “overweight” rating and issued a $55.00 target price on shares of Maplebear in a research report on Wednesday. Wells Fargo & Company initiated coverage on Maplebear in a research report on Friday, January 10th. They issued an “equal weight” rating and a $47.00 target price for the company. Loop Capital increased their price objective on Maplebear from $49.00 to $56.00 and gave the company a “buy” rating in a research report on Monday, December 9th. Finally, Macquarie increased their price objective on Maplebear from $52.00 to $55.00 and gave the company an “outperform” rating in a research report on Thursday. Thirteen equities research 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. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $49.92.

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.