Maplebear Inc. (NASDAQ:CART) Shares Acquired by PNC Financial Services Group Inc.

PNC Financial Services Group Inc. boosted its holdings in Maplebear Inc. (NASDAQ:CART) by 243.3% during the 4th quarter, HoldingsChannel reports. The institutional investor owned 3,399 shares of the company’s stock after buying an additional 2,409 shares during the quarter. PNC Financial Services Group Inc.’s holdings in Maplebear were worth $141,000 at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in the business. Raymond James Financial Inc. purchased a new stake in shares of Maplebear in the 4th quarter valued at approximately $3,861,000. Cullen Frost Bankers Inc. acquired a new stake in Maplebear during the 4th quarter valued at $62,000. Aigen Investment Management LP purchased a new stake in shares of Maplebear in the fourth quarter valued at $882,000. Victory Capital Management Inc. boosted its position in shares of Maplebear by 11,501.2% in the fourth quarter. Victory Capital Management Inc. now owns 4,526,673 shares of the company’s stock worth $187,495,000 after buying an additional 4,487,654 shares during the period. Finally, Jones Financial Companies Lllp grew its holdings in shares of Maplebear by 46.6% during the fourth quarter. Jones Financial Companies Lllp now owns 698 shares of the company’s stock valued at $29,000 after buying an additional 222 shares in the last quarter. Institutional investors and hedge funds own 63.09% of the company’s stock.

Analyst Ratings Changes

A number of analysts have recently issued reports on the stock. Stifel Nicolaus increased their price target on shares of Maplebear from $56.00 to $57.00 and gave the stock a “buy” rating in a research report on Wednesday, February 26th. Bank of America increased their target price on shares of Maplebear from $51.00 to $53.00 and gave the stock a “neutral” rating in a research report on Tuesday, February 25th. Wedbush decreased their target price on shares of Maplebear from $48.00 to $46.00 and set a “neutral” rating for the company in a research note on Wednesday, February 26th. Needham & Company LLC reaffirmed a “buy” rating and issued a $56.00 price target on shares of Maplebear in a research note on Wednesday, February 26th. Finally, Wells Fargo & Company initiated coverage on Maplebear in a report on Friday, January 10th. They set an “equal weight” rating and a $47.00 price objective for the company. Thirteen investment analysts have rated the stock with a hold rating, fifteen have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, Maplebear currently has a consensus rating of “Moderate Buy” and an average price target of $50.52.

Maplebear Stock Performance

Shares of Maplebear stock opened at $40.91 on Tuesday. The firm has a fifty day moving average of $45.03 and a two-hundred day moving average of $43.38. The stock has a market capitalization of $10.83 billion, a price-to-earnings ratio of 27.46, a PEG ratio of 1.19 and a beta of 1.34. Maplebear Inc. has a 52 week low of $29.84 and a 52 week high of $53.44.

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

Insider Activity

In related news, CEO Fidji Simo sold 2,033 shares of Maplebear stock in a transaction that occurred on Monday, March 17th. The shares were sold at an average price of $40.00, for a total transaction of $81,320.00. Following the sale, the chief executive officer now directly owns 1,654,559 shares of the company’s stock, valued at approximately $66,182,360. The trade was a 0.12 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CAO Alan Ramsay sold 2,314 shares of the business’s stock in a transaction on Tuesday, January 21st. The stock was sold at an average price of $46.28, for a total transaction of $107,091.92. Following the sale, the chief accounting officer now directly owns 85,421 shares in the company, valued at approximately $3,953,283.88. The trade was a 2.64 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 25,097 shares of company stock valued at $1,087,094. 36.00% of the stock is owned by company insiders.

About Maplebear

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.