Arizona State Retirement System Grows Position in Maplebear Inc. (NASDAQ:CART)

Arizona State Retirement System increased its position in Maplebear Inc. (NASDAQ:CART) by 55.2% in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 40,518 shares of the company’s stock after purchasing an additional 14,414 shares during the quarter. Arizona State Retirement System’s holdings in Maplebear were worth $1,616,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds also recently made changes to their positions in CART. Proathlete Wealth Management LLC purchased a new position in shares of Maplebear in the 1st quarter valued at approximately $26,000. NewEdge Advisors LLC increased its position in Maplebear by 277.9% during the 4th quarter. NewEdge Advisors LLC now owns 975 shares of the company’s stock valued at $40,000 after buying an additional 717 shares in the last quarter. UMB Bank n.a. increased its position in Maplebear by 914.1% during the 1st quarter. UMB Bank n.a. now owns 1,004 shares of the company’s stock valued at $40,000 after buying an additional 905 shares in the last quarter. Spire Wealth Management bought a new position in Maplebear during the 1st quarter valued at approximately $41,000. Finally, Golden State Wealth Management LLC increased its position in Maplebear by 100.0% during the 1st quarter. Golden State Wealth Management LLC now owns 1,066 shares of the company’s stock valued at $43,000 after buying an additional 533 shares in the last quarter. Hedge funds and other institutional investors own 63.09% of the company’s stock.

Maplebear Trading Up 1.5%

Shares of CART stock opened at $49.11 on Friday. Maplebear Inc. has a 12-month low of $29.84 and a 12-month high of $53.44. The stock’s 50-day moving average price is $45.93 and its 200-day moving average price is $44.30. The stock has a market capitalization of $12.89 billion, a price-to-earnings ratio of 32.31, a price-to-earnings-growth ratio of 2.03 and a beta of 1.21.

Maplebear (NASDAQ:CART) last issued its earnings results on Thursday, May 1st. The company reported $0.37 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.38 by ($0.01). Maplebear had a return on equity of 14.12% and a net margin of 12.45%. The firm had revenue of $897.00 million during the quarter, compared to the consensus estimate of $896.86 million. During the same period last year, the firm posted $0.43 earnings per share. The company’s revenue for the quarter was up 9.4% compared to the same quarter last year. As a group, research analysts predict that Maplebear Inc. will post 1.43 EPS for the current fiscal year.

Insiders Place Their Bets

In other Maplebear news, General Counsel Morgan Fong sold 4,680 shares of the business’s stock in a transaction that occurred on Friday, June 20th. The stock was sold at an average price of $43.90, for a total transaction of $205,452.00. Following the sale, the general counsel directly owned 456,680 shares of the company’s stock, valued at $20,048,252. The trade was a 1.01% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Levien Meredith A. Kopit sold 4,225 shares of the business’s stock in a transaction that occurred on Thursday, June 5th. The stock was sold at an average price of $47.45, for a total value of $200,476.25. Following the sale, the director directly owned 20,829 shares in the company, valued at $988,336.05. The trade was a 16.86% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 28,387 shares of company stock valued at $1,310,570 over the last ninety days. 26.00% of the stock is owned by insiders.

Wall Street Analyst Weigh In

A number of research firms recently weighed in on CART. Jefferies Financial Group raised their price objective on Maplebear from $48.00 to $50.00 and gave the company a “hold” rating in a research report on Tuesday, May 27th. JMP Securities reaffirmed a “market outperform” rating and set a $55.00 price objective on shares of Maplebear in a research report on Thursday, June 12th. Wall Street Zen lowered Maplebear from a “buy” rating to a “hold” rating in a report on Friday, May 30th. Stifel Nicolaus reduced their target price on Maplebear from $57.00 to $54.00 and set a “buy” rating for the company in a report on Wednesday, April 23rd. Finally, JPMorgan Chase & Co. reduced their target price on Maplebear from $50.00 to $44.00 and set an “overweight” rating for the company in a report on Tuesday, April 8th. Eleven research analysts have rated the stock with a hold rating, fourteen have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $51.95.

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.