T. Rowe Price Investment Management Inc. Boosts Stake in Maplebear Inc. $CART

T. Rowe Price Investment Management Inc. boosted its holdings in Maplebear Inc. (NASDAQ:CART) by 10.2% in the 1st quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 5,226,979 shares of the company’s stock after acquiring an additional 482,327 shares during the quarter. T. Rowe Price Investment Management Inc. owned about 1.99% of Maplebear worth $208,505,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Vanguard Group Inc. grew its stake in shares of Maplebear by 3.4% during the 1st quarter. Vanguard Group Inc. now owns 16,514,830 shares of the company’s stock worth $658,777,000 after purchasing an additional 546,472 shares during the period. Victory Capital Management Inc. lifted its stake in shares of Maplebear by 62.8% in the first quarter. Victory Capital Management Inc. now owns 7,368,232 shares of the company’s stock valued at $293,919,000 after purchasing an additional 2,841,559 shares during the period. Jacobs Levy Equity Management Inc. boosted its holdings in Maplebear by 85.0% during the fourth quarter. Jacobs Levy Equity Management Inc. now owns 3,081,847 shares of the company’s stock worth $127,650,000 after buying an additional 1,416,426 shares in the last quarter. Federated Hermes Inc. boosted its holdings in Maplebear by 15.0% during the first quarter. Federated Hermes Inc. now owns 2,832,384 shares of the company’s stock worth $112,984,000 after buying an additional 370,120 shares in the last quarter. Finally, Two Sigma Advisers LP grew its position in Maplebear by 59.6% during the fourth quarter. Two Sigma Advisers LP now owns 2,645,500 shares of the company’s stock worth $109,577,000 after buying an additional 987,700 shares during the period. Institutional investors and hedge funds own 63.09% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on CART shares. Benchmark upgraded shares of Maplebear from a “hold” rating to a “buy” rating and set a $67.00 price target for the company in a research report on Friday, August 8th. Morgan Stanley lifted their price objective on Maplebear from $45.00 to $48.00 and gave the stock an “equal weight” rating in a report on Friday, August 15th. Loop Capital upped their target price on Maplebear from $52.00 to $58.00 and gave the company a “buy” rating in a report on Monday, May 19th. Stifel Nicolaus raised their price target on Maplebear from $55.00 to $64.00 and gave the company a “buy” rating in a research report on Friday, August 8th. Finally, Sanford C. Bernstein boosted their price objective on shares of Maplebear from $55.00 to $60.00 and gave the stock an “outperform” rating in a research report on Monday, July 21st. One investment analyst has rated the stock with a Strong Buy rating, sixteen have given a Buy rating and nine have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $55.46.

Insiders Place Their Bets

In related news, insider Daniel Danker sold 10,037 shares of the company’s stock in a transaction that occurred on Friday, July 18th. The shares were sold at an average price of $48.82, for a total transaction of $490,006.34. Following the transaction, the insider owned 470,190 shares of the company’s stock, valued at approximately $22,954,675.80. This represents a 2.09% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO Fidji Simo sold 66,560 shares of the firm’s stock in a transaction that occurred on Tuesday, July 22nd. The stock was sold at an average price of $50.01, for a total transaction of $3,328,665.60. Following the sale, the chief executive officer owned 1,965,445 shares in the company, valued at approximately $98,291,904.45. This trade represents a 3.28% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 4,975,327 shares of company stock valued at $237,736,848. 26.00% of the stock is currently owned by insiders.

Maplebear Stock Down 2.1%

Shares of NASDAQ:CART opened at $45.51 on Thursday. The company has a market capitalization of $11.99 billion, a P/E ratio of 26.31, a P/E/G ratio of 1.56 and a beta of 1.21. Maplebear Inc. has a 52-week low of $33.06 and a 52-week high of $53.50. The stock’s fifty day simple moving average is $46.87 and its 200-day simple moving average is $44.69.

Maplebear (NASDAQ:CART) last posted its quarterly earnings data on Thursday, August 7th. The company reported $0.41 EPS for the quarter, topping analysts’ consensus estimates of $0.39 by $0.02. The firm had revenue of $914.00 million during the quarter, compared to analysts’ expectations of $896.55 million. Maplebear had a return on equity of 15.69% and a net margin of 13.76%.The firm’s quarterly revenue was up 11.1% compared to the same quarter last year. During the same quarter last year, the business posted $0.20 EPS. On average, sell-side analysts anticipate that Maplebear Inc. will post 1.43 earnings per share for the current year.

Maplebear Company 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.