MetLife Investment Management LLC Purchases 87,031 Shares of Maplebear Inc. $CART

MetLife Investment Management LLC boosted its holdings in Maplebear Inc. (NASDAQ:CART) by 2,979.5% in the 1st quarter, HoldingsChannel.com reports. The firm owned 89,952 shares of the company’s stock after purchasing an additional 87,031 shares during the period. MetLife Investment Management LLC’s holdings in Maplebear were worth $3,588,000 at the end of the most recent quarter.

Several other institutional investors have also added to or reduced their stakes in CART. Victory Capital Management Inc. boosted its position in Maplebear by 62.8% during the first quarter. Victory Capital Management Inc. now owns 7,368,232 shares of the company’s stock valued at $293,919,000 after buying an additional 2,841,559 shares during the period. Altimeter Capital Management LP purchased a new stake in Maplebear during the fourth quarter valued at about $105,108,000. Jacobs Levy Equity Management Inc. boosted its position 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 valued at $127,650,000 after buying an additional 1,416,426 shares during the period. Westfield Capital Management Co. LP purchased a new stake in Maplebear during the first quarter valued at about $48,639,000. Finally, Invesco Ltd. boosted its position in Maplebear by 82.5% during the first quarter. Invesco Ltd. now owns 2,575,624 shares of the company’s stock valued at $102,742,000 after buying an additional 1,164,702 shares during the period. 63.09% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, Director Levien Meredith A. Kopit sold 4,225 shares of the stock in a transaction dated Thursday, June 5th. The shares were sold at an average price of $47.45, for a total value of $200,476.25. Following the completion of the transaction, the director directly owned 20,829 shares of the company’s stock, valued at $988,336.05. This represents a 16.86% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider Grosvenor L.P. Gcm sold 4,864,272 shares of the stock in a transaction dated Friday, July 25th. The stock was sold at an average price of $47.75, for a total transaction of $232,268,988.00. The disclosure for this sale can be found here. Insiders sold 4,975,327 shares of company stock valued at $237,736,848 over the last quarter. 26.00% of the stock is currently owned by insiders.

Analyst Ratings Changes

Several analysts have issued reports on CART shares. Morgan Stanley upped their price target on shares of Maplebear from $45.00 to $48.00 and gave the company an “equal weight” rating in a research report on Friday, August 15th. Sanford C. Bernstein upped their price target on shares of Maplebear from $55.00 to $60.00 and gave the company an “outperform” rating in a research report on Monday, July 21st. Jefferies Financial Group upped their price target on shares of Maplebear from $50.00 to $55.00 and gave the company a “hold” rating in a research report on Monday, August 11th. Wells Fargo & Company upped their price objective on shares of Maplebear from $47.00 to $55.00 and gave the company an “equal weight” rating in a research note on Friday, August 8th. Finally, Stifel Nicolaus upped their price objective on shares of Maplebear from $55.00 to $64.00 and gave the company a “buy” rating in a research note on Friday, August 8th. One investment analyst has rated the stock with a Strong Buy rating, sixteen have given a Buy rating, eight have issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $55.63.

Maplebear Trading Down 1.1%

Shares of NASDAQ:CART opened at $43.37 on Friday. The company has a market cap of $11.43 billion, a price-to-earnings ratio of 25.07, a price-to-earnings-growth ratio of 1.45 and a beta of 1.21. The company has a 50-day moving average price of $46.86 and a 200-day moving average price of $44.38. Maplebear Inc. has a 12 month low of $33.17 and a 12 month high of $53.50.

Maplebear (NASDAQ:CART) last issued its quarterly earnings data on Thursday, August 7th. The company reported $0.41 EPS for the quarter, beating the consensus estimate of $0.39 by $0.02. The firm had revenue of $914.00 million during the quarter, compared to the consensus estimate of $896.55 million. Maplebear had a net margin of 13.76% and a return on equity of 15.69%. The company’s quarterly revenue was up 11.1% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.20 earnings per share. As a group, research analysts forecast that Maplebear Inc. will post 1.43 EPS for the current fiscal 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.