Maplebear Inc. $CART Shares Newly Acquired by Sumitomo Mitsui Trust Group Inc.

Sumitomo Mitsui Trust Group Inc. purchased a new position in Maplebear Inc. (NASDAQ:CART) in the third quarter, according to its most recent disclosure with the SEC. The institutional investor purchased 13,933 shares of the company’s stock, valued at approximately $601,000.

Several other institutional investors and hedge funds have also made changes to their positions in CART. BlackRock Inc. acquired a new position in shares of Maplebear during the second quarter valued at approximately $750,477,000. Dimensional Fund Advisors LP raised its holdings in Maplebear by 31.4% during the first quarter. Dimensional Fund Advisors LP now owns 4,981,960 shares of the company’s stock worth $186,618,000 after purchasing an additional 1,189,287 shares in the last quarter. William Blair Investment Management LLC bought a new stake in Maplebear during the second quarter worth approximately $86,462,000. Renaissance Technologies LLC raised its holdings in Maplebear by 10.0% during the first quarter. Renaissance Technologies LLC now owns 1,567,054 shares of the company’s stock worth $58,702,000 after purchasing an additional 142,600 shares in the last quarter. Finally, Bank of America Corp DE lifted its position in Maplebear by 16.5% in the first quarter. Bank of America Corp DE now owns 1,562,097 shares of the company’s stock worth $58,516,000 after purchasing an additional 221,036 shares during the period. 63.09% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

CART has been the subject of a number of research reports. Barclays lowered Maplebear from an “overweight” rating to an “equal weight” rating and decreased their price target for the company from $77.00 to $65.00 in a research note on Friday, October 30th. BNP Paribas Exane upgraded Maplebear from an “underperform” rating to a “neutral” rating and set a $56.00 price target on the stock in a research report on Friday, August 7th. Argus boosted their price objective on Maplebear from $50.00 to $58.00 and gave the stock a “buy” rating in a research note on Wednesday, September 2nd. Sanford C. Bernstein lowered Maplebear from an “outperform” rating to a “hold” rating and upped their price objective for the company from $60.00 to $65.00 in a report on Friday, October 30th. Finally, Wedbush lowered Maplebear from an “outperform” rating to a “hold” rating and upped their price objective for the company from $63.00 to $65.00 in a report on Friday, October 30th. Seven research analysts have rated the stock with a Buy rating and fifteen have issued a Hold rating to the stock. According to MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $59.06.

Maplebear Stock Performance

NASDAQ:CART opened at $58.12 on Monday. Maplebear Inc. has a twelve month low of $32.73 and a twelve month high of $62.00. The company has a 50-day moving average of $49.78 and a 200-day moving average of $43.76. The firm has a market cap of $13.75 billion, a price-to-earnings ratio of 30.27, a price-to-earnings-growth ratio of 1.16 and a beta of 0.68.

Maplebear (NASDAQ:CART) last announced its quarterly earnings data on Thursday, October 29th. The company reported $0.60 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.63 by ($0.03). Maplebear had a return on equity of 22.14% and a net margin of 11.59%. The business had revenue of $1.09 billion during the quarter, compared to analyst estimates of $1.07 billion. During the same period in the prior year, the firm earned $0.42 EPS. The business’s revenue for the quarter was up 16.6% on a year-over-year basis. On average, research analysts forecast that Maplebear Inc. will post 2.28 earnings per share for the current year.

Insider Activity

In other Maplebear news, CEO Chris Rogers sold 24,665 shares of Maplebear stock in a transaction that occurred on Monday, October 26th. The shares were sold at an average price of $60.00, for a total value of $1,479,900.00. Following the transaction, the chief executive officer owned 867,911 shares in the company, valued at approximately $52,074,660. The trade was a 2.76% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Ravi Gupta sold 150,000 shares of the company’s stock in a transaction on Wednesday, August 19th. The shares were sold at an average price of $50.61, for a total value of $7,591,500.00. Following the completion of the transaction, the director directly owned 591,523 shares in the company, valued at $29,936,979.03. This represents a 20.23% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 309,928 shares of company stock valued at $16,121,073 in the last ninety days. 24.00% of the stock is owned by company insiders.

Maplebear Company Profile

Maplebear Inc, which operates as Instacart, provides an online grocery and retail marketplace in the United States and Canada. Its platform connects customers with local grocery stores and other retailers, enabling them to order products for delivery or pickup.

In addition to its consumer app and website, Instacart offers retailers technology and services for online ordering, fulfillment and digital advertising. The company was founded in 2012 and is led by CEO Fidji Simo.