The Manufacturers Life Insurance Company Increases Position in Maplebear Inc. (NASDAQ:CART)

The Manufacturers Life Insurance Company raised its position in shares of Maplebear Inc. (NASDAQ:CART) by 2.0% during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 49,158 shares of the company’s stock after purchasing an additional 954 shares during the period. The Manufacturers Life Insurance Company’s holdings in Maplebear were worth $2,036,000 at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in the company. Janney Montgomery Scott LLC raised its holdings in shares of Maplebear by 212.1% during the 4th quarter. Janney Montgomery Scott LLC now owns 23,938 shares of the company’s stock valued at $992,000 after buying an additional 16,267 shares in the last quarter. Cherry Creek Investment Advisors Inc. purchased a new position in shares of Maplebear during the fourth quarter worth approximately $235,000. US Bancorp DE lifted its holdings in shares of Maplebear by 22.3% in the 4th quarter. US Bancorp DE now owns 13,077 shares of the company’s stock worth $542,000 after acquiring an additional 2,387 shares during the last quarter. Nordea Investment Management AB purchased a new stake in shares of Maplebear in the 4th quarter valued at $2,078,000. Finally, Commonwealth Equity Services LLC bought a new position in shares of Maplebear during the 4th quarter valued at $234,000. Institutional investors own 63.09% of the company’s stock.

Analyst Ratings Changes

Several analysts have issued reports on the stock. Needham & Company LLC restated a “buy” rating and set a $56.00 price target on shares of Maplebear in a research report on Friday, May 2nd. BMO Capital Markets raised their price target on Maplebear from $48.00 to $49.00 and gave the stock a “market perform” rating in a research report on Wednesday, February 26th. Wells Fargo & Company decreased their price target on Maplebear from $47.00 to $44.00 and set an “equal weight” rating on the stock in a research note on Thursday, April 3rd. Benchmark reissued a “hold” rating on shares of Maplebear in a research note on Wednesday, February 26th. Finally, Wedbush decreased their target price on shares of Maplebear from $48.00 to $46.00 and set a “neutral” rating on the stock in a research note on Wednesday, February 26th. Twelve equities research analysts have rated the stock with a hold rating, fifteen have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $50.61.

Maplebear Stock Up 1.9 %

CART stock opened at $43.76 on Friday. The business has a 50 day moving average of $40.56 and a 200 day moving average of $43.53. The firm has a market cap of $11.49 billion, a PE ratio of 29.37, a price-to-earnings-growth ratio of 1.19 and a beta of 1.19. Maplebear Inc. has a twelve month low of $29.84 and a twelve month high of $53.44.

Maplebear (NASDAQ:CART) last posted its quarterly 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). The company had revenue of $897.00 million during the quarter, compared to analysts’ expectations of $896.86 million. Maplebear had a return on equity of 13.78% and a net margin of 13.37%. Maplebear’s revenue for the quarter was up 9.4% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.43 EPS. On average, research analysts expect that Maplebear Inc. will post 1.43 earnings per share for the current fiscal year.

Insider Transactions at Maplebear

In related news, CEO Fidji Simo sold 2,033 shares of the stock in a transaction on Monday, March 17th. The stock was 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 $66,182,360. This trade represents a 0.12 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, General Counsel Morgan Fong sold 5,249 shares of the business’s stock in a transaction dated Monday, April 21st. The stock was sold at an average price of $42.57, for a total value of $223,449.93. Following the completion of the transaction, the general counsel now directly owns 484,292 shares of the company’s stock, valued at approximately $20,616,310.44. This trade represents a 1.07 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 36,165 shares of company stock worth $1,541,785. Corporate insiders own 26.00% of the company’s stock.

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.