Principal Financial Group Inc. Acquires New Holdings in Maplebear Inc. (NASDAQ:CART)

Principal Financial Group Inc. purchased a new position in Maplebear Inc. (NASDAQ:CART) during the 2nd quarter, according to the company in its most recent filing with the SEC. The institutional investor purchased 12,797 shares of the company’s stock, valued at approximately $411,000.

Other hedge funds have also bought and sold shares of the company. Parallel Advisors LLC boosted its holdings in Maplebear by 139.3% in the 4th quarter. Parallel Advisors LLC now owns 1,065 shares of the company’s stock valued at $25,000 after purchasing an additional 620 shares during the last quarter. Cantor Fitzgerald L. P. lifted its holdings in Maplebear by 389.5% in the fourth quarter. Cantor Fitzgerald L. P. now owns 1,850 shares of the company’s stock valued at $43,000 after acquiring an additional 2,489 shares during the period. Kapitalo Investimentos Ltda purchased a new position in shares of Maplebear in the fourth quarter valued at $69,000. Amalgamated Bank acquired a new stake in Maplebear during the fourth quarter worth approximately $94,000. Finally, Oppenheimer & Co. Inc. purchased a new stake in Maplebear in the first quarter valued at approximately $213,000. Hedge funds and other institutional investors own 63.09% of the company’s stock.

Analyst Ratings Changes

A number of research firms have weighed in on CART. Gordon Haskett raised shares of Maplebear from a “hold” rating to a “buy” rating and upped their price objective for the company from $37.00 to $45.00 in a research report on Wednesday, June 5th. Cantor Fitzgerald began coverage on Maplebear in a research note on Thursday, September 5th. They set an “overweight” rating and a $45.00 price target for the company. Needham & Company LLC reiterated a “hold” rating on shares of Maplebear in a report on Wednesday, August 7th. Wedbush boosted their target price on Maplebear from $35.00 to $38.00 and gave the company a “neutral” rating in a research note on Wednesday, August 7th. Finally, Citigroup raised their price objective on Maplebear from $44.00 to $47.00 and gave the company a “buy” rating in a research note on Thursday, August 8th. Eleven equities research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $42.81.

Maplebear Trading Up 1.8 %

Shares of CART stock opened at $36.99 on Friday. The firm’s fifty day moving average price is $34.17 and its two-hundred day moving average price is $34.46. Maplebear Inc. has a 1 year low of $22.13 and a 1 year high of $42.95.

Maplebear (NASDAQ:CART) last released its earnings results on Tuesday, August 6th. The company reported $0.20 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.13 by $0.07. The business had revenue of $823.00 million for the quarter, compared to analyst estimates of $806.35 million. Maplebear had a negative return on equity of 49.98% and a negative net margin of 52.21%. The company’s revenue was up 14.9% compared to the same quarter last year. On average, equities research analysts predict that Maplebear Inc. will post 1.12 earnings per share for the current fiscal year.

Insider Activity

In other Maplebear news, CEO Fidji Simo sold 33,000 shares of the company’s stock in a transaction on Wednesday, August 28th. The shares were sold at an average price of $35.27, for a total transaction of $1,163,910.00. Following the sale, the chief executive officer now directly owns 1,844,778 shares of the company’s stock, valued at $65,065,320.06. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Maplebear news, CEO Fidji Simo sold 33,000 shares of the company’s stock in a transaction that occurred on Wednesday, August 28th. The stock was sold at an average price of $35.27, for a total value of $1,163,910.00. Following the sale, the chief executive officer now owns 1,844,778 shares in the company, valued at $65,065,320.06. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CAO Alan Ramsay sold 2,550 shares of Maplebear stock in a transaction that occurred on Thursday, June 20th. The stock was sold at an average price of $33.86, for a total value of $86,343.00. Following the transaction, the chief accounting officer now owns 110,536 shares of the company’s stock, valued at $3,742,748.96. The disclosure for this sale can be found here. In the last 90 days, insiders sold 66,110 shares of company stock valued at $2,292,923. 36.00% of the stock is owned by insiders.

About Maplebear

Maplebear Inc, doing business as Instacart, provides online grocery shopping services to households in North America. It sells and delivers grocery products. The company offers its services through a mobile application and website. It also provides software-as-a-service solutions to retailers. The company was incorporated in 2012 and is based in San Francisco, California.