Cerity Partners LLC Purchases New Shares in Maplebear Inc. (NASDAQ:CART)

Cerity Partners LLC acquired a new position in Maplebear Inc. (NASDAQ:CART) during the 3rd quarter, HoldingsChannel reports. The fund acquired 35,395 shares of the company’s stock, valued at approximately $1,442,000.

Several other institutional investors have also bought and sold shares of CART. CIBC Asset Management Inc increased its position in shares of Maplebear by 3.7% during the third quarter. CIBC Asset Management Inc now owns 8,114 shares of the company’s stock valued at $331,000 after buying an additional 286 shares during the period. Oppenheimer & Co. Inc. raised its holdings in Maplebear by 5.1% in the 3rd quarter. Oppenheimer & Co. Inc. now owns 12,090 shares of the company’s stock worth $493,000 after purchasing an additional 584 shares in the last quarter. Creative Planning lifted its stake in shares of Maplebear by 9.5% in the 2nd quarter. Creative Planning now owns 9,566 shares of the company’s stock valued at $307,000 after purchasing an additional 831 shares during the period. Huntington National Bank bought a new stake in shares of Maplebear during the third quarter valued at approximately $54,000. Finally, nVerses Capital LLC boosted its stake in Maplebear by 1,600.0% in the 2nd quarter. nVerses Capital LLC now owns 1,700 shares of the company’s stock worth $55,000 after purchasing an additional 1,600 shares in the last quarter. Hedge funds and other institutional investors own 63.09% of the company’s stock.

Insider Activity

In related news, CAO Alan Ramsay sold 2,247 shares of the firm’s stock in a transaction dated Wednesday, November 20th. The stock was sold at an average price of $41.06, for a total transaction of $92,261.82. Following the transaction, the chief accounting officer now owns 89,982 shares of the company’s stock, valued at $3,694,660.92. This trade represents a 2.44 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, General Counsel Morgan Fong sold 29,253 shares of the firm’s stock in a transaction dated Thursday, November 7th. The shares were sold at an average price of $48.03, for a total transaction of $1,405,021.59. Following the completion of the sale, the general counsel now owns 258,406 shares of the company’s stock, valued at approximately $12,411,240.18. The trade was a 10.17 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 110,954 shares of company stock worth $4,890,405. 36.00% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

A number of research analysts recently weighed in on the stock. Jefferies Financial Group began coverage on shares of Maplebear in a report on Wednesday, October 16th. They issued a “hold” rating and a $43.00 target price on the stock. JMP Securities increased their price objective on Maplebear from $42.00 to $51.00 and gave the stock a “market outperform” rating in a research note on Wednesday, November 13th. BMO Capital Markets raised their price target on shares of Maplebear from $39.00 to $48.00 and gave the company a “market perform” rating in a report on Wednesday, November 13th. Wedbush increased their price objective on Maplebear from $35.00 to $38.00 and gave the company a “neutral” rating in a report on Wednesday, August 7th. Finally, Citigroup upped their price target on shares of Maplebear from $44.00 to $47.00 and gave the company a “buy” rating in a research note on Thursday, August 8th. Thirteen analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $46.82.

Maplebear Stock Performance

NASDAQ CART opened at $43.70 on Wednesday. The stock’s fifty day moving average is $43.33 and its two-hundred day moving average is $37.28. Maplebear Inc. has a fifty-two week low of $22.13 and a fifty-two week high of $50.01. The firm has a market capitalization of $11.23 billion, a P/E ratio of 29.33, a price-to-earnings-growth ratio of 1.13 and a beta of 0.94.

Maplebear (NASDAQ:CART) last issued its quarterly earnings results on Tuesday, November 12th. The company reported $0.42 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.22 by $0.20. The business had revenue of $852.00 million for the quarter, compared to analysts’ expectations of $844.03 million. Maplebear had a net margin of 13.37% and a return on equity of 13.78%. The business’s quarterly revenue was up 11.5% on a year-over-year basis. During the same quarter in the prior year, the company earned ($20.86) earnings per share. As a group, sell-side analysts forecast that Maplebear Inc. will post 1.4 EPS for the current year.

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.