State Street Corp Increases Stake in Maplebear Inc. (NASDAQ:CART)

State Street Corp grew its position in Maplebear Inc. (NASDAQ:CART) by 48.3% in the 3rd quarter, according to its most recent disclosure with the SEC. The fund owned 2,552,617 shares of the company’s stock after buying an additional 831,795 shares during the period. State Street Corp owned approximately 0.98% of Maplebear worth $103,994,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently made changes to their positions in CART. Assenagon Asset Management S.A. purchased a new position in Maplebear in the 2nd quarter worth approximately $8,293,000. Investment House LLC purchased a new position in shares of Maplebear in the second quarter worth $750,000. Lecap Asset Management Ltd. bought a new position in shares of Maplebear during the second quarter valued at $704,000. Bank of New York Mellon Corp boosted its position in shares of Maplebear by 936.7% during the second quarter. Bank of New York Mellon Corp now owns 489,761 shares of the company’s stock valued at $15,741,000 after buying an additional 442,517 shares during the last quarter. Finally, State of Michigan Retirement System bought a new stake in Maplebear in the 2nd quarter worth about $484,000. Institutional investors own 63.09% of the company’s stock.

Insider Transactions at Maplebear

In other news, General Counsel Morgan Fong sold 29,253 shares of Maplebear stock in a transaction dated Thursday, November 7th. The stock was sold at an average price of $48.03, for a total value of $1,405,021.59. Following the sale, the general counsel now directly 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 ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CAO Alan Ramsay sold 2,486 shares of the stock in a transaction that occurred on Friday, September 20th. The shares were sold at an average price of $41.39, for a total value of $102,895.54. Following the transaction, the chief accounting officer now directly owns 99,225 shares of the company’s stock, valued at approximately $4,106,922.75. The trade was a 2.44 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 110,954 shares of company stock valued at $4,890,405. 36.00% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

CART has been the topic of a number of recent analyst reports. JPMorgan Chase & Co. raised their price target on shares of Maplebear from $47.00 to $52.00 and gave the company an “overweight” rating in a report on Wednesday, November 13th. Morgan Stanley dropped their target price on shares of Maplebear from $45.00 to $41.00 and set an “equal weight” rating on the stock in a report on Tuesday, September 24th. Loop Capital boosted their target price on shares of Maplebear from $49.00 to $56.00 and gave the company a “buy” rating in a research note on Monday, December 9th. BMO Capital Markets increased their price target on Maplebear from $39.00 to $48.00 and gave the company a “market perform” rating in a report on Wednesday, November 13th. Finally, Piper Sandler lifted their price objective on Maplebear from $50.00 to $58.00 and gave the stock an “overweight” rating in a report on Wednesday, November 13th. Thirteen analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company’s stock. According to MarketBeat, Maplebear currently has a consensus rating of “Moderate Buy” and an average price target of $47.14.

Maplebear Stock Down 0.3 %

Shares of Maplebear stock opened at $41.78 on Monday. The company has a market capitalization of $10.73 billion, a price-to-earnings ratio of 28.04, a PEG ratio of 1.08 and a beta of 0.94. The stock’s 50-day simple moving average is $43.80 and its 200-day simple moving average is $37.88. Maplebear Inc. has a 52 week low of $22.13 and a 52 week high of $50.01.

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