Principal Financial Group Inc. Cuts Stock Position in Maplebear Inc. (NASDAQ:CART)

Principal Financial Group Inc. reduced its stake in Maplebear Inc. (NASDAQ:CART) by 14.1% in the 3rd quarter, HoldingsChannel.com reports. The firm owned 10,989 shares of the company’s stock after selling 1,808 shares during the period. Principal Financial Group Inc.’s holdings in Maplebear were worth $448,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors also recently bought and sold shares of CART. Wilmington Savings Fund Society FSB purchased a new position in shares of Maplebear in the third quarter worth $33,000. Huntington National Bank purchased a new position in shares of Maplebear during the 3rd quarter valued at approximately $54,000. Mirae Asset Global Investments Co. Ltd. acquired a new position in shares of Maplebear in the 3rd quarter valued at $74,000. Quarry LP boosted its holdings in Maplebear by 269.5% during the second quarter. Quarry LP now owns 3,928 shares of the company’s stock worth $126,000 after buying an additional 2,865 shares in the last quarter. Finally, Vinva Investment Management Ltd acquired a new stake in Maplebear during the third quarter valued at $212,000. 63.09% of the stock is currently owned by institutional investors and hedge funds.

Maplebear Stock Performance

CART stock opened at $44.93 on Monday. The firm has a market cap of $11.54 billion, a P/E ratio of 30.15, a price-to-earnings-growth ratio of 1.08 and a beta of 1.04. Maplebear Inc. has a 1 year low of $22.13 and a 1 year high of $50.01. The stock has a 50-day simple moving average of $43.63 and a 200-day simple moving average of $38.95.

Maplebear (NASDAQ:CART) last posted its quarterly 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 net margin of 13.37% and a return on equity of 13.78%. The firm had revenue of $852.00 million for the quarter, compared to analysts’ expectations of $844.03 million. During the same period in the prior year, the company posted ($20.86) earnings per share. The firm’s quarterly revenue was up 11.5% on a year-over-year basis. On average, equities research analysts predict that Maplebear Inc. will post 1.4 EPS for the current year.

Analyst Ratings Changes

A number of research firms have weighed in on CART. Deutsche Bank Aktiengesellschaft assumed coverage on shares of Maplebear in a research report on Tuesday, December 3rd. They set a “hold” rating and a $37.00 price objective for the company. JMP Securities raised their target price on Maplebear from $42.00 to $51.00 and gave the company a “market outperform” rating in a research report on Wednesday, November 13th. Raymond James assumed coverage on Maplebear in a research report on Tuesday, September 24th. They set a “market perform” rating for the company. Barclays upped their price objective on shares of Maplebear from $48.00 to $56.00 and gave the company an “overweight” rating in a research note on Wednesday, November 13th. Finally, Macquarie lifted their target price on shares of Maplebear from $50.00 to $52.00 and gave the stock an “outperform” rating in a research note on Thursday, November 14th. Thirteen equities research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $47.14.

Insider Buying and Selling at Maplebear

In related news, General Counsel Morgan Fong sold 29,253 shares of the firm’s stock in a transaction dated Thursday, November 7th. The stock was sold at an average price of $48.03, for a total transaction of $1,405,021.59. Following the completion of the transaction, the general counsel now owns 258,406 shares of the company’s stock, valued at $12,411,240.18. This trade represents a 10.17 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CAO Alan Ramsay sold 2,247 shares of Maplebear stock in a transaction dated Friday, December 20th. The stock was sold at an average price of $42.14, for a total value of $94,688.58. Following the transaction, the chief accounting officer now directly owns 87,735 shares in the company, valued at approximately $3,697,152.90. The trade was a 2.50 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 112,128 shares of company stock valued at $4,980,404 in the last ninety days. Company insiders own 36.00% of the company’s stock.

About Maplebear

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.