State of New Jersey Common Pension Fund D Cuts Stake in Maplebear Inc. (NASDAQ:CART)

State of New Jersey Common Pension Fund D lessened its holdings in shares of Maplebear Inc. (NASDAQ:CART) by 9.3% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 54,569 shares of the company’s stock after selling 5,581 shares during the period. State of New Jersey Common Pension Fund D’s holdings in Maplebear were worth $2,223,000 at the end of the most recent quarter.

A number of other institutional investors have also recently made changes to their positions in the business. Oppenheimer & Co. Inc. purchased a new stake in Maplebear in the first quarter valued at about $213,000. Russell Investments Group Ltd. purchased a new position in shares of Maplebear in the 1st quarter valued at approximately $1,663,000. Mitsubishi UFJ Asset Management Co. Ltd. acquired a new stake in Maplebear in the 1st quarter worth approximately $6,462,000. Lord Abbett & CO. LLC purchased a new stake in Maplebear during the 1st quarter worth approximately $28,674,000. Finally, Vanguard Group Inc. increased its stake in Maplebear by 239.1% during the 1st quarter. Vanguard Group Inc. now owns 213,496 shares of the company’s stock valued at $7,961,000 after purchasing an additional 150,544 shares in the last quarter. Institutional investors and hedge funds own 63.09% of the company’s stock.

Insider Buying and Selling

In related news, CAO Alan Ramsay sold 2,486 shares of the company’s stock in a transaction dated Friday, September 20th. The shares were sold at an average price of $41.39, for a total transaction of $102,895.54. Following the completion of the sale, the chief accounting officer now owns 99,225 shares of the company’s stock, valued at approximately $4,106,922.75. This represents a 2.44 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Fidji Simo sold 33,000 shares of the firm’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 transaction of $1,163,910.00. Following the completion of the transaction, the chief executive officer now directly owns 1,844,778 shares in the company, valued at $65,065,320.06. This trade represents a 1.76 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 118,710 shares of company stock worth $4,978,164. 36.00% of the stock is owned by corporate insiders.

Maplebear Stock Down 0.2 %

CART opened at $42.93 on Friday. The firm’s fifty day simple moving average is $41.85 and its two-hundred day simple moving average is $36.51. Maplebear Inc. has a 52-week low of $22.13 and a 52-week high of $50.01. The company has a market cap of $11.20 billion, a price-to-earnings ratio of 28.56, a PEG ratio of 1.50 and a beta of 1.12.

Maplebear (NASDAQ:CART) last issued its quarterly earnings results on Tuesday, November 12th. The company reported $0.42 earnings per share for the quarter, beating analysts’ consensus estimates of $0.22 by $0.20. Maplebear had a net margin of 13.37% and a return on equity of 13.32%. The firm had revenue of $852.00 million for the quarter, compared to analyst estimates of $844.03 million. During the same period last year, the company posted ($20.86) EPS. Maplebear’s quarterly revenue was up 11.5% compared to the same quarter last year. On average, research analysts forecast that Maplebear Inc. will post 1.17 EPS for the current year.

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on the stock. JPMorgan Chase & Co. boosted their price objective on shares of Maplebear from $47.00 to $52.00 and gave the company an “overweight” rating in a report on Wednesday. Cantor Fitzgerald reissued an “overweight” rating and issued a $45.00 price objective on shares of Maplebear in a report on Monday, October 7th. JMP Securities upped 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. Macquarie raised their price target on shares of Maplebear from $50.00 to $52.00 and gave the stock an “outperform” rating in a research report on Thursday. Finally, BMO Capital Markets upped their price objective on shares of Maplebear from $39.00 to $48.00 and gave the company a “market perform” rating in a report on Wednesday. Twelve equities research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $47.29.

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.