New York State Common Retirement Fund Lowers Position in Maplebear Inc. (NASDAQ:CART)

New York State Common Retirement Fund trimmed its stake in Maplebear Inc. (NASDAQ:CART) by 8.3% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm owned 88,681 shares of the company’s stock after selling 8,054 shares during the quarter. New York State Common Retirement Fund’s holdings in Maplebear were worth $3,673,000 as of its most recent filing with the SEC.

Other institutional investors have also recently bought and sold shares of the company. Portman Ltd purchased a new stake in Maplebear in the third quarter valued at approximately $3,196,000. State Street Corp grew its holdings in Maplebear by 48.3% in the third quarter. State Street Corp now owns 2,552,617 shares of the company’s stock valued at $103,994,000 after purchasing an additional 831,795 shares during the period. Cerity Partners LLC purchased a new stake in Maplebear during the third quarter worth approximately $1,442,000. Charles Schwab Investment Management Inc. grew its stake in Maplebear by 5,191.1% during the third quarter. Charles Schwab Investment Management Inc. now owns 1,489,655 shares of the company’s stock worth $60,689,000 after buying an additional 1,461,501 shares during the period. Finally, Zacks Investment Management acquired a new stake in shares of Maplebear in the third quarter worth $4,853,000. 63.09% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In other news, CAO Alan Ramsay sold 2,314 shares of the company’s stock in a transaction that occurred on Tuesday, January 21st. The stock was sold at an average price of $46.28, for a total transaction of $107,091.92. Following the completion of the transaction, the chief accounting officer now directly owns 85,421 shares of the company’s stock, valued at approximately $3,953,283.88. This represents a 2.64 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Fidji Simo sold 20,750 shares of the company’s stock in a transaction that occurred on Wednesday, December 18th. The shares were sold at an average price of $42.74, for a total value of $886,855.00. Following the transaction, the chief executive officer now directly owns 1,771,993 shares of the company’s stock, valued at $75,734,980.82. This trade represents a 1.16 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 46,061 shares of company stock valued at $1,987,318. 36.00% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

Several equities research analysts have recently issued reports on the stock. Cantor Fitzgerald reissued an “overweight” rating and issued a $55.00 price objective on shares of Maplebear in a research report on Wednesday. Needham & Company LLC restated a “buy” rating and set a $56.00 price objective on shares of Maplebear in a research note on Wednesday. Bank of America boosted their price objective on Maplebear from $51.00 to $53.00 and gave the stock a “neutral” rating in a research note on Tuesday. Piper Sandler boosted their price objective on Maplebear from $50.00 to $58.00 and gave the stock an “overweight” rating in a research note on Wednesday, November 13th. Finally, Stifel Nicolaus boosted their price objective on Maplebear from $56.00 to $57.00 and gave the stock a “buy” rating in a research note on Wednesday. Thirteen analysts have rated the stock with a hold rating, sixteen have issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $49.92.

Maplebear Stock Up 0.9 %

Shares of Maplebear stock opened at $41.09 on Friday. The firm has a market cap of $10.56 billion, a P/E ratio of 27.58, a P/E/G ratio of 1.19 and a beta of 1.07. Maplebear Inc. has a fifty-two week low of $29.84 and a fifty-two week high of $53.44. The business has a 50-day moving average price of $46.43 and a 200 day moving average price of $42.72.

Maplebear (NASDAQ:CART) last posted its earnings results on Tuesday, February 25th. The company reported $0.53 EPS for the quarter, beating the consensus estimate of $0.37 by $0.16. The company had revenue of $883.00 million during the quarter, compared to analyst estimates of $889.98 million. Maplebear had a return on equity of 13.78% and a net margin of 13.37%. As a group, equities research analysts anticipate that Maplebear Inc. will post 1.43 earnings per share 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.