State of Alaska Department of Revenue Decreases Stock Holdings in Maplebear Inc. $CART

State of Alaska Department of Revenue trimmed its position in shares of Maplebear Inc. (NASDAQ:CART) by 2.8% in the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 18,435 shares of the company’s stock after selling 530 shares during the quarter. State of Alaska Department of Revenue’s holdings in Maplebear were worth $833,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Proathlete Wealth Management LLC bought a new stake in shares of Maplebear during the first quarter worth $26,000. UMB Bank n.a. increased its stake in Maplebear by 914.1% in the 1st quarter. UMB Bank n.a. now owns 1,004 shares of the company’s stock worth $40,000 after buying an additional 905 shares during the period. Brooklyn Investment Group bought a new stake in Maplebear during the 1st quarter valued at about $40,000. Spire Wealth Management purchased a new stake in Maplebear in the 1st quarter valued at about $41,000. Finally, CWM LLC boosted its position in Maplebear by 35.1% in the 1st quarter. CWM LLC now owns 1,058 shares of the company’s stock valued at $42,000 after buying an additional 275 shares during the period. Hedge funds and other institutional investors own 63.09% of the company’s stock.

Maplebear Stock Performance

Shares of Maplebear stock opened at $37.85 on Tuesday. The company has a market capitalization of $9.97 billion, a PE ratio of 21.88, a P/E/G ratio of 1.28 and a beta of 1.10. The company has a 50-day simple moving average of $44.52 and a two-hundred day simple moving average of $44.33. Maplebear Inc. has a one year low of $34.87 and a one year high of $53.50.

Maplebear (NASDAQ:CART) last announced its earnings results on Thursday, August 7th. The company reported $0.41 EPS for the quarter, topping analysts’ consensus estimates of $0.39 by $0.02. The business had revenue of $914.00 million during the quarter, compared to the consensus estimate of $896.55 million. Maplebear had a net margin of 13.76% and a return on equity of 15.69%. The firm’s revenue was up 11.1% on a year-over-year basis. During the same period in the previous year, the company posted $0.20 earnings per share. On average, equities analysts predict that Maplebear Inc. will post 1.43 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of equities analysts have recently commented on CART shares. Wells Fargo & Company reduced their target price on shares of Maplebear from $57.00 to $47.00 and set an “equal weight” rating on the stock in a research report on Friday. Needham & Company LLC raised their price objective on Maplebear from $56.00 to $66.00 and gave the stock a “buy” rating in a report on Friday, August 8th. Morgan Stanley lifted their target price on Maplebear from $45.00 to $48.00 and gave the company an “equal weight” rating in a research report on Friday, August 15th. Sanford C. Bernstein upped their target price on Maplebear from $55.00 to $60.00 and gave the stock an “outperform” rating in a report on Monday, July 21st. Finally, Wall Street Zen downgraded Maplebear from a “buy” rating to a “hold” rating in a research report on Monday, September 29th. Two analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating, eleven have issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $53.42.

Insiders Place Their Bets

In other Maplebear news, CEO Chris Rogers sold 9,259 shares of the business’s stock in a transaction dated Monday, September 22nd. The shares were sold at an average price of $42.37, for a total value of $392,303.83. Following the completion of the transaction, the chief executive officer directly owned 739,880 shares in the company, valued at approximately $31,348,715.60. The trade was a 1.24% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO Fidji Simo sold 66,560 shares of the firm’s stock in a transaction dated Tuesday, July 22nd. The stock was sold at an average price of $50.01, for a total value of $3,328,665.60. Following the completion of the sale, the chief executive officer directly owned 1,965,445 shares of the company’s stock, valued at approximately $98,291,904.45. This represents a 3.28% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 4,986,367 shares of company stock valued at $238,211,261 in the last three months. 26.00% of the stock is currently owned by insiders.

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.