KLP Kapitalforvaltning AS Purchases 7,500 Shares of Maplebear Inc. $CART

KLP Kapitalforvaltning AS boosted its position in Maplebear Inc. (NASDAQ:CART) by 27.5% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 34,800 shares of the company’s stock after purchasing an additional 7,500 shares during the quarter. KLP Kapitalforvaltning AS’s holdings in Maplebear were worth $1,574,000 at the end of the most recent quarter.

Other institutional investors have also added to or reduced their stakes in the company. Proathlete Wealth Management LLC bought a new position in Maplebear in the first quarter worth $26,000. Brooklyn Investment Group bought a new position in Maplebear in the first quarter worth $40,000. Spire Wealth Management bought a new position in Maplebear in the first quarter worth $41,000. CWM LLC raised its holdings in Maplebear by 35.1% in the first quarter. CWM LLC now owns 1,058 shares of the company’s stock worth $42,000 after purchasing an additional 275 shares in the last quarter. Finally, Golden State Wealth Management LLC raised its holdings in Maplebear by 100.0% in the first quarter. Golden State Wealth Management LLC now owns 1,066 shares of the company’s stock worth $43,000 after purchasing an additional 533 shares in the last quarter. Institutional investors own 63.09% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on the company. BTIG Research restated a “neutral” rating and set a $55.00 price target on shares of Maplebear in a report on Tuesday, September 30th. JMP Securities raised their price target on Maplebear from $55.00 to $60.00 and gave the company a “market outperform” rating in a report on Friday, August 8th. Robert W. Baird reduced their price target on Maplebear from $60.00 to $50.00 and set an “outperform” rating for the company in a report on Wednesday, October 1st. Weiss Ratings restated a “hold (c)” rating on shares of Maplebear in a report on Saturday, September 27th. Finally, Stifel Nicolaus reduced their price target on Maplebear from $64.00 to $56.00 and set a “buy” rating for the company in a report on Wednesday, September 24th. Two research analysts have rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating, eleven have given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $53.42.

Maplebear Stock Performance

NASDAQ CART opened at $38.73 on Tuesday. Maplebear Inc. has a one year low of $34.87 and a one year high of $53.50. The stock has a 50-day moving average of $43.67 and a 200 day moving average of $44.27. The company has a market capitalization of $10.20 billion, a price-to-earnings ratio of 22.39, a PEG ratio of 1.18 and a beta of 1.10.

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

Insiders Place Their Bets

In other Maplebear news, General Counsel Morgan Fong sold 4,680 shares of the firm’s stock in a transaction dated Monday, July 21st. The stock was sold at an average price of $49.16, for a total value of $230,068.80. Following the transaction, the general counsel directly owned 452,000 shares of the company’s stock, valued at approximately $22,220,320. This trade represents a 1.02% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 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 transaction, the chief executive officer directly owned 1,965,445 shares in the company, valued at $98,291,904.45. The trade was a 3.28% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 4,972,134 shares of company stock valued at $237,530,070. 26.00% of the stock is currently owned by company insiders.

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.