Envestnet Portfolio Solutions Inc. Buys New Position in Maplebear Inc. $CART

Envestnet Portfolio Solutions Inc. bought a new position in shares of Maplebear Inc. (NASDAQ:CART) in the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm bought 86,110 shares of the company’s stock, valued at approximately $3,165,000.

Other institutional investors have also recently added to or reduced their stakes in the company. State Street Corp grew its position in shares of Maplebear by 1.3% during the 2nd quarter. State Street Corp now owns 5,101,870 shares of the company’s stock worth $230,809,000 after buying an additional 66,588 shares during the period. Boston Partners boosted its stake in Maplebear by 93.3% during the second quarter. Boston Partners now owns 3,961,838 shares of the company’s stock worth $179,261,000 after acquiring an additional 1,911,771 shares in the last quarter. Viking Global Investors LP acquired a new stake in Maplebear in the second quarter worth $169,782,000. William Blair Investment Management LLC bought a new stake in Maplebear in the second quarter valued at $151,364,000. Finally, Federated Hermes Inc. increased its stake in Maplebear by 12.3% in the second quarter. Federated Hermes Inc. now owns 3,179,537 shares of the company’s stock valued at $143,842,000 after purchasing an additional 347,153 shares in the last quarter. 63.09% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Maplebear

In related news, General Counsel Morgan Fong sold 4,914 shares of the firm’s stock in a transaction dated Monday, December 22nd. The shares were sold at an average price of $45.21, for a total transaction of $222,161.94. Following the transaction, the general counsel directly owned 404,940 shares of the company’s stock, valued at $18,307,337.40. This trade represents a 1.20% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 26.00% of the stock is currently owned by corporate insiders.

Maplebear Stock Up 3.9%

CART stock opened at $39.90 on Monday. The firm has a market capitalization of $10.47 billion, a PE ratio of 21.92, a P/E/G ratio of 1.02 and a beta of 0.97. Maplebear Inc. has a twelve month low of $34.78 and a twelve month high of $53.50. The stock’s 50 day moving average is $42.88 and its 200-day moving average is $43.07.

Maplebear (NASDAQ:CART) last released its quarterly earnings results on Monday, November 10th. The company reported $0.51 EPS for the quarter, beating analysts’ consensus estimates of $0.50 by $0.01. The business had revenue of $939.00 million during the quarter, compared to analyst estimates of $933.76 million. Maplebear had a return on equity of 15.72% and a net margin of 14.09%.Maplebear’s quarterly revenue was up 10.2% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.42 EPS. On average, equities research analysts anticipate that Maplebear Inc. will post 1.43 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several analysts have recently commented on CART shares. Cantor Fitzgerald raised their target price on Maplebear from $45.00 to $54.00 and gave the company an “overweight” rating in a research note on Thursday, January 8th. Guggenheim initiated coverage on Maplebear in a report on Wednesday, October 15th. They issued a “neutral” rating and a $40.00 price target on the stock. Benchmark decreased their price objective on Maplebear from $67.00 to $60.00 and set a “buy” rating for the company in a report on Tuesday, November 11th. Stifel Nicolaus lowered their target price on Maplebear from $56.00 to $49.00 and set a “buy” rating on the stock in a research report on Friday, October 24th. Finally, BMO Capital Markets raised shares of Maplebear from a “market perform” rating to an “outperform” rating and set a $58.00 price target for the company in a research report on Tuesday, November 11th. Fifteen research analysts have rated the stock with a Buy rating, eleven have assigned a Hold rating and three have given a Sell rating to the company. According to data from MarketBeat, the company has a consensus rating of “Hold” and an average target price of $51.73.

About Maplebear

Maplebear, Inc, doing business as Instacart, operates a leading online grocery and essentials marketplace that connects consumers, retail partners and personal shoppers through its digital platform. The company enables customers to order groceries, household items and specialty products for same-day or scheduled delivery, as well as in-store pickup. By integrating its technology with retailers’ existing inventory and point-of-sale systems, Maplebear streamlines the shopping experience and provides real-time availability and pricing.

Founded in 2012 and headquartered in San Francisco, Maplebear has grown from a regional startup to a publicly traded company listed on NASDAQ under the ticker CART.