Allianz Asset Management GmbH Lowers Holdings in Maplebear Inc. $CART

Allianz Asset Management GmbH lowered its holdings in shares of Maplebear Inc. (NASDAQ:CART) by 54.9% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 75,939 shares of the company’s stock after selling 92,503 shares during the quarter. Allianz Asset Management GmbH’s holdings in Maplebear were worth $2,792,000 at the end of the most recent reporting period.

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

Insider Activity

In related news, General Counsel Morgan Fong sold 4,914 shares of the business’s stock in a transaction on Monday, December 22nd. The shares were sold at an average price of $45.21, for a total value of $222,161.94. Following the completion of the sale, the general counsel owned 404,940 shares of the company’s stock, valued at approximately $18,307,337.40. The trade was a 1.20% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 26.00% of the stock is owned by company insiders.

Maplebear Stock Performance

CART opened at $32.93 on Thursday. The company has a fifty day moving average of $41.54 and a two-hundred day moving average of $41.98. The stock has a market capitalization of $8.65 billion, a price-to-earnings ratio of 18.09, a PEG ratio of 0.90 and a beta of 1.00. Maplebear Inc. has a fifty-two week low of $32.73 and a fifty-two week high of $53.50.

Maplebear (NASDAQ:CART) last posted its 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. Maplebear had a return on equity of 15.72% and a net margin of 14.09%.The firm had revenue of $939.00 million for the quarter, compared to analysts’ expectations of $933.76 million. During the same period last year, the firm earned $0.42 EPS. The company’s quarterly revenue was up 10.2% on a year-over-year basis. On average, equities research analysts forecast that Maplebear Inc. will post 1.43 earnings per share for the current year.

Analysts Set New Price Targets

Several brokerages have recently issued reports on CART. BMO Capital Markets upgraded shares of Maplebear from a “market perform” rating to an “outperform” rating and set a $58.00 target price on the stock in a research report on Tuesday, November 11th. Jefferies Financial Group boosted their price objective on Maplebear from $41.00 to $48.00 and gave the stock a “hold” rating in a research note on Thursday, December 11th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Maplebear in a research note on Monday, December 29th. Wall Street Zen cut Maplebear from a “buy” rating to a “hold” rating in a report on Sunday, January 18th. Finally, Cantor Fitzgerald increased their price target on Maplebear from $45.00 to $54.00 and gave the company an “overweight” rating in a report on Thursday, January 8th. Fifteen equities research analysts have rated the stock with a Buy rating, eleven have issued a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $51.35.

Maplebear Profile

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.