Nuveen LLC Takes $15.52 Million Position in Maplebear Inc. $CART

Key Points

• Nuveen LLC has acquired 389,099 shares of Maplebear Inc. (NASDAQ:CART), valued at approximately $15.5 million, marking the firm’s new position in the company during the first quarter.
• Maplebear's quarterly earnings report showed an EPS of $0.41, surpassing estimates, with revenue of $914 million, reflecting an 11.1% year-over-year increase.
• Several brokerage firms have raised their price targets for Maplebear, indicating confidence in the company's performance, with new target prices ranging from $55.00 to $66.00.

Nuveen LLC bought a new stake in shares of Maplebear Inc. (NASDAQ:CART - Free Report) in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund bought 389,099 shares of the company's stock, valued at approximately $15,521,000. Nuveen LLC owned 0.15% of Maplebear at the end of the most recent quarter.

Several other large investors also recently added to or reduced their stakes in CART. Principal Financial Group Inc. boosted its position in shares of Maplebear by 4,154.7% in the first quarter. Principal Financial Group Inc. now owns 372,581 shares of the company's stock worth $14,862,000 after purchasing an additional 363,824 shares during the period. Mirae Asset Global Investments Co. Ltd. boosted its position in shares of Maplebear by 18.6% in the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,056 shares of the company's stock worth $82,000 after purchasing an additional 322 shares during the period. Cambridge Investment Research Advisors Inc. boosted its position in shares of Maplebear by 7.6% in the first quarter. Cambridge Investment Research Advisors Inc. now owns 6,166 shares of the company's stock worth $246,000 after purchasing an additional 433 shares during the period. Golden State Wealth Management LLC boosted its position in shares of 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 during the period. Finally, New York State Teachers Retirement System boosted its position in shares of Maplebear by 542.8% in the first quarter. New York State Teachers Retirement System now owns 101,720 shares of the company's stock worth $4,058,000 after purchasing an additional 85,896 shares during the period. 63.09% of the stock is currently owned by institutional investors.

Maplebear Stock Up 0.5%

Maplebear stock traded up $0.22 during mid-day trading on Tuesday, reaching $42.97. 5,448,244 shares of the company's stock traded hands, compared to its average volume of 5,855,272. The company has a market cap of $11.32 billion, a price-to-earnings ratio of 24.84, a PEG ratio of 1.43 and a beta of 1.21. The stock has a 50 day moving average of $46.85 and a two-hundred day moving average of $44.51. Maplebear Inc. has a 12-month low of $33.17 and a 12-month high of $53.50.

Maplebear (NASDAQ:CART - Get Free Report) last released its earnings results on Thursday, August 7th. The company reported $0.41 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.39 by $0.02. The firm had revenue of $914.00 million during the quarter, compared to analyst estimates of $896.55 million. Maplebear had a net margin of 13.76% and a return on equity of 15.69%. The business's revenue was up 11.1% on a year-over-year basis. During the same quarter last year, the business earned $0.20 EPS. As a group, sell-side analysts forecast that Maplebear Inc. will post 1.43 earnings per share for the current year.

Analyst Upgrades and Downgrades

CART has been the subject of a number of recent analyst reports. Macquarie reiterated an "outperform" rating and issued a $55.00 price target on shares of Maplebear in a research report on Tuesday, May 6th. Benchmark upgraded shares of Maplebear from a "hold" rating to a "buy" rating and set a $67.00 target price for the company in a research report on Friday, August 8th. Sanford C. Bernstein upped their target price on shares of Maplebear from $55.00 to $60.00 and gave the stock an "outperform" rating in a research report on Monday, July 21st. Needham & Company LLC upped their target price on shares of Maplebear from $56.00 to $66.00 and gave the stock a "buy" rating in a research report on Friday, August 8th. Finally, Wall Street Zen upgraded shares of Maplebear from a "hold" rating to a "buy" rating in a research report on Saturday, August 9th. One research analyst has rated the stock with a Strong Buy rating, sixteen have issued a Buy rating, eight have assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $55.63.

Insider Buying and Selling

In other news, insider Daniel Danker sold 10,037 shares of the business's stock in a transaction dated Friday, July 18th. The shares were sold at an average price of $48.82, for a total value of $490,006.34. Following the completion of the sale, the insider owned 470,190 shares in the company, valued at approximately $22,954,675.80. The trade was a 2.09% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Fidji Simo sold 6,640 shares of the business's stock in a transaction dated Wednesday, July 23rd. The shares were sold at an average price of $50.00, for a total transaction of $332,000.00. Following the completion of the sale, the chief executive officer owned 1,958,805 shares of the company's stock, valued at approximately $97,940,250. This represents a 0.34% decrease in their position. The disclosure for this sale can be found here. Insiders sold 4,975,327 shares of company stock worth $237,736,848 over the last 90 days. Corporate insiders own 26.00% of the company's stock.

Maplebear Company 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.