Prudential PLC Purchases New Stake in Maplebear Inc. $CART

Key Points

• Prudential PLC recently acquired 6,567 shares of Maplebear Inc. (NASDAQ:CART), valued at approximately $262,000, marking its new position in the company during the first quarter.
• Several hedge funds increased their stakes in Maplebear, with Invesco Ltd. boosting its holding by 82.5% to over 2.57 million shares, and institutional investors now owning 63.09% of the company's stock.
• Analysts have raised their price targets for Maplebear shares, with Citigroup setting a target price of $65.00 and a consensus rating of "Moderate Buy" from nine analysts, suggesting positive growth potential.

Prudential PLC purchased a new stake in Maplebear Inc. (NASDAQ:CART - Free Report) in the first quarter, according to the company in its most recent filing with the SEC. The firm purchased 6,567 shares of the company's stock, valued at approximately $262,000.

Other large investors have also made changes to their positions in the company. Proathlete Wealth Management LLC purchased a new position in shares of Maplebear in the 1st quarter valued at about $26,000. NewEdge Advisors LLC grew its stake in Maplebear by 277.9% in the 4th quarter. NewEdge Advisors LLC now owns 975 shares of the company's stock valued at $40,000 after acquiring an additional 717 shares during the last quarter. UMB Bank n.a. grew 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 valued at $40,000 after acquiring an additional 905 shares during the last quarter. Spire Wealth Management acquired a new stake in Maplebear in the 1st quarter valued at about $41,000. Finally, CWM LLC grew its stake 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 acquiring an additional 275 shares during the last quarter. Hedge funds and other institutional investors own 63.09% of the company's stock.

Insiders Place Their Bets

In related news, General Counsel Morgan Fong sold 4,680 shares of the firm's stock in a transaction that occurred on Monday, July 21st. The shares were sold at an average price of $49.16, for a total value of $230,068.80. Following the transaction, the general counsel owned 452,000 shares in the company, valued at approximately $22,220,320. This trade represents a 1.02% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider Daniel Danker sold 10,037 shares of the firm's stock in a transaction that occurred on Friday, July 18th. The shares were sold at an average price of $48.82, for a total transaction of $490,006.34. Following the completion of the transaction, the insider owned 470,190 shares in the company, valued at $22,954,675.80. The trade was a 2.09% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 4,975,327 shares of company stock valued at $237,736,848. 26.00% of the stock is currently owned by corporate insiders.

Maplebear Stock Down 2.1%

Shares of CART traded down $0.99 during mid-day trading on Wednesday, hitting $45.51. The company had a trading volume of 4,321,021 shares, compared to its average volume of 4,373,648. The business's 50-day simple moving average is $46.85 and its 200-day simple moving average is $44.68. Maplebear Inc. has a 1-year low of $33.06 and a 1-year high of $53.50. The stock has a market cap of $11.99 billion, a PE ratio of 26.31, a P/E/G ratio of 1.54 and a beta of 1.21.

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. Maplebear had a net margin of 13.76% and a return on equity of 15.69%. The business had revenue of $914.00 million for the quarter, compared to analysts' expectations of $896.55 million. During the same period last year, the company earned $0.20 earnings per share. The company's quarterly revenue was up 11.1% on a year-over-year basis. On average, sell-side analysts expect that Maplebear Inc. will post 1.43 earnings per share for the current year.

Analyst Ratings Changes

CART has been the topic of a number of research reports. Needham & Company LLC increased their price objective on shares of Maplebear from $56.00 to $66.00 and gave the company a "buy" rating in a research note on Friday, August 8th. Benchmark raised shares of Maplebear from a "hold" rating to a "buy" rating and set a $67.00 price objective on the stock in a research note on Friday, August 8th. Barclays increased their price objective on shares of Maplebear from $61.00 to $65.00 and gave the company an "overweight" rating in a research note on Friday, August 8th. JMP Securities increased their price objective on shares of Maplebear from $55.00 to $60.00 and gave the company a "market outperform" rating in a research note on Friday, August 8th. Finally, Robert W. Baird increased their price objective on shares of Maplebear from $47.00 to $52.00 and gave the company an "outperform" rating in a research note on Thursday, July 17th. One research analyst has rated the stock with a Strong Buy rating, sixteen have issued a Buy rating and nine have assigned a Hold rating to the company. According to MarketBeat.com, Maplebear presently has a consensus rating of "Moderate Buy" and an average price target of $55.46.

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.