American Century Companies Inc. Acquires 477,046 Shares of Maplebear Inc. $CART

Key Points

• American Century Companies Inc. has increased its shareholding in Maplebear Inc. (NASDAQ:CART) by 249.1% during the 1st quarter, owning approximately 0.25% of the company valued at about $26.67 million.
• Maplebear's quarterly earnings report showed a profit of $0.41 per share, surpassing analysts' expectations, along with revenue of $914 million for the quarter.
• Various hedge funds, including Vanguard Group and Victory Capital Management, have also increased their stakes in Maplebear, indicating strong institutional interest in the stock.

American Century Companies Inc. boosted its stake in Maplebear Inc. (NASDAQ:CART - Free Report) by 249.1% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 668,574 shares of the company's stock after acquiring an additional 477,046 shares during the quarter. American Century Companies Inc. owned 0.25% of Maplebear worth $26,669,000 as of its most recent SEC filing.

Several other institutional investors have also added to or reduced their stakes in the stock. CWM LLC lifted its position 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 in the last quarter. Signaturefd LLC lifted its position in Maplebear by 27.1% in the 1st quarter. Signaturefd LLC now owns 1,335 shares of the company's stock valued at $53,000 after acquiring an additional 285 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. lifted its position in Maplebear by 18.6% in the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,056 shares of the company's stock valued at $82,000 after acquiring an additional 322 shares in the last quarter. Wealthspire Advisors LLC lifted its position in Maplebear by 0.5% in the 1st quarter. Wealthspire Advisors LLC now owns 70,951 shares of the company's stock valued at $2,830,000 after acquiring an additional 334 shares in the last quarter. Finally, Wealth Enhancement Advisory Services LLC lifted its position in Maplebear by 0.5% in the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 74,846 shares of the company's stock valued at $2,986,000 after acquiring an additional 336 shares in the last quarter. 63.09% of the stock is owned by institutional investors.

Maplebear Stock Performance

CART traded up $0.34 on Wednesday, reaching $43.31. The company had a trading volume of 2,134,261 shares, compared to its average volume of 4,381,504. Maplebear Inc. has a fifty-two week low of $33.17 and a fifty-two week high of $53.50. The stock has a market cap of $11.41 billion, a P/E ratio of 25.09, a P/E/G ratio of 1.43 and a beta of 1.21. The company's fifty day moving average is $46.85 and its 200 day moving average is $44.51.

Maplebear (NASDAQ:CART - Get Free Report) last announced its quarterly earnings results on Thursday, August 7th. The company reported $0.41 EPS for the quarter, beating analysts' consensus estimates 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 analyst estimates of $896.55 million. During the same quarter in the prior year, the business earned $0.20 EPS. Maplebear'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 EPS for the current year.

Analysts Set New Price Targets

Several equities research analysts have issued reports on the stock. Sanford C. Bernstein lifted their price target on shares of Maplebear from $55.00 to $60.00 and gave the company an "outperform" rating in a research note on Monday, July 21st. Jefferies Financial Group lifted their price target on shares of Maplebear from $50.00 to $55.00 and gave the company a "hold" rating in a research note on Monday, August 11th. Macquarie reiterated an "outperform" rating and issued a $55.00 price target on shares of Maplebear in a research note on Tuesday, May 6th. Barclays lifted their price target 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. Finally, Benchmark upgraded shares of Maplebear from a "hold" rating to a "buy" rating and set a $67.00 price target on the stock in a research note on Friday, August 8th. One research analyst has rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating, eight have given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $55.63.

Insider Transactions at Maplebear

In other Maplebear news, 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 value 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 $97,940,250. The trade was a 0.34% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Levien Meredith A. Kopit sold 4,225 shares of the business's stock in a transaction dated Thursday, June 5th. The shares were sold at an average price of $47.45, for a total transaction of $200,476.25. Following the completion of the sale, the director directly owned 20,829 shares of the company's stock, valued at $988,336.05. This represents a 16.86% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 4,975,327 shares of company stock worth $237,736,848. Company insiders own 26.00% of the company's stock.

About Maplebear

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.