Ameriprise Financial Inc. Purchases 435,991 Shares of Maplebear Inc. $CART

Key Points

• Ameriprise Financial Inc. increased its holdings in Maplebear Inc. by 34.7%, now owning a total of 1,693,667 shares valued at approximately $67.6 million.
• Several other institutional investors have also increased their positions, with Victory Capital Management Inc. raising its stake by 62.8% to own 7,368,232 shares.
• Analysts have given mixed ratings on Maplebear, with JMP Securities raising its price target to $60, while Wedbush has issued a lower target of $42.

Ameriprise Financial Inc. grew its position in Maplebear Inc. (NASDAQ:CART - Free Report) by 34.7% during the 1st quarter, according to the company in its most recent disclosure with the SEC. The firm owned 1,693,667 shares of the company's stock after purchasing an additional 435,991 shares during the period. Ameriprise Financial Inc. owned about 0.65% of Maplebear worth $67,563,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the company. Victory Capital Management Inc. increased its position in shares of Maplebear by 62.8% in the 1st quarter. Victory Capital Management Inc. now owns 7,368,232 shares of the company's stock valued at $293,919,000 after buying an additional 2,841,559 shares in the last quarter. Altimeter Capital Management LP acquired a new position in Maplebear in the fourth quarter valued at about $105,108,000. Jacobs Levy Equity Management Inc. increased its holdings in shares of Maplebear by 85.0% in the fourth quarter. Jacobs Levy Equity Management Inc. now owns 3,081,847 shares of the company's stock worth $127,650,000 after acquiring an additional 1,416,426 shares in the last quarter. Westfield Capital Management Co. LP acquired a new stake in shares of Maplebear during the first quarter worth about $48,639,000. Finally, Invesco Ltd. raised its position in shares of Maplebear by 82.5% during the first quarter. Invesco Ltd. now owns 2,575,624 shares of the company's stock worth $102,742,000 after purchasing an additional 1,164,702 shares during the period. 63.09% of the stock is owned by institutional investors.

Insider Buying and Selling

In related news, General Counsel Morgan Fong sold 4,680 shares of the firm's stock in a transaction dated Monday, July 21st. The shares were sold at an average price of $49.16, for a total value of $230,068.80. Following the completion of the sale, the general counsel directly owned 452,000 shares in the company, valued at approximately $22,220,320. This trade represents a 1.02% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider Daniel Danker sold 10,037 shares of Maplebear stock in a transaction dated Friday, July 18th. The stock was sold at an average price of $48.82, for a total value of $490,006.34. Following the transaction, the insider owned 470,190 shares of the company's stock, 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. Over the last quarter, insiders have sold 4,975,327 shares of company stock worth $237,736,848. Corporate insiders own 26.00% of the company's stock.

Analyst Upgrades and Downgrades

CART has been the subject of several research analyst reports. JMP Securities boosted their price objective on Maplebear from $55.00 to $60.00 and gave the company a "market outperform" rating in a research report on Friday, August 8th. Loop Capital upped their price target on shares of Maplebear from $52.00 to $58.00 and gave the company a "buy" rating in a report on Monday, May 19th. Needham & Company LLC raised their price objective on shares of Maplebear from $56.00 to $66.00 and gave the stock a "buy" rating in a report on Friday, August 8th. Wedbush reaffirmed an "underperform" rating and issued a $42.00 price objective (down from $55.00) on shares of Maplebear in a research report on Thursday, August 21st. Finally, Morgan Stanley upped their target price on shares of Maplebear from $45.00 to $48.00 and gave the stock an "equal weight" rating in a research note on Friday, August 15th. One research analyst has rated the stock with a Strong Buy rating, sixteen have given a Buy rating, eight have given a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat, Maplebear presently has a consensus rating of "Moderate Buy" and an average target price of $55.63.

Maplebear Stock Up 0.5%

CART stock opened at $42.97 on Wednesday. The company has a market cap of $11.32 billion, a price-to-earnings ratio of 24.84, a P/E/G ratio of 1.43 and a beta of 1.21. Maplebear Inc. has a twelve month low of $33.17 and a twelve month high of $53.50. The business has a 50 day moving average price of $46.85 and a two-hundred day moving average price of $44.51.

Maplebear (NASDAQ:CART - Get Free Report) last announced its quarterly earnings data on Thursday, August 7th. The company reported $0.41 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.39 by $0.02. Maplebear had a return on equity of 15.69% and a net margin of 13.76%.The company had revenue of $914.00 million for the quarter, compared to analysts' expectations of $896.55 million. During the same quarter in the prior year, the business posted $0.20 EPS. The business's revenue was up 11.1% compared to the same quarter last year. On average, equities research analysts anticipate that Maplebear Inc. will post 1.43 EPS for the current fiscal year.

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.

Want to see what other hedge funds are holding CART? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Maplebear Inc. (NASDAQ:CART - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.