Burns Matteson Capital Management LLC Makes New Investment in Maplebear Inc. (NASDAQ:CART)

Burns Matteson Capital Management LLC purchased a new stake in Maplebear Inc. (NASDAQ:CART - Free Report) during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm purchased 10,652 shares of the company's stock, valued at approximately $425,000.

Several other hedge funds and other institutional investors have also recently modified their holdings of CART. Principal Financial Group Inc. grew its holdings in Maplebear by 4,154.7% during 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 holdings in shares of Maplebear by 18.6% during the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,056 shares of the company's stock worth $82,000 after acquiring an additional 322 shares during the period. Cambridge Investment Research Advisors Inc. boosted its holdings in shares of Maplebear by 7.6% during the first quarter. Cambridge Investment Research Advisors Inc. now owns 6,166 shares of the company's stock worth $246,000 after acquiring an additional 433 shares during the period. Golden State Wealth Management LLC raised 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 valued at $43,000 after buying an additional 533 shares in the last quarter. Finally, New York State Teachers Retirement System raised 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 valued at $4,058,000 after buying an additional 85,896 shares in the last quarter. Institutional investors and hedge funds own 63.09% of the company's stock.

Analyst Ratings Changes

Several research analysts have commented on the stock. Barclays boosted their price objective on shares of Maplebear from $58.00 to $61.00 and gave the company an "overweight" rating in a research report on Friday, May 2nd. Robert W. Baird increased their price target on Maplebear from $47.00 to $52.00 and gave the company an "outperform" rating in a research note on Thursday. Macquarie restated an "outperform" rating and issued a $55.00 price objective on shares of Maplebear in a report on Tuesday, May 6th. Loop Capital raised their target price on Maplebear from $52.00 to $58.00 and gave the company a "buy" rating in a research note on Monday, May 19th. Finally, JPMorgan Chase & Co. dropped their price target on shares of Maplebear from $50.00 to $44.00 and set an "overweight" rating on the stock in a research report on Tuesday, April 8th. Eleven equities research analysts have rated the stock with a hold rating, fourteen have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, Maplebear presently has a consensus rating of "Moderate Buy" and an average target price of $51.95.

Maplebear Stock Performance

Maplebear stock traded up $0.74 during mid-day trading on Friday, reaching $49.11. The company's stock had a trading volume of 3,356,560 shares, compared to its average volume of 3,952,297. Maplebear Inc. has a 12-month low of $29.84 and a 12-month high of $53.44. The company has a market capitalization of $12.89 billion, a P/E ratio of 32.31, a PEG ratio of 2.01 and a beta of 1.21. The firm's fifty day moving average price is $45.82 and its two-hundred day moving average price is $44.25.

Maplebear (NASDAQ:CART - Get Free Report) last released its quarterly earnings results on Thursday, May 1st. The company reported $0.37 EPS for the quarter, missing analysts' consensus estimates of $0.38 by ($0.01). The firm had revenue of $897.00 million for the quarter, compared to analysts' expectations of $896.86 million. Maplebear had a net margin of 12.45% and a return on equity of 14.12%. The firm's revenue for the quarter was up 9.4% on a year-over-year basis. During the same quarter last year, the firm earned $0.43 earnings per share. On average, research analysts predict that Maplebear Inc. will post 1.43 EPS for the current fiscal year.

Insider Transactions at Maplebear

In other news, CEO Fidji Simo sold 14,233 shares of Maplebear stock in a transaction on Monday, July 14th. The shares were sold at an average price of $47.86, for a total transaction of $681,191.38. Following the completion of the sale, the chief executive officer directly owned 2,032,005 shares of the company's stock, valued at approximately $97,251,759.30. The trade was a 0.70% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, General Counsel Morgan Fong sold 4,680 shares of the business's stock in a transaction on Friday, June 20th. The stock was sold at an average price of $43.90, for a total transaction of $205,452.00. Following the completion of the sale, the general counsel directly owned 456,680 shares of the company's stock, valued at $20,048,252. This represents a 1.01% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 28,387 shares of company stock valued at $1,310,570. 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.