Canada Pension Plan Investment Board Has $6.76 Million Position in Maplebear Inc. $CART

Key Points

• The Canada Pension Plan Investment Board reduced its stake in Maplebear Inc. by 30.5%, holding approximately $6.76 million worth of shares as of its latest filing.
• Several large investors, including Shannon River Fund Management and State of Wyoming, have either increased or initiated stakes in Maplebear during the first quarter, reflecting growing institutional interest.
• Maplebear's stock has experienced fluctuations, recently opening at $43.86 and having a market cap of $11.55 billion with a consensus rating of "Moderate Buy" and an average price target of $55.63.

Canada Pension Plan Investment Board cut its stake in shares of Maplebear Inc. (NASDAQ:CART - Free Report) by 30.5% in the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 169,400 shares of the company's stock after selling 74,400 shares during the quarter. Canada Pension Plan Investment Board owned 0.06% of Maplebear worth $6,757,000 at the end of the most recent reporting period.

Other large investors have also modified their holdings of the company. Vanguard Group Inc. increased its stake in Maplebear by 3.4% in the 1st quarter. Vanguard Group Inc. now owns 16,514,830 shares of the company's stock worth $658,777,000 after purchasing an additional 546,472 shares in the last quarter. Victory Capital Management Inc. increased its stake in Maplebear by 62.8% in the 1st quarter. Victory Capital Management Inc. now owns 7,368,232 shares of the company's stock worth $293,919,000 after purchasing an additional 2,841,559 shares in the last quarter. T. Rowe Price Investment Management Inc. increased its stake in Maplebear by 10.2% in the 1st quarter. T. Rowe Price Investment Management Inc. now owns 5,226,979 shares of the company's stock worth $208,505,000 after purchasing an additional 482,327 shares in the last quarter. Jacobs Levy Equity Management Inc. increased its stake in Maplebear by 85.0% in the 4th quarter. Jacobs Levy Equity Management Inc. now owns 3,081,847 shares of the company's stock worth $127,650,000 after purchasing an additional 1,416,426 shares in the last quarter. Finally, Federated Hermes Inc. increased its stake in Maplebear by 15.0% in the 1st quarter. Federated Hermes Inc. now owns 2,832,384 shares of the company's stock worth $112,984,000 after purchasing an additional 370,120 shares in the last quarter. 63.09% of the stock is owned by institutional investors.

Insider Transactions at Maplebear

In other news, insider Grosvenor L.P. Gcm sold 4,864,272 shares of the firm's stock in a transaction dated Friday, July 25th. The stock was sold at an average price of $47.75, for a total transaction of $232,268,988.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Daniel Danker sold 10,037 shares of the business's 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 completion of the sale, the insider directly owned 470,190 shares of the company's stock, valued at $22,954,675.80. This represents a 2.09% decrease in their position. The disclosure for this sale can be found here. Insiders sold 4,971,102 shares of company stock valued at $237,536,372 over the last 90 days. Company insiders own 26.00% of the company's stock.

Maplebear Stock Down 1.0%

Shares of CART traded down $0.43 during midday trading on Monday, reaching $44.86. 494,860 shares of the stock were exchanged, compared to its average volume of 4,355,049. Maplebear Inc. has a 12-month low of $34.06 and a 12-month high of $53.50. The firm has a 50 day simple moving average of $46.85 and a 200-day simple moving average of $44.08. The company has a market cap of $11.82 billion, a price-to-earnings ratio of 25.99, a P/E/G ratio of 1.52 and a beta of 1.22.

Maplebear (NASDAQ:CART - Get Free Report) last posted its quarterly earnings results on Thursday, August 7th. The company reported $0.41 earnings per share 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 during the quarter, compared to the consensus estimate of $896.55 million. During the same period last year, the business earned $0.20 EPS. The business's quarterly revenue was up 11.1% on a year-over-year basis. Research analysts expect that Maplebear Inc. will post 1.43 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on CART. Wall Street Zen raised Maplebear from a "hold" rating to a "buy" rating in a research note on Saturday, August 9th. Stifel Nicolaus lifted their price target on Maplebear from $55.00 to $64.00 and gave the stock a "buy" rating in a research note on Friday, August 8th. Morgan Stanley increased their price objective on Maplebear from $45.00 to $48.00 and gave the stock an "equal weight" rating in a research note on Friday, August 15th. Wedbush reissued an "underperform" rating and issued a $42.00 price objective (down from $55.00) on shares of Maplebear in a research note on Thursday, August 21st. Finally, JMP Securities increased their price objective on Maplebear from $55.00 to $60.00 and gave the stock a "market outperform" rating in a research note on Friday, August 8th. One investment analyst has rated the stock with a Strong Buy rating, sixteen have issued a Buy rating, eight have issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $55.71.

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.