Clark Capital Management Group Inc. Invests $39.23 Million in Maplebear Inc. $CART

Key Points

• Clark Capital Management Group Inc. acquired a stake of 983,527 shares in Maplebear Inc. (NASDAQ:CART), valued at approximately $39.2 million, during the first quarter.
• Insider sales included Grosvenor L.P. Gcm, who sold over 4.8 million shares for approximately $232.3 million, indicating significant insider profit-taking.
• Maplebear reported a quarterly revenue of $914 million, exceeding analyst estimates and showing an 11.1% year-over-year increase.

Clark Capital Management Group Inc. purchased a new stake in Maplebear Inc. (NASDAQ:CART - Free Report) in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The fund purchased 983,527 shares of the company's stock, valued at approximately $39,233,000. Clark Capital Management Group Inc. owned approximately 0.37% of Maplebear as of its most recent filing with the SEC.

Several other large investors have also recently modified their holdings of CART. Victory Capital Management Inc. raised its stake in shares of Maplebear by 62.8% during the 1st quarter. Victory Capital Management Inc. now owns 7,368,232 shares of the company's stock worth $293,919,000 after acquiring an additional 2,841,559 shares in the last quarter. Jacobs Levy Equity Management Inc. increased its stake in Maplebear by 85.0% during the 4th quarter. Jacobs Levy Equity Management Inc. now owns 3,081,847 shares of the company's stock valued at $127,650,000 after purchasing an additional 1,416,426 shares in the last quarter. Champlain Investment Partners LLC acquired a new position in Maplebear during the 1st quarter valued at approximately $52,333,000. Westfield Capital Management Co. LP acquired a new position in Maplebear during the 1st quarter valued at approximately $48,639,000. Finally, Invesco Ltd. increased its stake in shares of Maplebear by 82.5% in the first quarter. Invesco Ltd. now owns 2,575,624 shares of the company's stock worth $102,742,000 after acquiring an additional 1,164,702 shares during the period. Institutional investors own 63.09% of the company's stock.

Analyst Upgrades and Downgrades

CART has been the topic of a number of research reports. Jefferies Financial Group increased their price objective on shares of Maplebear from $50.00 to $55.00 and gave the stock a "hold" rating in a research note on Monday, August 11th. Loop Capital increased their price objective on shares of Maplebear from $52.00 to $58.00 and gave the company a "buy" rating in a report on Monday, May 19th. Morgan Stanley raised their price target 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. JMP Securities raised their price target on shares of Maplebear from $55.00 to $60.00 and gave the stock a "market outperform" rating in a research note on Friday, August 8th. Finally, Wedbush reissued an "underperform" rating and issued a $42.00 price target (down from $55.00) on shares of Maplebear in a research note on Thursday, August 21st. 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 issued a Sell rating to the stock. According to MarketBeat, Maplebear presently has an average rating of "Moderate Buy" and a consensus target price of $55.71.

Insider Buying and Selling at Maplebear

In related news, CEO Fidji Simo sold 66,560 shares of Maplebear stock in a transaction that occurred on Tuesday, July 22nd. The shares were sold at an average price of $50.01, for a total value of $3,328,665.60. Following the completion of the transaction, the chief executive officer owned 1,965,445 shares in the company, valued at approximately $98,291,904.45. The trade was a 3.28% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, General Counsel Morgan Fong sold 4,680 shares of Maplebear stock in a transaction that occurred on Monday, July 21st. The shares were sold at an average price of $49.16, for a total transaction of $230,068.80. Following the completion of the transaction, the general counsel owned 452,000 shares of the company's stock, valued at $22,220,320. This trade represents a 1.02% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 4,971,102 shares of company stock worth $237,536,372. 26.00% of the stock is currently owned by company insiders.

Maplebear Stock Performance

Shares of Maplebear stock traded down $0.87 on Wednesday, reaching $44.60. The company had a trading volume of 535,638 shares, compared to its average volume of 4,334,685. The firm's 50 day moving average price is $46.84 and its two-hundred day moving average price is $44.04. The firm has a market cap of $11.75 billion, a PE ratio of 25.88, a PEG ratio of 1.51 and a beta of 1.22. Maplebear Inc. has a 52-week low of $34.56 and a 52-week high of $53.50.

Maplebear (NASDAQ:CART - Get Free Report) last released its quarterly earnings results on Thursday, August 7th. The company reported $0.41 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.39 by $0.02. The business had revenue of $914.00 million for the quarter, compared to the consensus estimate of $896.55 million. Maplebear had a net margin of 13.76% and a return on equity of 15.69%. The business's revenue was up 11.1% on a year-over-year basis. During the same period in the previous year, the firm earned $0.20 EPS. As a group, sell-side analysts predict that Maplebear Inc. will post 1.43 EPS for the current year.

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.