Congress Asset Management Co. Acquires 38,283 Shares of Maplebear Inc. $CART

Key Points

• Congress Asset Management Co. increased its position in Maplebear Inc. by 13.0% during the 2nd quarter, acquiring an additional 38,283 shares to own a total of 332,174 shares valued at approximately $15 million.
• Maplebear Inc. reported $0.41 earnings per share for the latest quarter, exceeding analysts' expectations of $0.39, with year-over-year revenue growth of 11.1% to $914 million.
• Insider selling was noted, with key figures like General Counsel Morgan Fong and Director Fidji Simo selling shares, resulting in a combined decrease in insider ownership of around 1.05%.

Congress Asset Management Co. grew its position in Maplebear Inc. (NASDAQ:CART - Free Report) by 13.0% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 332,174 shares of the company's stock after buying an additional 38,283 shares during the quarter. Congress Asset Management Co. owned 0.13% of Maplebear worth $15,028,000 at the end of the most recent reporting period.

Several other hedge funds have also made changes to their positions in CART. Cetera Investment Advisers lifted its holdings in shares of Maplebear by 61.4% in the 4th quarter. Cetera Investment Advisers now owns 8,144 shares of the company's stock worth $337,000 after buying an additional 3,097 shares during the period. Tidal Investments LLC purchased a new stake in shares of Maplebear in the 4th quarter worth $213,000. Wealth Enhancement Advisory Services LLC purchased a new stake in shares of Maplebear in the 4th quarter worth $3,086,000. Wellington Management Group LLP lifted its holdings in shares of Maplebear by 867.0% in the 4th quarter. Wellington Management Group LLP now owns 554,882 shares of the company's stock worth $22,983,000 after buying an additional 497,499 shares during the period. Finally, GAMMA Investing LLC lifted its holdings in shares of Maplebear by 7,363.3% in the 1st quarter. GAMMA Investing LLC now owns 53,213 shares of the company's stock worth $2,123,000 after buying an additional 52,500 shares during the period. 63.09% of the stock is currently owned by hedge funds and other institutional investors.

Maplebear Price Performance

Shares of NASDAQ CART opened at $42.32 on Friday. The stock has a market capitalization of $11.15 billion, a P/E ratio of 24.46, a price-to-earnings-growth ratio of 1.42 and a beta of 1.21. Maplebear Inc. has a 1-year low of $35.14 and a 1-year high of $53.50. The business has a fifty day moving average price of $45.85 and a 200 day moving average price of $44.31.

Maplebear (NASDAQ:CART - Get Free Report) last issued its quarterly earnings data 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 firm had revenue of $914.00 million during the quarter, compared to analysts' expectations of $896.55 million. During the same period in the prior year, the business posted $0.20 EPS. The firm's quarterly revenue was up 11.1% on a year-over-year basis. As a group, equities research analysts anticipate that Maplebear Inc. will post 1.43 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Maplebear news, General Counsel Morgan Fong sold 3,546 shares of the stock in a transaction dated Monday, September 22nd. The stock was sold at an average price of $42.39, for a total value of $150,314.94. Following the completion of the sale, the general counsel directly owned 431,069 shares in the company, valued at approximately $18,273,014.91. This trade represents a 0.82% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Fidji Simo sold 7,140 shares of the stock in a transaction dated Monday, September 15th. The shares were sold at an average price of $47.30, for a total value of $337,722.00. Following the completion of the sale, the director owned 573,807 shares of the company's stock, valued at approximately $27,141,071.10. This trade represents a 1.23% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 4,986,367 shares of company stock valued at $238,211,261 in the last 90 days. 26.00% of the stock is owned by insiders.

Analyst Ratings Changes

Several brokerages have weighed in on CART. BTIG Research lowered their target price on Maplebear from $58.00 to $55.00 and set a "buy" rating for the company in a report on Tuesday, September 16th. Morgan Stanley upped their target price on Maplebear from $45.00 to $48.00 and gave the stock an "equal weight" rating in a report on Friday, August 15th. Bank of America upped their target price on Maplebear from $53.00 to $58.00 and gave the stock a "neutral" rating in a report on Friday, August 8th. Stifel Nicolaus decreased their price objective on Maplebear from $64.00 to $56.00 and set a "buy" rating for the company in a research note on Wednesday. Finally, Citigroup upped their price objective on Maplebear from $57.00 to $65.00 and gave the stock a "buy" rating in a research note on Friday, August 8th. One equities research analyst has rated the stock with a Strong Buy rating, sixteen have issued a Buy rating, seven have given a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $55.25.

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.

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