Congress Asset Management Co. Makes New Investment in Maplebear Inc. (NASDAQ:CART)

Congress Asset Management Co. purchased a new stake in Maplebear Inc. (NASDAQ:CART - Free Report) in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm purchased 293,891 shares of the company's stock, valued at approximately $11,723,000. Congress Asset Management Co. owned approximately 0.11% of Maplebear as of its most recent SEC filing.

A number of other hedge funds have also recently bought and sold shares of CART. Victory Capital Management Inc. boosted its stake in Maplebear by 11,501.2% in the 4th quarter. Victory Capital Management Inc. now owns 4,526,673 shares of the company's stock valued at $187,495,000 after purchasing an additional 4,487,654 shares during the period. Boston Partners acquired a new stake in Maplebear during the fourth quarter worth approximately $111,506,000. Altimeter Capital Management LP acquired a new stake in Maplebear in the fourth quarter valued at approximately $105,108,000. Vanguard Group Inc. lifted its holdings in shares of Maplebear by 16.8% in the fourth quarter. Vanguard Group Inc. now owns 15,968,358 shares of the company's stock valued at $661,409,000 after purchasing an additional 2,300,288 shares in the last quarter. Finally, Norges Bank bought a new stake in Maplebear during the fourth quarter worth $95,162,000. 63.09% of the stock is currently owned by institutional investors.

Insider Transactions at Maplebear

In related news, CEO Fidji Simo sold 2,033 shares of the company's stock in a transaction on Monday, March 17th. The stock was sold at an average price of $40.00, for a total value of $81,320.00. Following the transaction, the chief executive officer now directly owns 1,654,559 shares of the company's stock, valued at $66,182,360. This represents a 0.12% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, General Counsel Morgan Fong sold 5,249 shares of the company's stock in a transaction on Monday, April 21st. The shares were sold at an average price of $42.57, for a total value of $223,449.93. Following the completion of the transaction, the general counsel now directly owns 484,292 shares in the company, valued at approximately $20,616,310.44. The trade was a 1.07% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 15,415 shares of company stock valued at $643,103. Corporate insiders own 26.00% of the company's stock.

Maplebear Stock Down 1.2%

Shares of NASDAQ:CART opened at $45.67 on Friday. The company has a market capitalization of $11.99 billion, a price-to-earnings ratio of 30.65, a price-to-earnings-growth ratio of 1.19 and a beta of 1.30. Maplebear Inc. has a 52 week low of $29.84 and a 52 week high of $53.44. The firm has a 50 day moving average of $43.17 and a 200 day moving average of $43.70.

Maplebear (NASDAQ:CART - Get Free Report) last issued its quarterly earnings data on Thursday, May 1st. The company reported $0.37 EPS for the quarter, missing analysts' consensus estimates of $0.38 by ($0.01). The business had revenue of $897.00 million during the quarter, compared to the consensus estimate of $896.86 million. Maplebear had a return on equity of 13.78% and a net margin of 13.37%. The business's quarterly revenue was up 9.4% on a year-over-year basis. During the same period last year, the firm earned $0.43 EPS. On average, sell-side analysts expect that Maplebear Inc. will post 1.43 EPS for the current year.

Wall Street Analysts Forecast Growth

CART has been the subject of a number of recent research reports. Jefferies Financial Group raised their target price on Maplebear from $48.00 to $50.00 and gave the stock a "hold" rating in a research report on Tuesday, May 27th. Needham & Company LLC reaffirmed a "buy" rating and set a $56.00 price target on shares of Maplebear in a research report on Friday, May 2nd. Macquarie reissued an "outperform" rating and issued a $55.00 target price on shares of Maplebear in a research report on Tuesday, May 6th. Wall Street Zen downgraded Maplebear from a "buy" rating to a "hold" rating in a research note on Friday, May 30th. Finally, BMO Capital Markets raised their price target on Maplebear from $48.00 to $49.00 and gave the stock a "market perform" rating in a research note on Wednesday, February 26th. Thirteen investment analysts have rated the stock with a hold rating, fourteen have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $51.91.

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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