Congress Asset Management Co. Purchases New Stake in Maplebear Inc. (NASDAQ:CART)

Congress Asset Management Co. purchased a new stake in shares of Maplebear Inc. (NASDAQ:CART - Free Report) during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 293,891 shares of the company's stock, valued at approximately $11,723,000. Congress Asset Management Co. owned about 0.11% of Maplebear at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also modified their holdings of the company. Vanguard Group Inc. grew its position in shares of Maplebear by 16.8% during the 4th quarter. Vanguard Group Inc. now owns 15,968,358 shares of the company's stock worth $661,409,000 after buying an additional 2,300,288 shares during the period. T. Rowe Price Investment Management Inc. boosted its stake in Maplebear by 15.5% in the fourth quarter. T. Rowe Price Investment Management Inc. now owns 4,744,652 shares of the company's stock valued at $196,524,000 after acquiring an additional 635,930 shares during the last quarter. Victory Capital Management Inc. boosted its stake in Maplebear by 11,501.2% in the fourth quarter. Victory Capital Management Inc. now owns 4,526,673 shares of the company's stock valued at $187,495,000 after acquiring an additional 4,487,654 shares during the last quarter. Jacobs Levy Equity Management Inc. grew its holdings 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 worth $127,650,000 after acquiring an additional 1,416,426 shares during the period. Finally, Boston Partners bought a new stake in shares of Maplebear during the 4th quarter valued at $111,506,000. Institutional investors and hedge funds own 63.09% of the company's stock.

Maplebear Stock Down 0.1%

Shares of CART stock traded down $0.02 during trading on Wednesday, reaching $44.16. The company's stock had a trading volume of 3,011,537 shares, compared to its average volume of 4,015,990. Maplebear Inc. has a one year low of $29.84 and a one year high of $53.44. The business has a fifty day moving average price of $43.36 and a 200-day moving average price of $43.73. The company has a market cap of $11.59 billion, a price-to-earnings ratio of 29.63, a price-to-earnings-growth ratio of 1.19 and a beta of 1.30.

Maplebear (NASDAQ:CART - Get Free Report) last issued its quarterly earnings results on Thursday, May 1st. The company reported $0.37 EPS for the quarter, missing the consensus estimate of $0.38 by ($0.01). The business had revenue of $897.00 million for 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 company's quarterly revenue was up 9.4% compared to the same quarter last year. During the same period last year, the firm earned $0.43 earnings per share. Research analysts anticipate that Maplebear Inc. will post 1.43 EPS for the current year.

Wall Street Analyst Weigh In

A number of equities research analysts recently commented on CART shares. Wall Street Zen cut Maplebear from a "buy" rating to a "hold" rating in a research note on Friday, May 30th. Bank of America raised their target price on Maplebear from $51.00 to $53.00 and gave the stock a "neutral" rating in a report on Tuesday, February 25th. Needham & Company LLC reaffirmed a "buy" rating and issued a $56.00 price target on shares of Maplebear in a research note on Friday, May 2nd. Seaport Res Ptn raised shares of Maplebear to a "strong-buy" rating in a research note on Wednesday, February 12th. Finally, JPMorgan Chase & Co. lowered their target price on shares of Maplebear from $50.00 to $44.00 and set an "overweight" rating for the company in a research note on Tuesday, April 8th. Thirteen investment analysts have rated the stock with a hold rating, fourteen have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus target price of $51.91.

Insider Activity at Maplebear

In other news, General Counsel Morgan Fong sold 5,249 shares of the business's stock in a transaction dated Monday, April 21st. The shares were sold at an average price of $42.57, for a total transaction of $223,449.93. Following the transaction, the general counsel now directly owns 484,292 shares in the company, valued at $20,616,310.44. The trade was a 1.07% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Fidji Simo sold 2,033 shares of the company's stock in a transaction dated Monday, March 17th. The shares were sold at an average price of $40.00, for a total transaction of $81,320.00. Following the completion of the sale, the chief executive officer now directly owns 1,654,559 shares in the company, valued at approximately $66,182,360. The trade was a 0.12% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 19,640 shares of company stock valued at $843,579. Insiders own 26.00% of the company's stock.

About Maplebear

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.