Cookson Peirce & Co. Inc. Purchases 29,032 Shares of Maplebear Inc. $CART

Key Points

• Cookson Peirce & Co. Inc. increased its stake in Maplebear Inc. by 13.4% during the second quarter, acquiring an additional 29,032 shares for a total of 245,505 shares valued at approximately $11.1 million.
• Insider transactions indicate considerable activity, with General Counsel Morgan Fong and CEO Chris Rogers selling shares worth approximately $150,314 and $392,304 respectively, representing a decrease in their ownership.
• Analyst ratings for Maplebear show a mix of opinions, with two analysts giving it a Strong Buy rating and a consensus price target of $52.40, reflecting varying expectations for the stock's performance.

Cookson Peirce & Co. Inc. increased its stake in Maplebear Inc. (NASDAQ:CART - Free Report) by 13.4% in the 2nd quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 245,505 shares of the company's stock after purchasing an additional 29,032 shares during the quarter. Cookson Peirce & Co. Inc. owned about 0.09% of Maplebear worth $11,107,000 at the end of the most recent quarter.

Other hedge funds also recently made changes to their positions in the company. Securian Asset Management Inc. raised its position in shares of Maplebear by 2.1% in the second quarter. Securian Asset Management Inc. now owns 12,509 shares of the company's stock worth $566,000 after buying an additional 252 shares in the last quarter. Sentry Investment Management LLC purchased a new stake in shares of Maplebear in the second quarter worth $391,000. West Tower Group LLC purchased a new stake in shares of Maplebear in the second quarter worth $271,000. VIRGINIA RETIREMENT SYSTEMS ET Al purchased a new stake in shares of Maplebear in the second quarter worth $3,103,000. Finally, William Blair Investment Management LLC purchased a new stake in shares of Maplebear in the second quarter worth $151,364,000. 63.09% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at Maplebear

In other news, General Counsel Morgan Fong sold 3,546 shares of Maplebear stock in a transaction that occurred on Monday, September 22nd. The shares were sold at an average price of $42.39, for a total transaction of $150,314.94. Following the completion of the transaction, 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 document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Chris Rogers sold 9,259 shares of Maplebear stock in a transaction that occurred on Monday, September 22nd. The shares were sold at an average price of $42.37, for a total transaction of $392,303.83. Following the transaction, the chief executive officer owned 739,880 shares of the company's stock, valued at $31,348,715.60. The trade was a 1.24% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 4,888,282 shares of company stock valued at $233,310,708. Insiders own 26.00% of the company's stock.

Analysts Set New Price Targets

A number of research firms have weighed in on CART. Mizuho began coverage on Maplebear in a research report on Tuesday, September 30th. They set a "neutral" rating and a $45.00 price target on the stock. Needham & Company LLC raised their price target on Maplebear from $56.00 to $66.00 and gave the company a "buy" rating in a research report on Friday, August 8th. Fox Advisors upgraded Maplebear from a "hold" rating to a "strong-buy" rating in a research report on Friday, October 3rd. Barclays raised their price target on Maplebear from $61.00 to $65.00 and gave the company an "overweight" rating in a research report on Friday, August 8th. Finally, Stifel Nicolaus decreased their price objective on Maplebear from $64.00 to $56.00 and set a "buy" rating on the stock in a report on Wednesday, September 24th. Two research analysts have rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating, twelve have assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, Maplebear has an average rating of "Moderate Buy" and a consensus price target of $52.40.

Maplebear Price Performance

NASDAQ CART opened at $38.81 on Wednesday. The stock has a market capitalization of $10.22 billion, a PE ratio of 22.43, a PEG ratio of 1.20 and a beta of 1.10. Maplebear Inc. has a 1 year low of $34.87 and a 1 year high of $53.50. The business's 50-day moving average is $42.37 and its 200 day moving average is $44.21.

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

Maplebear Company 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.