Envestnet Asset Management Inc. Raises Stock Position in Maplebear Inc. (NASDAQ:CART)

Envestnet Asset Management Inc. raised its stake in Maplebear Inc. (NASDAQ:CART - Free Report) by 1,076.5% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 160,327 shares of the company's stock after acquiring an additional 146,699 shares during the period. Envestnet Asset Management Inc. owned approximately 0.06% of Maplebear worth $6,395,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. Principal Financial Group Inc. increased its position in shares of Maplebear by 4,154.7% during the first quarter. Principal Financial Group Inc. now owns 372,581 shares of the company's stock worth $14,862,000 after buying an additional 363,824 shares during the period. Mirae Asset Global Investments Co. Ltd. grew its holdings in Maplebear by 18.6% during the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,056 shares of the company's stock worth $82,000 after acquiring an additional 322 shares during the period. Cambridge Investment Research Advisors Inc. grew its holdings in Maplebear by 7.6% during the 1st quarter. Cambridge Investment Research Advisors Inc. now owns 6,166 shares of the company's stock worth $246,000 after acquiring an additional 433 shares during the period. Golden State Wealth Management LLC grew its stake in Maplebear by 100.0% during the first quarter. Golden State Wealth Management LLC now owns 1,066 shares of the company's stock worth $43,000 after purchasing an additional 533 shares during the period. Finally, New York State Teachers Retirement System grew its position in shares of Maplebear by 542.8% during the 1st quarter. New York State Teachers Retirement System now owns 101,720 shares of the company's stock worth $4,058,000 after buying an additional 85,896 shares during the period. Institutional investors and hedge funds own 63.09% of the company's stock.

Maplebear Price Performance

Shares of CART traded down $1.43 on Friday, reaching $48.41. The company's stock had a trading volume of 3,161,810 shares, compared to its average volume of 2,966,885. The stock's 50 day simple moving average is $46.41 and its two-hundred day simple moving average is $44.51. The stock has a market capitalization of $12.71 billion, a P/E ratio of 31.85, a PEG ratio of 2.04 and a beta of 1.21. Maplebear Inc. has a 12-month low of $29.84 and a 12-month high of $53.44.

Maplebear (NASDAQ:CART - Get Free Report) last released its earnings results on Thursday, May 1st. The company reported $0.37 earnings per share for the quarter, missing the consensus estimate of $0.38 by ($0.01). Maplebear had a net margin of 12.45% and a return on equity of 14.12%. The company had revenue of $897.00 million for the quarter, compared to analysts' expectations of $896.86 million. During the same quarter last year, the firm posted $0.43 earnings per share. Maplebear's revenue for the quarter was up 9.4% on a year-over-year basis. Analysts expect that Maplebear Inc. will post 1.43 earnings per share for the current year.

Insiders Place Their Bets

In related news, insider Daniel Danker sold 10,037 shares of the stock in a transaction on Friday, July 18th. The stock was sold at an average price of $48.82, for a total transaction of $490,006.34. Following the sale, the insider owned 470,190 shares in the company, valued at approximately $22,954,675.80. This represents a 2.09% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, General Counsel Morgan Fong sold 4,680 shares of the stock in a transaction 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 sale, the general counsel directly owned 452,000 shares in the company, valued at approximately $22,220,320. This represents a 1.02% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 111,055 shares of company stock valued at $5,467,860 in the last 90 days. 26.00% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

CART has been the subject of a number of research reports. JMP Securities restated a "market outperform" rating and issued a $55.00 price target on shares of Maplebear in a report on Thursday, June 12th. Loop Capital increased their price objective on Maplebear from $52.00 to $58.00 and gave the stock a "buy" rating in a research report on Monday, May 19th. Robert W. Baird raised their target price on shares of Maplebear from $47.00 to $52.00 and gave the company an "outperform" rating in a research note on Thursday, July 17th. Barclays raised their price objective on shares of Maplebear from $58.00 to $61.00 and gave the company an "overweight" rating in a research report on Friday, May 2nd. Finally, Jefferies Financial Group raised their price target on Maplebear from $48.00 to $50.00 and gave the company a "hold" rating in a research report on Tuesday, May 27th. Eleven research analysts have rated the stock with a hold rating, fifteen have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, Maplebear currently has an average rating of "Moderate Buy" and a consensus target price of $52.30.

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.