Goldman Sachs Group Inc. Has $88.83 Million Position in Maplebear Inc. $CART

Key Points

• Goldman Sachs sharply reduced its Maplebear stake by 68.2% in the fourth quarter, though it still held 1,974,903 shares valued at about $88.8 million at the end of the period.
• Wall Street sentiment is mostly positive, with several firms raising price targets or upgrading the stock. The consensus rating is Moderate Buy, and the average price target is $51.09.
• Maplebear reported mixed quarterly results: EPS of $0.57 missed estimates by one cent, while revenue of $1.02 billion beat forecasts and rose 13.6% year over year. The stock was down slightly at $42.24 in Wednesday trading.

Goldman Sachs Group Inc. cut its stake in shares of Maplebear Inc. (NASDAQ:CART - Free Report) by 68.2% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 1,974,903 shares of the company's stock after selling 4,240,346 shares during the quarter. Goldman Sachs Group Inc. owned approximately 0.75% of Maplebear worth $88,831,000 at the end of the most recent quarter.

Other large investors have also bought and sold shares of the company. Royal Bank of Canada grew its stake in shares of Maplebear by 51.2% in the 1st quarter. Royal Bank of Canada now owns 131,789 shares of the company's stock valued at $5,256,000 after buying an additional 44,642 shares during the period. NewEdge Advisors LLC raised its stake in Maplebear by 71.6% during the 1st quarter. NewEdge Advisors LLC now owns 1,673 shares of the company's stock worth $67,000 after buying an additional 698 shares during the period. Jones Financial Companies Lllp raised its stake in Maplebear by 358.5% during the 1st quarter. Jones Financial Companies Lllp now owns 3,200 shares of the company's stock worth $128,000 after buying an additional 2,502 shares during the period. Empowered Funds LLC bought a new position in Maplebear in the first quarter worth approximately $268,000. Finally, California Public Employees Retirement System boosted its holdings in Maplebear by 9.2% in the second quarter. California Public Employees Retirement System now owns 304,888 shares of the company's stock worth $13,793,000 after acquiring an additional 25,568 shares in the last quarter. 63.09% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several brokerages have issued reports on CART. Barclays increased their price target on Maplebear from $65.00 to $69.00 and gave the stock an "overweight" rating in a report on Thursday, May 7th. Raymond James Financial upgraded Maplebear from a "hold" rating to a "moderate buy" rating in a report on Thursday, April 9th. Wells Fargo & Company increased their price target on Maplebear from $45.00 to $47.00 and gave the stock an "equal weight" rating in a report on Thursday, May 7th. Jefferies Financial Group upgraded Maplebear from a "hold" rating to a "buy" rating and increased their price target for the stock from $38.00 to $45.00 in a report on Monday, March 30th. Finally, Argus upgraded Maplebear to a "strong-buy" rating in a report on Thursday, March 5th. One equities research analyst has rated the stock with a Strong Buy rating, thirteen have given a Buy rating, nine have assigned a Hold rating and two have assigned a Sell rating to the company's stock. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average price target of $51.09.

Insiders Place Their Bets

In related news, Director Ravi Gupta sold 181,000 shares of Maplebear stock in a transaction on Tuesday, June 2nd. The stock was sold at an average price of $41.51, for a total transaction of $7,513,310.00. Following the sale, the director directly owned 741,523 shares in the company, valued at approximately $30,780,619.73. This trade represents a 19.62% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CAO Lisa Blackwood-Kapral sold 9,390 shares of Maplebear stock in a transaction on Wednesday, April 15th. The stock was sold at an average price of $40.25, for a total value of $377,947.50. Following the sale, the chief accounting officer owned 58,971 shares in the company, valued at $2,373,582.75. This trade represents a 13.74% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 199,780 shares of company stock worth $8,255,026 over the last quarter. 24.00% of the stock is currently owned by corporate insiders.

Maplebear Stock Down 0.4%

Shares of NASDAQ:CART opened at $42.24 on Wednesday. The stock has a market cap of $9.93 billion, a price-to-earnings ratio of 23.60, a PEG ratio of 0.58 and a beta of 0.88. Maplebear Inc. has a 12-month low of $32.73 and a 12-month high of $53.50. The business's 50 day moving average is $40.76 and its 200 day moving average is $40.24.

Maplebear (NASDAQ:CART - Get Free Report) last announced its earnings results on Wednesday, May 6th. The company reported $0.57 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.58 by ($0.01). The company had revenue of $1.02 billion for the quarter, compared to analysts' expectations of $1.01 billion. Maplebear had a net margin of 12.50% and a return on equity of 18.67%. The firm's quarterly revenue was up 13.6% on a year-over-year basis. During the same period in the previous year, the firm earned $0.37 EPS. As a group, equities research analysts expect that Maplebear Inc. will post 2.45 earnings per share for the current year.

Maplebear Company Profile

Maplebear, Inc, doing business as Instacart, operates a leading online grocery and essentials marketplace that connects consumers, retail partners and personal shoppers through its digital platform. The company enables customers to order groceries, household items and specialty products for same-day or scheduled delivery, as well as in-store pickup. By integrating its technology with retailers' existing inventory and point-of-sale systems, Maplebear streamlines the shopping experience and provides real-time availability and pricing.

Founded in 2012 and headquartered in San Francisco, Maplebear has grown from a regional startup to a publicly traded company listed on NASDAQ under the ticker CART.

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