Illinois Municipal Retirement Fund Invests $640,000 in Maplebear Inc. (NASDAQ:CART)

Illinois Municipal Retirement Fund bought a new position in shares of Maplebear Inc. (NASDAQ:CART - Free Report) in the first quarter, according to the company in its most recent filing with the SEC. The institutional investor bought 16,055 shares of the company's stock, valued at approximately $640,000.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Victory Capital Management Inc. raised its holdings in shares of 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 purchasing an additional 4,487,654 shares during the last quarter. Boston Partners acquired a new stake in Maplebear in the 4th quarter valued at $111,506,000. Altimeter Capital Management LP bought a new stake in Maplebear during the 4th quarter worth about $105,108,000. Vanguard Group Inc. boosted its stake 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 last quarter. Finally, Norges Bank acquired a new position in shares of Maplebear during the 4th quarter worth about $95,162,000. Institutional investors and hedge funds own 63.09% of the company's stock.

Wall Street Analyst Weigh In

Several research firms recently issued reports on CART. Barclays upped their target price on Maplebear from $58.00 to $61.00 and gave the stock an "overweight" rating in a report on Friday, May 2nd. JPMorgan Chase & Co. dropped their price objective on Maplebear from $50.00 to $44.00 and set an "overweight" rating on the stock in a research note on Tuesday, April 8th. Wall Street Zen downgraded Maplebear from a "buy" rating to a "hold" rating in a report on Friday, May 30th. Citigroup raised their target price on shares of Maplebear from $55.00 to $57.00 and gave the company a "buy" rating in a research note on Tuesday, May 13th. Finally, Wells Fargo & Company lowered their target price on shares of Maplebear from $47.00 to $44.00 and set an "equal weight" rating on the stock in a report on Thursday, April 3rd. Thirteen investment analysts have rated the stock with a hold rating, fourteen have given a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat, Maplebear presently has a consensus rating of "Moderate Buy" and a consensus target price of $51.91.

Insider Activity at Maplebear

In other Maplebear news, General Counsel Morgan Fong sold 5,249 shares of Maplebear stock in a transaction dated 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 sale, the general counsel owned 484,292 shares in the company, valued at $20,616,310.44. The trade was a 1.07% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Levien Meredith A. Kopit sold 4,225 shares of the business's stock in a transaction dated Thursday, June 5th. The shares were sold at an average price of $47.45, for a total transaction of $200,476.25. Following the completion of the sale, the director directly owned 20,829 shares of the company's stock, valued at $988,336.05. This represents a 16.86% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 22,287 shares of company stock worth $967,711. Corporate insiders own 26.00% of the company's stock.

Maplebear Stock Performance

NASDAQ:CART traded up $1.15 during mid-day trading on Thursday, hitting $47.23. 1,993,603 shares of the stock were exchanged, compared to its average volume of 3,926,849. The firm's 50-day simple moving average is $44.63 and its 200 day simple moving average is $43.84. The stock has a market capitalization of $12.40 billion, a price-to-earnings ratio of 31.07, a price-to-earnings-growth ratio of 1.92 and a beta of 1.21. Maplebear Inc. has a fifty-two week low of $29.84 and a fifty-two week high of $53.44.

Maplebear (NASDAQ:CART - Get Free Report) last posted its quarterly earnings data 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 return on equity of 14.12% and a net margin of 12.45%. The firm had revenue of $897.00 million for the quarter, compared to the consensus estimate of $896.86 million. During the same quarter in the previous year, the business earned $0.43 EPS. The firm's quarterly revenue was up 9.4% on a year-over-year basis. On average, analysts predict that Maplebear Inc. will post 1.43 EPS for the current fiscal year.

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.