KLP Kapitalforvaltning AS Purchases 8,200 Shares of Maplebear Inc. (NASDAQ:CART)

Key Points

• KLP Kapitalforvaltning AS increased its stake in Maplebear Inc. by 42.9%, acquiring an additional 8,200 shares to reach a total of 27,300 shares valued at $1,089,000.
• Insider Daniel Danker sold 10,037 shares at an average price of $48.82, resulting in a decrease of 2.09% in his position, while overall insider sales totaled over $5.4 million in the last three months.
• Maplebear's stock has experienced fluctuations, with shares opening at $47.23, and it has a market capitalization of $12.40 billion alongside a consensus price target of $52.30 from analysts.

KLP Kapitalforvaltning AS boosted its position in shares of Maplebear Inc. (NASDAQ:CART - Free Report) by 42.9% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 27,300 shares of the company's stock after buying an additional 8,200 shares during the period. KLP Kapitalforvaltning AS's holdings in Maplebear were worth $1,089,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Universal Beteiligungs und Servicegesellschaft mbH purchased a new stake in shares of Maplebear during the 1st quarter worth approximately $1,955,000. Allianz Asset Management GmbH increased its position in Maplebear by 1.5% in the first quarter. Allianz Asset Management GmbH now owns 148,352 shares of the company's stock worth $5,918,000 after purchasing an additional 2,195 shares during the last quarter. Teachers Retirement System of The State of Kentucky purchased a new stake in Maplebear during the first quarter valued at $2,086,000. Fountainhead AM LLC purchased a new stake in Maplebear during the first quarter valued at $488,000. Finally, Forum Financial Management LP bought a new position in Maplebear during the first quarter valued at $217,000. 63.09% of the stock is owned by institutional investors.

Insider Activity

In other news, insider Daniel Danker sold 10,037 shares of the firm's stock in a transaction dated Friday, July 18th. The shares were sold at an average price of $48.82, for a total value of $490,006.34. Following the sale, the insider directly owned 470,190 shares in the company, valued at approximately $22,954,675.80. This trade represents a 2.09% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Levien Meredith A. Kopit sold 4,225 shares of Maplebear stock in a transaction that occurred on Thursday, June 5th. The stock was sold at an average price of $47.45, for a total transaction of $200,476.25. Following the completion of the transaction, the director directly owned 20,829 shares in the company, valued at approximately $988,336.05. The trade was a 16.86% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 111,055 shares of company stock valued at $5,467,860. Company insiders own 26.00% of the company's stock.

Maplebear Stock Down 2.4%

Shares of NASDAQ:CART opened at $47.23 on Tuesday. The firm has a 50 day moving average of $46.44 and a 200 day moving average of $44.53. The company has a market capitalization of $12.40 billion, a price-to-earnings ratio of 31.07, a price-to-earnings-growth ratio of 2.04 and a beta of 1.21. Maplebear Inc. has a 52 week low of $29.84 and a 52 week high of $53.44.

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

Analysts Set New Price Targets

A number of analysts have recently weighed in on CART shares. Barclays boosted their target price on shares of Maplebear from $58.00 to $61.00 and gave the stock an "overweight" rating in a report on Friday, May 2nd. Wall Street Zen lowered Maplebear from a "buy" rating to a "hold" rating in a research report on Friday, May 30th. Robert W. Baird upped their price objective on Maplebear from $47.00 to $52.00 and gave the company an "outperform" rating in a research report on Thursday, July 17th. Jefferies Financial Group raised their price objective on Maplebear from $48.00 to $50.00 and gave the company a "hold" rating in a research note on Tuesday, May 27th. Finally, Loop Capital lifted their target price on Maplebear from $52.00 to $58.00 and gave the stock a "buy" rating in a report on Monday, May 19th. Eleven research analysts have rated the stock with a hold rating, fifteen have assigned a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $52.30.

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.

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