Legal & General Group Plc Purchases New Holdings in Maplebear Inc. $CART

Key Points

• Legal & General Group acquired 221,375 Maplebear shares worth approximately $10.5 million, giving it a 0.10% stake; institutional investors collectively own 63.09% of the company.
• Analysts maintain a generally positive view, with a consensus “Moderate Buy” rating and an average price target of $55.90. Barclays and Needham raised their targets to $77 and $63, respectively, while Guggenheim increased its target to $46 but kept a neutral rating.
• Maplebear reported quarterly revenue of $1.04 billion, up 14.1% year over year and slightly above estimates, but earnings per share of $0.45 missed the $0.54 consensus. Two insiders subsequently sold shares worth a combined approximately $8.5 million.

Legal & General Group Plc bought a new stake in Maplebear Inc. (NASDAQ:CART - Free Report) in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm bought 221,375 shares of the company's stock, valued at approximately $10,482,000. Legal & General Group Plc owned approximately 0.10% of Maplebear at the end of the most recent quarter.

A number of other institutional investors have also recently bought and sold shares of CART. Pinnacle Bancorp Inc. acquired a new position in shares of Maplebear in the first quarter valued at $25,000. PenderFund Capital Management Ltd. acquired a new position in Maplebear during the fourth quarter valued at approximately $27,000. Allworth Financial LP lifted its position in shares of Maplebear by 35.7% during the 3rd quarter. Allworth Financial LP now owns 928 shares of the company's stock worth $34,000 after buying an additional 244 shares during the last quarter. IFP Advisors Inc raised its stake in Maplebear by 761.3% during the fourth quarter. IFP Advisors Inc now owns 956 shares of the company's stock worth $43,000 after acquiring an additional 845 shares in the last quarter. Finally, Sunbelt Securities Inc. lifted its holdings in shares of Maplebear by 212.7% in the third quarter. Sunbelt Securities Inc. now owns 1,157 shares of the company's stock worth $43,000 after acquiring an additional 787 shares during the last quarter. Institutional investors and hedge funds own 63.09% of the company's stock.

Analysts Set New Price Targets

Several equities research analysts recently issued reports on CART shares. Guggenheim lifted their price target on shares of Maplebear from $44.00 to $46.00 and gave the company a "neutral" rating in a report on Friday, August 7th. Weiss Ratings reissued a "hold (c)" rating on shares of Maplebear in a research note on Friday, August 7th. Wall Street Zen lowered shares of Maplebear from a "buy" rating to a "hold" rating in a research report on Saturday, August 8th. Barclays boosted their target price on shares of Maplebear from $69.00 to $77.00 and gave the stock an "overweight" rating in a research note on Friday, August 7th. Finally, Needham & Company LLC increased their price target on Maplebear from $55.00 to $63.00 and gave the company a "buy" rating in a research note on Friday, August 7th. One research analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating and eight have assigned a Hold rating to the company's stock. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price of $55.90.

Maplebear Stock Down 0.0%

CART stock opened at $50.52 on Tuesday. Maplebear Inc. has a 12-month low of $32.73 and a 12-month high of $52.05. The company's fifty day simple moving average is $47.47 and its 200 day simple moving average is $42.35. The firm has a market cap of $11.70 billion, a price-to-earnings ratio of 27.61, a PEG ratio of 0.74 and a beta of 0.78.

Maplebear (NASDAQ:CART - Get Free Report) last posted its quarterly earnings results on Thursday, August 6th. The company reported $0.45 EPS for the quarter, missing analysts' consensus estimates of $0.54 by ($0.09). Maplebear had a return on equity of 20.19% and a net margin of 11.97%.The company had revenue of $1.04 billion during the quarter, compared to analyst estimates of $1.03 billion. During the same quarter in the previous year, the business posted $0.41 earnings per share. The company's revenue for the quarter was up 14.1% compared to the same quarter last year. Research analysts expect that Maplebear Inc. will post 2.33 earnings per share for the current year.

Insider Transactions at Maplebear

In related news, Director Ravi Gupta sold 150,000 shares of the firm's stock in a transaction dated Wednesday, August 19th. The shares were sold at an average price of $50.61, for a total value of $7,591,500.00. Following the transaction, the director owned 591,523 shares of the company's stock, valued at approximately $29,936,979.03. This trade represents a 20.23% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Morgan Fong sold 18,390 shares of Maplebear stock in a transaction dated Monday, August 24th. The shares were sold at an average price of $49.96, for a total value of $918,764.40. Following the transaction, the insider owned 529,911 shares of the company's stock, valued at $26,474,353.56. This trade represents a 3.35% decrease in their position. 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. Corporate insiders own 24.00% of the company's stock.

About Maplebear

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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