Legal & General Group Plc Sells 57,670 Shares of Maplebear Inc. $CART

Key Points

• Legal & General Group Plc reduced its stake in Maplebear (Instacart) by 14.9% in Q4, selling 57,670 shares and leaving it with 330,290 shares worth about $14.9 million.
• Insider selling has been notable, with CAO Lisa Blackwood-Kapral and General Counsel Morgan Fong both trimming positions; insiders sold 144,863 shares worth $5.4 million over the last 90 days.
• Maplebear shares were down 3.5% around the report, while the company recently posted quarterly EPS of $0.57, slightly below estimates, on revenue of $1.02 billion, up 13.6% year over year.

Legal & General Group Plc decreased its holdings in shares of Maplebear Inc. (NASDAQ:CART - Free Report) by 14.9% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 330,290 shares of the company's stock after selling 57,670 shares during the quarter. Legal & General Group Plc owned about 0.13% of Maplebear worth $14,856,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also modified their holdings of the company. Hantz Financial Services Inc. boosted its stake in Maplebear by 78.6% in the third quarter. Hantz Financial Services Inc. now owns 884 shares of the company's stock valued at $32,000 after acquiring an additional 389 shares during the last quarter. Allworth Financial LP grew its holdings in Maplebear by 35.7% during the 3rd quarter. Allworth Financial LP now owns 928 shares of the company's stock worth $34,000 after acquiring an additional 244 shares during the period. Abich Financial Wealth Management LLC bought a new stake in shares of Maplebear during the 3rd quarter valued at $43,000. IFP Advisors Inc lifted its stake in shares of Maplebear by 761.3% in the 4th quarter. IFP Advisors Inc now owns 956 shares of the company's stock valued at $43,000 after purchasing an additional 845 shares during the period. Finally, Sunbelt Securities Inc. lifted its stake in shares of Maplebear by 212.7% in the 3rd quarter. Sunbelt Securities Inc. now owns 1,157 shares of the company's stock valued at $43,000 after purchasing an additional 787 shares during the period. 63.09% of the stock is owned by institutional investors.

Insider Buying and Selling

In other Maplebear news, CAO Lisa Blackwood-Kapral sold 9,390 shares of Maplebear stock in a transaction that occurred on Wednesday, April 15th. The shares were sold at an average price of $40.25, for a total value of $377,947.50. Following the transaction, the chief accounting officer owned 58,971 shares of the company's stock, valued at approximately $2,373,582.75. The trade was a 13.74% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, General Counsel Morgan Fong sold 126,083 shares of the company's stock in a transaction that occurred on Wednesday, March 11th. The shares were sold at an average price of $37.09, for a total transaction of $4,676,418.47. Following the completion of the transaction, the general counsel owned 386,643 shares of the company's stock, valued at $14,340,588.87. This trade represents a 24.59% decrease in their position. The SEC filing for this sale provides additional information. In the last ninety days, insiders sold 144,863 shares of company stock worth $5,418,135. Insiders own 24.00% of the company's stock.

Analysts Set New Price Targets

A number of equities research analysts recently commented on the company. Benchmark decreased their price objective on Maplebear from $60.00 to $53.00 and set a "buy" rating for the company in a research note on Tuesday, February 10th. Wall Street Zen cut Maplebear from a "buy" rating to a "hold" rating in a report on Saturday, May 2nd. Wells Fargo & Company boosted their target price on Maplebear from $45.00 to $47.00 and gave the stock an "equal weight" rating in a research report on Thursday, May 7th. Barclays upped their price target on Maplebear from $65.00 to $69.00 and gave the company an "overweight" rating in a research note on Thursday, May 7th. Finally, Raymond James Financial upgraded shares of Maplebear from a "hold" rating to a "moderate buy" rating in a research report on Thursday, April 9th. One analyst has rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating, nine have issued a Hold rating and two have given a Sell rating to the company's stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $51.09.

Maplebear Trading Down 3.5%

CART stock opened at $40.74 on Wednesday. The business's 50-day moving average price is $40.19 and its two-hundred day moving average price is $40.21. The firm has a market cap of $9.58 billion, a PE ratio of 22.76, a P/E/G ratio of 0.58 and a beta of 0.88. Maplebear Inc. has a 1-year low of $32.73 and a 1-year high of $53.50.

Maplebear (NASDAQ:CART - Get Free Report) last released its quarterly earnings results on Wednesday, May 6th. The company reported $0.57 EPS for the quarter, missing analysts' consensus estimates of $0.58 by ($0.01). Maplebear had a return on equity of 18.67% and a net margin of 12.50%.The business had revenue of $1.02 billion for the quarter, compared to analyst estimates of $1.01 billion. During the same period in the prior year, the business earned $0.37 EPS. The company's revenue for the quarter was up 13.6% compared to the same quarter last year. On average, analysts forecast that Maplebear Inc. will post 2.43 earnings per share for the current year.

Maplebear 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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