Louisiana State Employees Retirement System Makes New Investment in Maplebear Inc. (NASDAQ:CART)

Louisiana State Employees Retirement System purchased a new position in shares of Maplebear Inc. (NASDAQ:CART - Free Report) during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 45,300 shares of the company's stock, valued at approximately $1,807,000.

A number of other hedge funds have also recently added to or reduced their stakes in the company. Proathlete Wealth Management LLC acquired a new stake in Maplebear during the first quarter worth about $26,000. Jones Financial Companies Lllp increased its position in shares of Maplebear by 46.6% during the fourth quarter. Jones Financial Companies Lllp now owns 698 shares of the company's stock valued at $29,000 after acquiring an additional 222 shares during the last quarter. NewEdge Advisors LLC grew its holdings in Maplebear by 277.9% during the 4th quarter. NewEdge Advisors LLC now owns 975 shares of the company's stock worth $40,000 after acquiring an additional 717 shares in the last quarter. UMB Bank n.a. lifted its position in shares of Maplebear by 914.1% during the 1st quarter. UMB Bank n.a. now owns 1,004 shares of the company's stock worth $40,000 after buying an additional 905 shares during the last quarter. Finally, Spire Wealth Management acquired a new stake in shares of Maplebear in the 1st quarter valued at about $41,000. 63.09% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other news, Director Levien Meredith A. Kopit sold 4,225 shares of the firm'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 transaction, the director owned 20,829 shares in the company, valued at approximately $988,336.05. This trade represents a 16.86% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, CEO Fidji Simo sold 14,233 shares of the firm's stock in a transaction dated Monday, July 14th. The shares were sold at an average price of $47.86, for a total transaction of $681,191.38. Following the transaction, the chief executive officer owned 2,032,005 shares of the company's stock, valued at approximately $97,251,759.30. This trade represents a 0.70% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 28,387 shares of company stock valued at $1,310,570 over the last quarter. Corporate insiders own 26.00% of the company's stock.

Maplebear Price Performance

Shares of CART stock traded up $0.62 during trading hours on Friday, reaching $48.99. The stock had a trading volume of 453,896 shares, compared to its average volume of 3,941,139. Maplebear Inc. has a twelve month low of $29.84 and a twelve month high of $53.44. The firm has a 50-day simple moving average of $45.82 and a 200-day simple moving average of $44.25. The firm has a market capitalization of $12.86 billion, a PE ratio of 32.25, a price-to-earnings-growth ratio of 2.01 and a beta of 1.21.

Maplebear (NASDAQ:CART - Get Free Report) last announced its earnings results on Thursday, May 1st. The company reported $0.37 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.38 by ($0.01). Maplebear had a net margin of 12.45% and a return on equity of 14.12%. The company had revenue of $897.00 million during the quarter, compared to the consensus estimate of $896.86 million. During the same quarter in the prior year, the company earned $0.43 EPS. The business's quarterly revenue was up 9.4% on a year-over-year basis. On average, equities analysts anticipate that Maplebear Inc. will post 1.43 earnings per share for the current year.

Analyst Ratings Changes

CART has been the subject of a number of analyst reports. FBN Securities initiated coverage on Maplebear in a research note on Friday, March 28th. They set a "sector perform" rating and a $44.00 target price for the company. Macquarie reiterated an "outperform" rating and issued a $55.00 price target on shares of Maplebear in a report on Tuesday, May 6th. Wells Fargo & Company cut their price target on shares of Maplebear from $47.00 to $44.00 and set an "equal weight" rating for the company in a report on Thursday, April 3rd. Needham & Company LLC reiterated a "buy" rating and issued a $56.00 price target on shares of Maplebear in a report on Friday, May 2nd. Finally, Barclays increased their price target on shares of Maplebear from $58.00 to $61.00 and gave the company an "overweight" rating in a report on Friday, May 2nd. Eleven research analysts have rated the stock with a hold rating, fourteen have given a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $51.95.

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.