Cetera Investment Advisers Grows Position in Maplebear Inc. (NASDAQ:CART)

Key Points

• Cetera Investment Advisers significantly increased its stake in Maplebear Inc. by 333.5% during the first quarter, owning 35,305 shares valued at approximately $1.4 million.
• Maplebear reported $0.41 earnings per share, beating estimates, alongside a revenue of $914 million for the previous quarter, reflecting an 11.1% year-over-year increase.
• Several brokerages raised their price targets for Maplebear, with Citigroup increasing its price target from $57 to $65, and a consensus target price now sitting at $55.13.

Cetera Investment Advisers lifted its stake in shares of Maplebear Inc. (NASDAQ:CART - Free Report) by 333.5% during the first quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 35,305 shares of the company's stock after purchasing an additional 27,161 shares during the quarter. Cetera Investment Advisers' holdings in Maplebear were worth $1,408,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently made changes to their positions in CART. Victory Capital Management Inc. raised its position in shares of Maplebear by 62.8% in the first quarter. Victory Capital Management Inc. now owns 7,368,232 shares of the company's stock worth $293,919,000 after buying an additional 2,841,559 shares in the last quarter. T. Rowe Price Investment Management Inc. raised its holdings in shares of Maplebear by 15.5% in the 4th quarter. T. Rowe Price Investment Management Inc. now owns 4,744,652 shares of the company's stock valued at $196,524,000 after acquiring an additional 635,930 shares in the last quarter. Jacobs Levy Equity Management Inc. boosted its position in shares of Maplebear by 85.0% during the 4th quarter. Jacobs Levy Equity Management Inc. now owns 3,081,847 shares of the company's stock valued at $127,650,000 after acquiring an additional 1,416,426 shares during the last quarter. Two Sigma Advisers LP grew its holdings in shares of Maplebear by 59.6% during the fourth quarter. Two Sigma Advisers LP now owns 2,645,500 shares of the company's stock worth $109,577,000 after purchasing an additional 987,700 shares in the last quarter. Finally, Balyasny Asset Management L.P. increased its position in shares of Maplebear by 42.9% in the fourth quarter. Balyasny Asset Management L.P. now owns 2,603,438 shares of the company's stock worth $107,834,000 after purchasing an additional 781,259 shares during the last quarter. 63.09% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several analysts have recently weighed in on CART shares. JMP Securities raised their price objective on shares of Maplebear from $55.00 to $60.00 and gave the company a "market outperform" rating in a research report on Friday, August 8th. Citigroup upped their price objective on Maplebear from $57.00 to $65.00 and gave the stock a "buy" rating in a report on Friday, August 8th. Barclays upped their price objective on Maplebear from $61.00 to $65.00 and gave the stock an "overweight" rating in a report on Friday, August 8th. Loop Capital upped their price objective on Maplebear from $52.00 to $58.00 and gave the stock a "buy" rating in a report on Monday, May 19th. Finally, Stifel Nicolaus upped their price objective on Maplebear from $55.00 to $64.00 and gave the stock a "buy" rating in a report on Friday, August 8th. Nine research analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $55.33.

Insider Transactions at Maplebear

In other news, CEO Fidji Simo sold 66,560 shares of the firm's stock in a transaction on Tuesday, July 22nd. The stock was sold at an average price of $50.01, for a total value of $3,328,665.60. Following the transaction, the chief executive officer directly owned 1,965,445 shares in the company, valued at $98,291,904.45. This trade represents a 3.28% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, insider Grosvenor L.P. Gcm sold 4,864,272 shares of the firm's stock in a transaction on Friday, July 25th. The stock was sold at an average price of $47.75, for a total value of $232,268,988.00. The disclosure for this sale can be found here. Over the last quarter, insiders sold 4,975,327 shares of company stock worth $237,736,848. Company insiders own 26.00% of the company's stock.

Maplebear Price Performance

Shares of Maplebear stock traded down $5.87 during trading on Wednesday, hitting $45.11. 17,262,629 shares of the company's stock traded hands, compared to its average volume of 4,337,882. Maplebear Inc. has a 1 year low of $31.59 and a 1 year high of $53.50. The business has a 50-day simple moving average of $46.90 and a 200-day simple moving average of $44.77. The stock has a market capitalization of $11.84 billion, a P/E ratio of 26.08, a PEG ratio of 1.75 and a beta of 1.21.

Maplebear (NASDAQ:CART - Get Free Report) last issued its quarterly earnings data on Thursday, August 7th. The company reported $0.41 earnings per share for the quarter, beating analysts' consensus estimates of $0.39 by $0.02. The company had revenue of $914.00 million for the quarter, compared to the consensus estimate of $896.55 million. Maplebear had a net margin of 13.76% and a return on equity of 15.69%. The firm's revenue for the quarter was up 11.1% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.20 earnings per share. On average, equities analysts predict that Maplebear Inc. will post 1.43 earnings per share for the current fiscal year.

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.