Mackenzie Financial Corp Acquires 137,514 Shares of Maplebear Inc. (NASDAQ:CART)

Mackenzie Financial Corp increased its position in shares of Maplebear Inc. (NASDAQ:CART - Free Report) by 559.1% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 162,111 shares of the company's stock after buying an additional 137,514 shares during the quarter. Mackenzie Financial Corp owned 0.06% of Maplebear worth $6,715,000 as of its most recent SEC filing.

Other hedge funds have also modified their holdings of the company. Jones Financial Companies Lllp grew its holdings in shares of Maplebear by 46.6% during the fourth quarter. Jones Financial Companies Lllp now owns 698 shares of the company's stock worth $29,000 after buying an additional 222 shares in the last quarter. Allworth Financial LP grew its holdings in shares of Maplebear by 101.4% during the fourth quarter. Allworth Financial LP now owns 834 shares of the company's stock worth $37,000 after buying an additional 420 shares in the last quarter. NewEdge Advisors LLC grew its holdings in shares of Maplebear by 277.9% during the fourth quarter. NewEdge Advisors LLC now owns 975 shares of the company's stock worth $40,000 after buying an additional 717 shares in the last quarter. Anderson Financial Strategies LLC bought a new position in shares of Maplebear during the fourth quarter worth about $46,000. Finally, Cullen Frost Bankers Inc. bought a new position in shares of Maplebear during the fourth quarter worth about $62,000. 63.09% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several brokerages recently commented on CART. Mizuho reduced their price target on Maplebear from $55.00 to $52.00 and set an "outperform" rating for the company in a research report on Wednesday, February 26th. Wells Fargo & Company reduced their price target on Maplebear from $47.00 to $44.00 and set an "equal weight" rating for the company in a research report on Thursday, April 3rd. Macquarie reissued an "outperform" rating and set a $55.00 price target on shares of Maplebear in a research report on Tuesday, May 6th. Oppenheimer cut their price objective on Maplebear from $65.00 to $60.00 and set an "outperform" rating for the company in a research report on Wednesday, February 26th. Finally, Cantor Fitzgerald reaffirmed an "overweight" rating and issued a $55.00 price objective on shares of Maplebear in a research report on Wednesday, February 26th. Thirteen investment analysts have rated the stock with a hold rating, fifteen have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average price target of $51.61.

Maplebear Stock Performance

CART traded up $0.77 during midday trading on Monday, reaching $46.44. 2,791,426 shares of the company were exchanged, compared to its average volume of 4,027,170. The company's fifty day moving average price is $42.69 and its 200 day moving average price is $43.60. The company has a market cap of $12.19 billion, a price-to-earnings ratio of 31.17, a price-to-earnings-growth ratio of 1.19 and a beta of 1.19. Maplebear Inc. has a one year low of $29.84 and a one year high of $53.44.

Maplebear (NASDAQ:CART - Get Free Report) last issued its quarterly earnings data on Thursday, May 1st. The company reported $0.37 EPS for the quarter, missing analysts' consensus estimates of $0.38 by ($0.01). The company had revenue of $897.00 million for the quarter, compared to the consensus estimate of $896.86 million. Maplebear had a return on equity of 13.78% and a net margin of 13.37%. The business's revenue for the quarter was up 9.4% on a year-over-year basis. During the same period in the prior year, the firm posted $0.43 earnings per share. As a group, sell-side analysts anticipate that Maplebear Inc. will post 1.43 earnings per share for the current fiscal year.

Insider Activity

In other news, CEO Fidji Simo sold 8,133 shares of the company's stock in a transaction that occurred on Monday, April 14th. The stock was sold at an average price of $41.60, for a total value of $338,332.80. Following the completion of the transaction, the chief executive officer now directly owns 1,646,426 shares of the company's stock, valued at $68,491,321.60. This represents a 0.49% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, General Counsel Morgan Fong sold 5,249 shares of the company's stock in a transaction that occurred on Monday, April 21st. The shares were sold at an average price of $42.57, for a total value of $223,449.93. Following the completion of the transaction, the general counsel now directly owns 484,292 shares of the company's stock, valued at approximately $20,616,310.44. This represents a 1.07% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 15,415 shares of company stock valued at $643,103 over the last three months. Corporate insiders own 26.00% of the company's stock.

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.