Norden Group LLC Invests $232,000 in Maplebear Inc. (NASDAQ:CART)

Key Points

• Norden Group LLC has made a new investment of $232,000 in Maplebear Inc. (NASDAQ:CART), acquiring 5,814 shares in the first quarter of the year.
• Various institutional investors, including Victory Capital Management Inc. and Ameriprise Financial Inc., have significantly increased their holdings in Maplebear, pointing to growing confidence in the company.
• Maplebear's stock has an average rating of "Moderate Buy" from analysts, with target prices ranging between $52.00 and $60.00, reflecting positive sentiment in the market.

Norden Group LLC purchased a new position in shares of Maplebear Inc. (NASDAQ:CART - Free Report) during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm purchased 5,814 shares of the company's stock, valued at approximately $232,000.

A number of other institutional investors have also modified their holdings of the stock. Victory Capital Management Inc. lifted its position in shares of Maplebear by 62.8% during the 1st quarter. Victory Capital Management Inc. now owns 7,368,232 shares of the company's stock valued at $293,919,000 after buying an additional 2,841,559 shares in the last quarter. Altimeter Capital Management LP acquired a new position in Maplebear during the fourth quarter worth $105,108,000. Jacobs Levy Equity Management Inc. lifted its holdings in Maplebear by 85.0% during the fourth quarter. Jacobs Levy Equity Management Inc. now owns 3,081,847 shares of the company's stock valued at $127,650,000 after purchasing an additional 1,416,426 shares in the last quarter. Marshall Wace LLP grew its position in shares of Maplebear by 199.2% in the fourth quarter. Marshall Wace LLP now owns 1,758,380 shares of the company's stock valued at $72,832,000 after purchasing an additional 1,170,634 shares during the period. Finally, Ameriprise Financial Inc. increased its stake in shares of Maplebear by 533.6% during the fourth quarter. Ameriprise Financial Inc. now owns 1,257,676 shares of the company's stock worth $52,090,000 after purchasing an additional 1,059,169 shares in the last quarter. Hedge funds and other institutional investors own 63.09% of the company's stock.

Analysts Set New Price Targets

A number of research analysts recently weighed in on the stock. Stifel Nicolaus raised their price target on shares of Maplebear from $54.00 to $55.00 and gave the company a "buy" rating in a research note on Tuesday, July 29th. JPMorgan Chase & Co. decreased their target price on Maplebear from $50.00 to $44.00 and set an "overweight" rating on the stock in a research report on Tuesday, April 8th. Needham & Company LLC reiterated a "buy" rating and set a $56.00 price target on shares of Maplebear in a research report on Friday, May 2nd. Sanford C. Bernstein raised their price objective on Maplebear from $55.00 to $60.00 and gave the company an "outperform" rating in a report on Monday, July 21st. Finally, Wall Street Zen cut shares of Maplebear from a "buy" rating to a "hold" rating in a research note on Friday, May 30th. Eleven investment analysts have rated the stock with a hold rating, fifteen have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus price target of $52.35.

Insider Transactions at Maplebear

In other news, CEO Fidji Simo sold 6,640 shares of the business's stock in a transaction dated Wednesday, July 23rd. The stock was sold at an average price of $50.00, for a total transaction of $332,000.00. Following the completion of the transaction, the chief executive officer directly owned 1,958,805 shares of the company's stock, valued at approximately $97,940,250. The trade was a 0.34% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Daniel Danker sold 10,037 shares of the firm's stock in a transaction that occurred on Friday, July 18th. The shares were sold at an average price of $48.82, for a total transaction of $490,006.34. Following the completion of the sale, the insider directly owned 470,190 shares in the company, valued at approximately $22,954,675.80. This trade represents a 2.09% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 4,975,327 shares of company stock worth $237,736,848. 26.00% of the stock is owned by corporate insiders.

Maplebear Stock Performance

Shares of Maplebear stock traded down $0.96 on Friday, reaching $47.01. The company had a trading volume of 3,517,671 shares, compared to its average volume of 3,258,509. The firm has a market cap of $12.34 billion, a PE ratio of 30.93, a PEG ratio of 1.82 and a beta of 1.21. The firm's 50 day moving average price is $46.45 and its two-hundred day moving average price is $44.59. Maplebear Inc. has a 52-week low of $29.84 and a 52-week high of $53.44.

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

About Maplebear

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.