Occidental Asset Management LLC Purchases Shares of 6,991 Maplebear Inc. $CART

Key Points

• Occidental Asset Management LLC acquired 6,991 shares of Maplebear Inc. ($CART) in Q2, valued at approximately $316,000.
• Several hedge funds significantly increased their positions in Maplebear, with Principal Financial Group raising its stake by 4,154.7% during the first quarter.
• Maplebear's shares reported a 11.1% year-over-year revenue growth for the last quarter, with earnings per share of $0.41, exceeding estimates.

Occidental Asset Management LLC acquired a new position in shares of Maplebear Inc. (NASDAQ:CART - Free Report) during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund acquired 6,991 shares of the company's stock, valued at approximately $316,000.

Several other hedge funds have also made changes to their positions in the stock. Principal Financial Group Inc. grew its position in Maplebear by 4,154.7% during the first quarter. Principal Financial Group Inc. now owns 372,581 shares of the company's stock worth $14,862,000 after buying an additional 363,824 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. increased its position in shares of Maplebear by 18.6% during the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,056 shares of the company's stock valued at $82,000 after purchasing an additional 322 shares during the period. Cambridge Investment Research Advisors Inc. raised its stake in shares of Maplebear by 7.6% in the first quarter. Cambridge Investment Research Advisors Inc. now owns 6,166 shares of the company's stock valued at $246,000 after purchasing an additional 433 shares in the last quarter. Golden State Wealth Management LLC lifted its position in Maplebear by 100.0% in the first quarter. Golden State Wealth Management LLC now owns 1,066 shares of the company's stock worth $43,000 after purchasing an additional 533 shares during the period. Finally, New York State Teachers Retirement System boosted its stake in Maplebear by 542.8% during the first quarter. New York State Teachers Retirement System now owns 101,720 shares of the company's stock worth $4,058,000 after buying an additional 85,896 shares in the last quarter. Institutional investors own 63.09% of the company's stock.

Insider Activity at Maplebear

In related news, insider Grosvenor L.P. Gcm sold 4,864,272 shares of the stock in a transaction on Friday, July 25th. The shares were sold at an average price of $47.75, for a total transaction of $232,268,988.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, General Counsel Morgan Fong sold 4,680 shares of the stock in a transaction dated Monday, July 21st. The stock was sold at an average price of $49.16, for a total transaction of $230,068.80. Following the transaction, the general counsel owned 452,000 shares of the company's stock, valued at approximately $22,220,320. This represents a 1.02% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 4,973,562 shares of company stock worth $237,668,642 over the last three months. 26.00% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

A number of equities analysts have recently issued reports on CART shares. Jefferies Financial Group increased their price objective on shares of Maplebear from $50.00 to $55.00 and gave the company a "hold" rating in a research note on Monday, August 11th. Sanford C. Bernstein increased their price target on shares of Maplebear from $55.00 to $60.00 and gave the stock an "outperform" rating in a research report on Monday, July 21st. JMP Securities lifted their price objective on Maplebear from $55.00 to $60.00 and gave the company a "market outperform" rating in a report on Friday, August 8th. Benchmark raised Maplebear from a "hold" rating to a "buy" rating and set a $67.00 target price for the company in a report on Friday, August 8th. Finally, Wedbush restated an "underperform" rating and set a $42.00 target price (down previously from $55.00) on shares of Maplebear in a research report on Thursday, August 21st. One research analyst has rated the stock with a Strong Buy rating, sixteen have issued a Buy rating, seven have given a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target of $55.58.

Maplebear Trading Up 0.5%

Shares of NASDAQ:CART opened at $42.44 on Wednesday. Maplebear Inc. has a 1-year low of $35.14 and a 1-year high of $53.50. The stock has a market capitalization of $11.18 billion, a P/E ratio of 24.53, a P/E/G ratio of 1.41 and a beta of 1.21. The business has a 50-day moving average price of $46.22 and a two-hundred day moving average price of $44.26.

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

Maplebear 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.

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