Park Avenue Securities LLC Invests $672,000 in Maplebear Inc. (NASDAQ:CART)

Park Avenue Securities LLC acquired a new position in shares of Maplebear Inc. (NASDAQ:CART - Free Report) during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund acquired 16,854 shares of the company's stock, valued at approximately $672,000.

Several other institutional investors have also recently made changes to their positions in CART. UMB Bank n.a. lifted its position in shares of Maplebear by 914.1% during the first quarter. UMB Bank n.a. now owns 1,004 shares of the company's stock valued at $40,000 after purchasing an additional 905 shares in the last quarter. Renaissance Capital LLC increased its stake in Maplebear by 16.2% in the 1st quarter. Renaissance Capital LLC now owns 178,063 shares of the company's stock valued at $7,103,000 after buying an additional 24,874 shares during the last quarter. Gateway Investment Advisers LLC bought a new position in shares of Maplebear during the 1st quarter worth approximately $501,000. Congress Asset Management Co. bought a new position in shares of Maplebear during the 1st quarter worth approximately $11,723,000. Finally, Arkfeld Wealth Strategies L.L.C. boosted its stake in shares of Maplebear by 2.5% in the 1st quarter. Arkfeld Wealth Strategies L.L.C. now owns 19,098 shares of the company's stock worth $746,000 after buying an additional 470 shares during the last quarter. Institutional investors own 63.09% of the company's stock.

Wall Street Analysts Forecast Growth

A number of analysts recently commented on CART shares. Barclays increased their price target on Maplebear from $58.00 to $61.00 and gave the company an "overweight" rating in a research report on Friday, May 2nd. Stifel Nicolaus decreased their target price on Maplebear from $57.00 to $54.00 and set a "buy" rating for the company in a research report on Wednesday, April 23rd. JMP Securities reiterated a "market outperform" rating and set a $55.00 target price on shares of Maplebear in a research note on Thursday, June 12th. Jefferies Financial Group boosted their price target on shares of Maplebear from $48.00 to $50.00 and gave the stock a "hold" rating in a report on Tuesday, May 27th. Finally, Macquarie restated an "outperform" rating and set a $55.00 price objective on shares of Maplebear in a report on Tuesday, May 6th. Thirteen investment analysts have rated the stock with a hold rating, fourteen have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $51.91.

Maplebear Stock Down 0.7%

CART traded down $0.32 during trading on Tuesday, reaching $43.55. 3,725,835 shares of the company were exchanged, compared to its average volume of 4,028,940. Maplebear Inc. has a 12-month low of $29.84 and a 12-month high of $53.44. The company's 50-day moving average is $43.98 and its two-hundred day moving average is $43.74. The company has a market cap of $11.43 billion, a price-to-earnings ratio of 28.65, a P/E/G ratio of 1.85 and a beta of 1.30.

Maplebear (NASDAQ:CART - Get Free Report) last announced its quarterly earnings results on Thursday, May 1st. The company reported $0.37 earnings per share for the quarter, missing the consensus estimate 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 for the quarter, compared to the consensus estimate of $896.86 million. During the same quarter in the prior year, the company earned $0.43 earnings per share. The company's quarterly revenue was up 9.4% on a year-over-year basis. Equities analysts forecast that Maplebear Inc. will post 1.43 earnings per share for the current year.

Insider Activity at Maplebear

In other news, General Counsel Morgan Fong sold 5,249 shares of the company's stock in a transaction 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 transaction, the general counsel now 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 transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO Fidji Simo sold 8,133 shares of the stock in a transaction 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 sale, the chief executive officer now owns 1,646,426 shares in the company, valued at $68,491,321.60. This trade represents a 0.49% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 17,607 shares of company stock valued at $762,259. Corporate insiders own 26.00% of the company's stock.

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.