PNC Financial Services Group Inc. Boosts Stock Holdings in Maplebear Inc. (NASDAQ:CART)

Key Points

• PNC Financial Services Group Inc. increased its stock holdings in Maplebear Inc. by 214.2%, now owning 10,678 shares valued at approximately $426,000.
• Several institutional investors, including Blueshift Asset Management LLC and Federated Hermes Inc., have also significantly increased their stakes in Maplebear during the first quarter.
• Analyst ratings for Maplebear have been generally positive, with an average rating of "Moderate Buy" and a price target around $55.33, reflecting a positive outlook on the company's performance.

PNC Financial Services Group Inc. grew its stake in shares of Maplebear Inc. (NASDAQ:CART - Free Report) by 214.2% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 10,678 shares of the company's stock after acquiring an additional 7,279 shares during the period. PNC Financial Services Group Inc.'s holdings in Maplebear were worth $426,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in the stock. Blueshift Asset Management LLC increased its stake in Maplebear by 129.7% in the first quarter. Blueshift Asset Management LLC now owns 15,585 shares of the company's stock valued at $622,000 after acquiring an additional 8,801 shares during the last quarter. US Bancorp DE lifted its holdings in Maplebear by 13.4% in the first quarter. US Bancorp DE now owns 14,832 shares of the company's stock worth $592,000 after buying an additional 1,755 shares during the period. Federated Hermes Inc. lifted its holdings in Maplebear by 15.0% in the first quarter. Federated Hermes Inc. now owns 2,832,384 shares of the company's stock worth $112,984,000 after buying an additional 370,120 shares during the period. Norden Group LLC purchased a new stake in Maplebear in the first quarter worth about $232,000. Finally, LPL Financial LLC purchased a new position in shares of Maplebear during the first quarter valued at approximately $2,161,000. Hedge funds and other institutional investors own 63.09% of the company's stock.

Analyst Ratings Changes

CART has been the subject of several analyst reports. Jefferies Financial Group raised their price target on shares of Maplebear from $50.00 to $55.00 and gave the company a "hold" rating in a research report on Monday. Macquarie reissued an "outperform" rating and set a $55.00 price objective on shares of Maplebear in a research report on Tuesday, May 6th. Wall Street Zen upgraded shares of Maplebear from a "hold" rating to a "buy" rating in a research note on Saturday, August 9th. Robert W. Baird boosted their price target on shares of Maplebear from $47.00 to $52.00 and gave the stock an "outperform" rating in a research note on Thursday, July 17th. Finally, Wells Fargo & Company boosted their price target on shares of Maplebear from $47.00 to $55.00 and gave the stock an "equal weight" rating in a research note on Friday, August 8th. Nine investment analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average price target of $55.33.

Insider Activity

In related news, CEO Fidji Simo sold 66,560 shares of the stock in a transaction that occurred on Tuesday, July 22nd. The shares were sold at an average price of $50.01, for a total transaction of $3,328,665.60. Following the completion of the sale, the chief executive officer owned 1,965,445 shares of the company's stock, valued at $98,291,904.45. This represents a 3.28% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Levien Meredith A. Kopit sold 4,225 shares of the stock in a transaction that occurred on Thursday, June 5th. The shares were sold at an average price of $47.45, for a total transaction of $200,476.25. Following the sale, the director directly owned 20,829 shares of the company's stock, valued at $988,336.05. The trade was a 16.86% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 4,975,327 shares of company stock valued at $237,736,848. 26.00% of the stock is currently owned by corporate insiders.

Maplebear Trading Down 2.7%

Shares of NASDAQ:CART opened at $43.88 on Friday. The company has a market capitalization of $11.56 billion, a price-to-earnings ratio of 25.36, a PEG ratio of 1.50 and a beta of 1.21. The firm's 50-day moving average is $46.84 and its 200 day moving average is $44.76. Maplebear Inc. has a 12 month low of $31.59 and a 12 month high of $53.50.

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