Principal Financial Group Inc. Buys 363,824 Shares of Maplebear Inc. (NASDAQ:CART)

Principal Financial Group Inc. lifted its stake in Maplebear Inc. (NASDAQ:CART - Free Report) by 4,154.7% during the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 372,581 shares of the company's stock after purchasing an additional 363,824 shares during the period. Principal Financial Group Inc. owned 0.14% of Maplebear worth $14,862,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Jones Financial Companies Lllp raised its stake in shares of Maplebear by 46.6% in the 4th quarter. Jones Financial Companies Lllp now owns 698 shares of the company's stock valued at $29,000 after purchasing an additional 222 shares during the period. Mirae Asset Global Investments Co. Ltd. increased its position in shares of Maplebear by 18.6% in the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,056 shares of the company's stock valued at $82,000 after acquiring an additional 322 shares during the last quarter. Wealth Enhancement Advisory Services LLC increased its position in shares of Maplebear by 0.5% in the first quarter. Wealth Enhancement Advisory Services LLC now owns 74,846 shares of the company's stock valued at $2,986,000 after acquiring an additional 336 shares during the last quarter. Cambridge Investment Research Advisors Inc. increased its position 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 acquiring an additional 433 shares during the last quarter. Finally, WCG Wealth Advisors LLC increased its position in shares of Maplebear by 3.3% in the fourth quarter. WCG Wealth Advisors LLC now owns 14,256 shares of the company's stock valued at $590,000 after acquiring an additional 451 shares during the last quarter. 63.09% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

CART has been the topic of several recent research reports. JPMorgan Chase & Co. lowered their price objective on Maplebear from $50.00 to $44.00 and set an "overweight" rating on the stock in a research report on Tuesday, April 8th. Citigroup raised their price target on shares of Maplebear from $55.00 to $57.00 and gave the stock a "buy" rating in a research report on Tuesday, May 13th. Stifel Nicolaus cut their price objective on shares of Maplebear from $57.00 to $54.00 and set a "buy" rating for the company in a report on Wednesday, April 23rd. JMP Securities restated a "market outperform" rating and set a $55.00 target price on shares of Maplebear in a research report on Thursday, June 12th. Finally, Barclays lifted their price target on shares of Maplebear from $58.00 to $61.00 and gave the company an "overweight" rating in a research report on Friday, May 2nd. Twelve equities research analysts have rated the stock with a hold rating, fourteen have issued a buy rating and one has given 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 target price of $51.91.

Insider Buying and Selling

In other news, CEO Fidji Simo sold 8,133 shares of the firm'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 transaction, the chief executive officer owned 1,646,426 shares in the company, valued at $68,491,321.60. This trade 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 through this link. Also, General Counsel Morgan Fong sold 4,680 shares of Maplebear stock in a transaction that occurred on Friday, June 20th. The stock was sold at an average price of $43.90, for a total value of $205,452.00. Following the transaction, the general counsel owned 456,680 shares in the company, valued at approximately $20,048,252. The trade was a 1.01% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 22,287 shares of company stock valued at $967,711 over the last ninety days. Company insiders own 26.00% of the company's stock.

Maplebear Trading Down 0.9%

Shares of CART stock opened at $47.99 on Friday. Maplebear Inc. has a twelve month low of $29.84 and a twelve month high of $53.44. The stock has a market capitalization of $12.60 billion, a price-to-earnings ratio of 31.57, a P/E/G ratio of 2.04 and a beta of 1.21. The stock has a fifty day simple moving average of $45.59 and a two-hundred day simple moving average of $44.10.

Maplebear (NASDAQ:CART - Get Free Report) last issued its quarterly earnings data on Thursday, May 1st. The company reported $0.37 earnings per share 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 company had revenue of $897.00 million for the quarter, compared to analysts' expectations of $896.86 million. During the same quarter last year, the company earned $0.43 earnings per share. The company's revenue for the quarter was up 9.4% compared to the same quarter last year. Research analysts predict that Maplebear Inc. will post 1.43 EPS for the current fiscal year.

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.

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