Public Employees Retirement System of Ohio Invests $2.57 Million in Maplebear Inc. $CART

Key Points

• Ohio’s public employees’ retirement system purchased 54,235 Maplebear shares worth approximately $2.57 million in the second quarter. Institutional investors collectively own 63.09% of the company.
• Analysts maintain a generally positive outlook, with 15 Buy ratings and nine Holds; Maplebear has a “Moderate Buy” consensus rating and an average price target of $56.14.
• Maplebear reported quarterly revenue of $1.04 billion, up 14.1% year over year, but earnings per share of $0.45 fell short of the $0.54 analyst consensus. Two insiders also sold shares worth a combined approximately $8.5 million.

Public Employees Retirement System of Ohio bought a new stake in Maplebear Inc. (NASDAQ:CART - Free Report) in the second quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor bought 54,235 shares of the company's stock, valued at approximately $2,568,000.

Several other hedge funds and other institutional investors have also recently modified their holdings of the business. BlackRock Inc. acquired a new stake in Maplebear in the 2nd quarter valued at about $750,477,000. State Street Corp grew its position in shares of Maplebear by 1.0% in the fourth quarter. State Street Corp now owns 5,461,637 shares of the company's stock valued at $245,664,000 after purchasing an additional 54,872 shares in the last quarter. Dimensional Fund Advisors LP grew its position in shares of Maplebear by 31.4% in the first quarter. Dimensional Fund Advisors LP now owns 4,981,960 shares of the company's stock valued at $186,618,000 after purchasing an additional 1,189,287 shares in the last quarter. Viking Global Investors LP acquired a new stake in shares of Maplebear in the second quarter valued at approximately $169,782,000. Finally, Geode Capital Management LLC increased its holdings in shares of Maplebear by 1.6% in the fourth quarter. Geode Capital Management LLC now owns 3,526,124 shares of the company's stock valued at $158,640,000 after purchasing an additional 54,010 shares during the last quarter. 63.09% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Maplebear

In related news, Director Ravi Gupta sold 150,000 shares of Maplebear stock in a transaction on Wednesday, August 19th. The stock was sold at an average price of $50.61, for a total value of $7,591,500.00. Following the completion of the transaction, the director directly owned 591,523 shares in the company, valued at approximately $29,936,979.03. This trade represents a 20.23% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Morgan Fong sold 18,390 shares of the business's stock in a transaction on Monday, August 24th. The stock was sold at an average price of $49.96, for a total value of $918,764.40. Following the transaction, the insider directly owned 529,911 shares of the company's stock, valued at $26,474,353.56. The trade was a 3.35% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 24.00% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on CART shares. JPMorgan Chase & Co. boosted their price objective on Maplebear from $55.00 to $62.00 and gave the stock an "overweight" rating in a research note on Friday, August 7th. Guggenheim lifted their price target on Maplebear from $44.00 to $46.00 and gave the stock a "neutral" rating in a report on Friday, August 7th. Rosenblatt Securities initiated coverage on shares of Maplebear in a research report on Tuesday, September 1st. They set a "neutral" rating and a $55.00 price target on the stock. Oppenheimer raised their price objective on shares of Maplebear from $60.00 to $65.00 and gave the stock an "outperform" rating in a research report on Friday, August 7th. Finally, BNP Paribas Exane raised shares of Maplebear from an "underperform" rating to a "neutral" rating and set a $56.00 target price on the stock in a research note on Friday, August 7th. Fifteen equities research analysts have rated the stock with a Buy rating and nine have assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average target price of $56.14.

Maplebear Price Performance

Shares of Maplebear stock opened at $51.07 on Friday. The business has a 50-day moving average of $47.82 and a 200 day moving average of $42.77. Maplebear Inc. has a 12 month low of $32.73 and a 12 month high of $52.68. The stock has a market capitalization of $11.82 billion, a price-to-earnings ratio of 27.91, a price-to-earnings-growth ratio of 1.00 and a beta of 0.80.

Maplebear (NASDAQ:CART - Get Free Report) last released its earnings results on Thursday, August 6th. The company reported $0.45 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.54 by ($0.09). The business had revenue of $1.04 billion for the quarter, compared to analyst estimates of $1.03 billion. Maplebear had a return on equity of 20.19% and a net margin of 11.97%.Maplebear's quarterly revenue was up 14.1% compared to the same quarter last year. During the same quarter last year, the company earned $0.41 earnings per share. Equities research analysts anticipate that Maplebear Inc. will post 2.33 earnings per share for the current year.

About Maplebear

Maplebear, Inc, doing business as Instacart, operates a leading online grocery and essentials marketplace that connects consumers, retail partners and personal shoppers through its digital platform. The company enables customers to order groceries, household items and specialty products for same-day or scheduled delivery, as well as in-store pickup. By integrating its technology with retailers' existing inventory and point-of-sale systems, Maplebear streamlines the shopping experience and provides real-time availability and pricing.

Founded in 2012 and headquartered in San Francisco, Maplebear has grown from a regional startup to a publicly traded company listed on NASDAQ under the ticker CART.

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