Raymond James Financial Inc. Raises Position in Maplebear Inc. $CART

Key Points

• Raymond James Financial Inc. increased its stake in Maplebear Inc. by 70.2%, owning approximately $6.3 million worth of shares after purchasing additional stock.
• Maplebear received positive ratings from several analysts, with Wells Fargo raising the price target to $55.00 and Sanford C. Bernstein increasing it to $60.00.
• Insider selling included transactions totaling over $490,000 from Daniel Danker and $230,000 from Morgan Fong, indicating a 2-3% decrease in their ownership positions.

Raymond James Financial Inc. boosted its stake in Maplebear Inc. (NASDAQ:CART - Free Report) by 70.2% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 158,628 shares of the company's stock after buying an additional 65,422 shares during the period. Raymond James Financial Inc. owned approximately 0.06% of Maplebear worth $6,328,000 at the end of the most recent quarter.

Several other large investors have also modified their holdings of the stock. Principal Financial Group Inc. lifted its stake in shares of 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 purchasing an additional 363,824 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. grew its stake 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 last quarter. Cambridge Investment Research Advisors Inc. increased its stake in Maplebear by 7.6% during the 1st quarter. Cambridge Investment Research Advisors Inc. now owns 6,166 shares of the company's stock worth $246,000 after purchasing an additional 433 shares in the last quarter. Golden State Wealth Management LLC raised its stake in Maplebear by 100.0% in the first quarter. Golden State Wealth Management LLC now owns 1,066 shares of the company's stock valued at $43,000 after buying an additional 533 shares during the period. Finally, New York State Teachers Retirement System raised its position in shares of Maplebear by 542.8% in the 1st quarter. New York State Teachers Retirement System now owns 101,720 shares of the company's stock valued at $4,058,000 after buying an additional 85,896 shares in the last quarter. Hedge funds and other institutional investors own 63.09% of the company's stock.

Analyst Ratings Changes

A number of research firms have issued reports on CART. Wall Street Zen raised Maplebear from a "hold" rating to a "buy" rating in a research report on Saturday, August 9th. Needham & Company LLC boosted their target price on shares of Maplebear from $56.00 to $66.00 and gave the stock a "buy" rating in a report on Friday, August 8th. Citigroup upped their price objective on Maplebear from $57.00 to $65.00 and gave the stock a "buy" rating in a research note on Friday, August 8th. Jefferies Financial Group raised their price objective on shares of Maplebear from $50.00 to $55.00 and gave the stock a "hold" rating in a research note on Monday, August 11th. Finally, Stifel Nicolaus increased their price target on Maplebear from $55.00 to $64.00 and gave the stock a "buy" rating in a report on Friday, August 8th. One investment analyst has rated the stock with a Strong Buy rating, sixteen have issued a Buy rating, eight have given a Hold rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat.com, Maplebear presently has an average rating of "Moderate Buy" and a consensus price target of $55.71.

Insider Activity

In related news, CEO Fidji Simo sold 6,640 shares of the company's stock in a transaction dated Wednesday, July 23rd. The stock was sold at an average price of $50.00, for a total transaction of $332,000.00. Following the transaction, the chief executive officer directly owned 1,958,805 shares of the company's stock, valued at $97,940,250. This represents a 0.34% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, insider Daniel Danker sold 10,037 shares of the firm's stock in a transaction dated Friday, July 18th. The stock was sold at an average price of $48.82, for a total value of $490,006.34. Following the sale, the insider directly owned 470,190 shares in the company, valued at approximately $22,954,675.80. This trade represents a 2.09% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 4,971,102 shares of company stock worth $237,536,372 over the last three months. 26.00% of the stock is currently owned by insiders.

Maplebear Price Performance

Shares of CART traded down $0.06 during midday trading on Monday, hitting $45.23. The stock had a trading volume of 1,252,107 shares, compared to its average volume of 4,359,793. The company has a 50 day simple moving average of $46.85 and a two-hundred day simple moving average of $44.08. The firm has a market cap of $11.92 billion, a price-to-earnings ratio of 26.20, a price-to-earnings-growth ratio of 1.52 and a beta of 1.22. Maplebear Inc. has a twelve month low of $34.06 and a twelve month high of $53.50.

Maplebear (NASDAQ:CART - Get Free Report) last announced its earnings results on Thursday, August 7th. The company reported $0.41 EPS for the quarter, topping the consensus estimate of $0.39 by $0.02. Maplebear had a return on equity of 15.69% and a net margin of 13.76%.The firm had revenue of $914.00 million for the quarter, compared to the consensus estimate of $896.55 million. During the same period in the previous year, the business earned $0.20 EPS. The business's quarterly revenue was up 11.1% compared to the same quarter last year. 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.