Retirement Systems of Alabama Acquires Shares of 395,078 Maplebear Inc. (NASDAQ:CART)

Retirement Systems of Alabama purchased a new position in Maplebear Inc. (NASDAQ:CART - Free Report) during the first quarter, according to its most recent Form 13F filing with the SEC. The fund purchased 395,078 shares of the company's stock, valued at approximately $15,760,000. Retirement Systems of Alabama owned approximately 0.15% of Maplebear as of its most recent SEC filing.

Other hedge funds have also recently made changes to their positions in the company. Vanguard Group Inc. raised its stake in Maplebear by 16.8% during the fourth quarter. Vanguard Group Inc. now owns 15,968,358 shares of the company's stock valued at $661,409,000 after buying an additional 2,300,288 shares during the last quarter. T. Rowe Price Investment Management Inc. increased its holdings in shares of Maplebear by 15.5% during the fourth quarter. T. Rowe Price Investment Management Inc. now owns 4,744,652 shares of the company's stock valued at $196,524,000 after acquiring an additional 635,930 shares in the last quarter. Victory Capital Management Inc. increased its holdings in shares of Maplebear by 11,501.2% during the fourth quarter. Victory Capital Management Inc. now owns 4,526,673 shares of the company's stock valued at $187,495,000 after acquiring an additional 4,487,654 shares in the last quarter. Jacobs Levy Equity Management Inc. raised its position in shares of Maplebear by 85.0% in the 4th quarter. Jacobs Levy Equity Management Inc. now owns 3,081,847 shares of the company's stock worth $127,650,000 after purchasing an additional 1,416,426 shares during the last quarter. Finally, Boston Partners purchased a new position in shares of Maplebear in the 4th quarter worth about $111,506,000. 63.09% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

CART has been the subject of a number of analyst reports. Mizuho reduced their price objective on shares of Maplebear from $55.00 to $52.00 and set an "outperform" rating for the company in a research note on Wednesday, February 26th. Loop Capital increased their price target on shares of Maplebear from $52.00 to $58.00 and gave the company a "buy" rating in a report on Monday, May 19th. Barclays boosted their price objective on shares of Maplebear from $58.00 to $61.00 and gave the stock an "overweight" rating in a report on Friday, May 2nd. 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. Finally, Needham & Company LLC reissued a "buy" rating and issued a $56.00 target price on shares of Maplebear in a report on Friday, May 2nd. Thirteen investment analysts have rated the stock with a hold rating, fourteen have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average price target of $51.91.

Maplebear Trading Down 3.6%

NASDAQ CART traded down $1.64 on Wednesday, hitting $43.33. 2,993,763 shares of the company traded hands, compared to its average volume of 3,990,993. The company has a market capitalization of $11.37 billion, a price-to-earnings ratio of 29.59, a P/E/G ratio of 1.89 and a beta of 1.30. The business's 50 day moving average price is $44.31 and its 200-day moving average price is $43.72. Maplebear Inc. has a 52-week low of $29.84 and a 52-week high of $53.44.

Maplebear (NASDAQ:CART - Get Free Report) last issued its quarterly earnings results on Thursday, May 1st. The company reported $0.37 EPS 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 during the quarter, compared to analysts' expectations of $896.86 million. During the same quarter in the previous year, the company earned $0.43 EPS. The business's quarterly revenue was up 9.4% compared to the same quarter last year. As a group, sell-side analysts predict that Maplebear Inc. will post 1.43 earnings per share for the current year.

Insider Buying and Selling

In other Maplebear news, 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 approximately $68,491,321.60. This represents a 0.49% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, General Counsel Morgan Fong sold 4,680 shares of the firm's stock in a transaction dated Friday, June 20th. The shares were sold at an average price of $43.90, for a total value of $205,452.00. Following the sale, the general counsel now directly owns 456,680 shares in the company, valued at approximately $20,048,252. This represents a 1.01% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 22,287 shares of company stock valued at $967,711. 26.00% of the stock is owned by corporate insiders.

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.