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

Retirement Systems of Alabama acquired a new stake in shares of Maplebear Inc. (NASDAQ:CART - Free Report) during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor acquired 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 institutional investors and hedge funds have also made changes to their positions in the company. US Bancorp DE raised its position in shares of Maplebear by 22.3% during the 4th quarter. US Bancorp DE now owns 13,077 shares of the company's stock worth $542,000 after purchasing an additional 2,387 shares during the period. Commonwealth Equity Services LLC acquired a new stake in shares of Maplebear during the 4th quarter worth approximately $234,000. PNC Financial Services Group Inc. raised its position in shares of Maplebear by 243.3% during the 4th quarter. PNC Financial Services Group Inc. now owns 3,399 shares of the company's stock worth $141,000 after purchasing an additional 2,409 shares during the period. Jasper Ridge Partners L.P. raised its position in shares of Maplebear by 33.4% during the 4th quarter. Jasper Ridge Partners L.P. now owns 75,986 shares of the company's stock worth $3,147,000 after purchasing an additional 19,019 shares during the period. Finally, Barclays PLC raised its position in shares of Maplebear by 60.3% during the 4th quarter. Barclays PLC now owns 123,391 shares of the company's stock worth $5,111,000 after purchasing an additional 46,413 shares during the period. 63.09% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other Maplebear news, Director Levien Meredith A. Kopit sold 4,225 shares of the firm's stock in a transaction dated Thursday, June 5th. The stock was sold at an average price of $47.45, for a total transaction of $200,476.25. Following the completion of the sale, the director now directly owns 20,829 shares in the company, valued at approximately $988,336.05. This trade represents a 16.86% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, General Counsel Morgan Fong sold 5,249 shares of the firm's stock in a transaction dated Monday, April 21st. The stock was sold at an average price of $42.57, for a total value of $223,449.93. Following the sale, the general counsel now owns 484,292 shares of the company's stock, valued at $20,616,310.44. The trade was a 1.07% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 17,607 shares of company stock worth $762,259. 26.00% of the stock is currently owned by company insiders.

Maplebear Stock Up 1.4%

NASDAQ:CART opened at $43.75 on Friday. Maplebear Inc. has a 1-year low of $29.84 and a 1-year high of $53.44. The firm has a market capitalization of $11.49 billion, a price-to-earnings ratio of 28.78, a price-to-earnings-growth ratio of 1.84 and a beta of 1.30. The stock has a fifty day simple moving average of $44.20 and a 200 day simple moving average of $43.72.

Maplebear (NASDAQ:CART - Get Free Report) last released its quarterly earnings results 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 net margin of 12.45% and a return on equity of 14.12%. The company had revenue of $897.00 million during the quarter, compared to analyst estimates of $896.86 million. During the same quarter last year, the business earned $0.43 EPS. The company's revenue for the quarter was up 9.4% compared to the same quarter last year. Equities analysts predict that Maplebear Inc. will post 1.43 earnings per share for the current year.

Analysts Set New Price Targets

CART has been the topic of a number of research reports. Morgan Stanley increased their price target on Maplebear from $44.00 to $45.00 and gave the stock an "equal weight" rating in a research report on Wednesday, February 26th. Citigroup increased their price target on Maplebear from $55.00 to $57.00 and gave the stock a "buy" rating in a research note on Tuesday, May 13th. BMO Capital Markets raised their price target on Maplebear from $48.00 to $49.00 and gave the company a "market perform" rating in a report on Wednesday, February 26th. Benchmark reissued a "hold" rating on shares of Maplebear in a report on Wednesday, February 26th. Finally, FBN Securities assumed coverage on Maplebear in a report on Friday, March 28th. They set a "sector perform" rating and a $44.00 price target on the stock. Thirteen investment analysts have rated the stock with a hold rating, fourteen have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, Maplebear presently has an average rating of "Moderate Buy" and an average target price of $51.91.

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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