Securian Asset Management Inc. Makes New Investment in Maplebear Inc. (NASDAQ:CART)

Securian Asset Management Inc. acquired a new stake in Maplebear Inc. (NASDAQ:CART - Free Report) in the 1st quarter, according to its most recent Form 13F filing with the SEC. The institutional investor acquired 12,257 shares of the company's stock, valued at approximately $489,000.

Several other hedge funds have also recently added to or reduced their stakes in the company. Proathlete Wealth Management LLC acquired a new stake in shares of Maplebear during the 1st quarter worth about $26,000. Jones Financial Companies Lllp boosted its stake in shares of Maplebear by 46.6% in the fourth quarter. Jones Financial Companies Lllp now owns 698 shares of the company's stock valued at $29,000 after buying an additional 222 shares in the last quarter. NewEdge Advisors LLC boosted its position in Maplebear by 277.9% during the fourth quarter. NewEdge Advisors LLC now owns 975 shares of the company's stock worth $40,000 after purchasing an additional 717 shares in the last quarter. UMB Bank n.a. boosted its position in Maplebear by 914.1% during the first quarter. UMB Bank n.a. now owns 1,004 shares of the company's stock worth $40,000 after purchasing an additional 905 shares in the last quarter. Finally, Spire Wealth Management purchased a new stake in shares of Maplebear in the first quarter valued at $41,000. 63.09% of the stock is owned by institutional investors and hedge funds.

Maplebear Stock Performance

NASDAQ:CART opened at $48.37 on Friday. Maplebear Inc. has a 1 year low of $29.84 and a 1 year high of $53.44. The stock has a market capitalization of $12.70 billion, a price-to-earnings ratio of 31.82, a PEG ratio of 2.01 and a beta of 1.21. The stock has a fifty day moving average price of $45.82 and a two-hundred day moving average price of $44.25.

Maplebear (NASDAQ:CART - Get Free Report) last released its quarterly earnings results on Thursday, May 1st. The company reported $0.37 EPS for the quarter, missing the consensus estimate of $0.38 by ($0.01). The company had revenue of $897.00 million for the quarter, compared to analyst estimates of $896.86 million. Maplebear had a return on equity of 14.12% and a net margin of 12.45%. The business's revenue was up 9.4% on a year-over-year basis. During the same period last year, the firm posted $0.43 earnings per share. On average, analysts predict that Maplebear Inc. will post 1.43 EPS for the current year.

Wall Street Analyst Weigh In

Several brokerages have commented on CART. Robert W. Baird upped their price target on Maplebear from $47.00 to $52.00 and gave the stock an "outperform" rating in a research note on Thursday. Wall Street Zen lowered Maplebear from a "buy" rating to a "hold" rating in a research report on Friday, May 30th. Jefferies Financial Group lifted their target price on Maplebear from $48.00 to $50.00 and gave the company a "hold" rating in a research note on Tuesday, May 27th. JPMorgan Chase & Co. lowered their price target on Maplebear from $50.00 to $44.00 and set an "overweight" rating on the stock in a report on Tuesday, April 8th. Finally, Wells Fargo & Company reduced their price objective on Maplebear from $47.00 to $44.00 and set an "equal weight" rating for the company in a research report on Thursday, April 3rd. Eleven research 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. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $51.95.

Insider Activity

In other news, General Counsel Morgan Fong sold 5,249 shares of the firm's stock in a transaction dated Monday, April 21st. The shares were sold at an average price of $42.57, for a total value of $223,449.93. Following the transaction, the general counsel owned 484,292 shares of the company's stock, valued at approximately $20,616,310.44. This trade represents a 1.07% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Levien Meredith A. Kopit sold 4,225 shares of Maplebear stock in a transaction dated Thursday, June 5th. The shares were sold at an average price of $47.45, for a total value of $200,476.25. Following the completion of the sale, the director directly owned 20,829 shares in the company, valued at $988,336.05. This represents a 16.86% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 28,387 shares of company stock valued at $1,310,570. Insiders own 26.00% of the company's stock.

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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