38,700 Shares in Maplebear Inc. (NASDAQ:CART) Purchased by State of Michigan Retirement System

State of Michigan Retirement System bought a new stake in Maplebear Inc. (NASDAQ:CART - Free Report) during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor bought 38,700 shares of the company's stock, valued at approximately $1,544,000.

A number of other large investors have also recently bought and sold shares of the company. Jones Financial Companies Lllp lifted its holdings in 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 acquiring an additional 222 shares during the period. Mirae Asset Global Investments Co. Ltd. raised its stake in shares of Maplebear by 18.6% during the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,056 shares of the company's stock worth $82,000 after buying an additional 322 shares during the period. Wealth Enhancement Advisory Services LLC raised its stake in shares of Maplebear by 0.5% during the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 74,846 shares of the company's stock worth $2,986,000 after buying an additional 336 shares during the period. Cambridge Investment Research Advisors Inc. raised its stake in shares of 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 buying an additional 433 shares during the period. Finally, WCG Wealth Advisors LLC raised its stake in shares of Maplebear by 3.3% during the 4th quarter. WCG Wealth Advisors LLC now owns 14,256 shares of the company's stock worth $590,000 after buying an additional 451 shares during the period. Hedge funds and other institutional investors own 63.09% of the company's stock.

Insider Activity

In related news, Director Levien Meredith A. Kopit sold 4,225 shares of the 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 transaction, the director owned 20,829 shares of the company's stock, valued at approximately $988,336.05. This represents a 16.86% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Fidji Simo sold 14,233 shares of the stock in a transaction dated Monday, July 14th. The stock was sold at an average price of $47.86, for a total value of $681,191.38. Following the transaction, the chief executive officer directly owned 2,032,005 shares in the company, valued at approximately $97,251,759.30. The trade was a 0.70% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 28,387 shares of company stock valued at $1,310,570 in the last quarter. Insiders own 26.00% of the company's stock.

Maplebear Stock Performance

Shares of Maplebear stock traded up $0.25 during trading hours on Friday, hitting $48.62. The company's stock had a trading volume of 1,492,820 shares, compared to its average volume of 3,945,169. Maplebear Inc. has a twelve month low of $29.84 and a twelve month high of $53.44. The firm has a fifty day moving average of $45.82 and a 200-day moving average of $44.25. The stock has a market cap of $12.76 billion, a price-to-earnings ratio of 31.98, a P/E/G ratio of 2.01 and a beta of 1.21.

Maplebear (NASDAQ:CART - Get Free Report) last announced 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). Maplebear had a net margin of 12.45% and a return on equity of 14.12%. The business had revenue of $897.00 million during the quarter, compared to analyst estimates of $896.86 million. During the same period last year, the company earned $0.43 EPS. The business's revenue for the quarter was up 9.4% on a year-over-year basis. On average, sell-side analysts expect that Maplebear Inc. will post 1.43 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on CART shares. JPMorgan Chase & Co. reduced their target price on Maplebear from $50.00 to $44.00 and set an "overweight" rating for the company in a research note on Tuesday, April 8th. Wells Fargo & Company reduced their target price on Maplebear from $47.00 to $44.00 and set an "equal weight" rating for the company in a research note on Thursday, April 3rd. Jefferies Financial Group upped their target price on Maplebear from $48.00 to $50.00 and gave the stock a "hold" rating in a research note on Tuesday, May 27th. JMP Securities reaffirmed a "market outperform" rating and set a $55.00 target price on shares of Maplebear in a research note on Thursday, June 12th. Finally, Loop Capital upped their target price on Maplebear from $52.00 to $58.00 and gave the stock a "buy" rating in a research note on Monday, May 19th. Eleven equities research analysts have rated the stock with a hold rating, fourteen have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, Maplebear has a consensus rating of "Moderate Buy" and a consensus price target of $51.95.

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.