Sterling Capital Management LLC Purchases 28,559 Shares of Maplebear Inc. $CART

Key Points

• Sterling Capital Management boosted its stake in Maplebear (Instacart) by 280.2% in the first quarter, adding 28,559 shares to bring its total holdings to 38,752 shares worth about $1.45 million.
• Several other institutional investors also increased or initiated positions, and 63.09% of Maplebear’s stock is now owned by hedge funds and other institutions.
• Analysts remain generally positive on CART, with a consensus “Moderate Buy” rating and average price target of $51.09, while the stock traded around $47.23 after the company recently reported slightly missed EPS but stronger-than-expected revenue growth.

Sterling Capital Management LLC increased its position in shares of Maplebear Inc. (NASDAQ:CART - Free Report) by 280.2% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 38,752 shares of the company's stock after purchasing an additional 28,559 shares during the period. Sterling Capital Management LLC's holdings in Maplebear were worth $1,452,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Kingdon Capital Management L.L.C. increased its stake in Maplebear by 40.6% in the 3rd quarter. Kingdon Capital Management L.L.C. now owns 450,000 shares of the company's stock worth $16,542,000 after buying an additional 130,000 shares during the period. US Bancorp DE boosted its position in Maplebear by 17.0% in the 4th quarter. US Bancorp DE now owns 437,658 shares of the company's stock valued at $19,686,000 after buying an additional 63,666 shares during the period. Ruffer LLP bought a new position in Maplebear in the 4th quarter worth about $2,567,000. Liontrust Investment Partners LLP bought a new position in Maplebear in the 3rd quarter worth about $8,703,000. Finally, CWM LLC increased its position in shares of Maplebear by 1,741.4% during the fourth quarter. CWM LLC now owns 30,088 shares of the company's stock worth $1,353,000 after acquiring an additional 28,454 shares during the period. 63.09% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on CART. Citizens Jmp reiterated a "market outperform" rating and issued a $60.00 price target on shares of Maplebear in a report on Monday, June 15th. Needham & Company LLC restated a "buy" rating and set a $55.00 price objective on shares of Maplebear in a report on Thursday, May 7th. Wells Fargo & Company upped their target price on Maplebear from $45.00 to $47.00 and gave the stock an "equal weight" rating in a report on Thursday, May 7th. Barclays increased their price target on Maplebear from $65.00 to $69.00 and gave the stock an "overweight" rating in a research report on Thursday, May 7th. Finally, Jefferies Financial Group upgraded Maplebear from a "hold" rating to a "buy" rating and raised their price target for the company from $38.00 to $45.00 in a research note on Monday, March 30th. One analyst has rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating, nine have assigned a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $51.09.

Maplebear Trading Down 0.5%

CART opened at $47.23 on Tuesday. The firm has a market cap of $11.10 billion, a price-to-earnings ratio of 26.39, a PEG ratio of 0.65 and a beta of 0.88. Maplebear Inc. has a 12 month low of $32.73 and a 12 month high of $53.50. The stock has a fifty day moving average price of $42.09 and a 200-day moving average price of $40.43.

Maplebear (NASDAQ:CART - Get Free Report) last issued its quarterly earnings data on Wednesday, May 6th. The company reported $0.57 earnings per share for the quarter, missing analysts' consensus estimates of $0.58 by ($0.01). Maplebear had a net margin of 12.50% and a return on equity of 18.67%. The company had revenue of $1.02 billion for the quarter, compared to the consensus estimate of $1.01 billion. During the same period in the previous year, the business earned $0.37 EPS. Maplebear's revenue for the quarter was up 13.6% compared to the same quarter last year. On average, equities research analysts forecast that Maplebear Inc. will post 2.45 EPS for the current year.

Insider Transactions at Maplebear

In related news, CAO Lisa Blackwood-Kapral sold 9,390 shares of the business's stock in a transaction that occurred on Wednesday, April 15th. The shares were sold at an average price of $40.25, for a total transaction of $377,947.50. Following the completion of the transaction, the chief accounting officer owned 58,971 shares in the company, valued at $2,373,582.75. The trade was a 13.74% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Ravi Gupta sold 181,000 shares of the stock in a transaction that occurred on Tuesday, June 2nd. The shares were sold at an average price of $41.51, for a total transaction of $7,513,310.00. Following the sale, the director directly owned 741,523 shares of the company's stock, valued at $30,780,619.73. The trade was a 19.62% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 24.00% of the stock is currently owned by company insiders.

Maplebear Company Profile

Maplebear, Inc, doing business as Instacart, operates a leading online grocery and essentials marketplace that connects consumers, retail partners and personal shoppers through its digital platform. The company enables customers to order groceries, household items and specialty products for same-day or scheduled delivery, as well as in-store pickup. By integrating its technology with retailers' existing inventory and point-of-sale systems, Maplebear streamlines the shopping experience and provides real-time availability and pricing.

Founded in 2012 and headquartered in San Francisco, Maplebear has grown from a regional startup to a publicly traded company listed on NASDAQ under the ticker CART.

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