Swiss National Bank Acquires 96,700 Shares of Maplebear Inc. $CART

Key Points

• The Swiss National Bank increased its stake in Maplebear Inc. by 54.6%, now owning 273,700 shares worth approximately $10.9 million.
• Maplebear reported a quarterly earnings per share of $0.41, exceeding the consensus estimate of $0.39, with revenues increasing by 11.1% year-over-year to $914 million.
• Multiple analysts have raised their price targets for Maplebear, with recommendations ranging from "buy" to "market outperform." The consensus target price now stands at $55.46.

Swiss National Bank increased its stake in shares of Maplebear Inc. (NASDAQ:CART - Free Report) by 54.6% in the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 273,700 shares of the company's stock after purchasing an additional 96,700 shares during the quarter. Swiss National Bank owned approximately 0.10% of Maplebear worth $10,918,000 as of its most recent filing with the SEC.

Other institutional investors have also made changes to their positions in the company. Principal Financial Group Inc. boosted its holdings in shares of Maplebear by 4,154.7% during the first quarter. Principal Financial Group Inc. now owns 372,581 shares of the company's stock worth $14,862,000 after purchasing an additional 363,824 shares during the period. Mirae Asset Global Investments Co. Ltd. raised its position in Maplebear by 18.6% during the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,056 shares of the company's stock valued at $82,000 after acquiring an additional 322 shares in the last quarter. Cambridge Investment Research Advisors Inc. raised its position in Maplebear by 7.6% during the first quarter. Cambridge Investment Research Advisors Inc. now owns 6,166 shares of the company's stock valued at $246,000 after acquiring an additional 433 shares in the last quarter. Golden State Wealth Management LLC raised its position in Maplebear by 100.0% during the first quarter. Golden State Wealth Management LLC now owns 1,066 shares of the company's stock valued at $43,000 after acquiring an additional 533 shares in the last quarter. Finally, New York State Teachers Retirement System raised its position in Maplebear by 542.8% during the first quarter. New York State Teachers Retirement System now owns 101,720 shares of the company's stock valued at $4,058,000 after acquiring an additional 85,896 shares in the last quarter. 63.09% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several equities analysts recently weighed in on CART shares. Needham & Company LLC raised their price objective on shares of Maplebear from $56.00 to $66.00 and gave the company a "buy" rating in a research report on Friday, August 8th. Morgan Stanley raised their price objective on shares of Maplebear from $45.00 to $48.00 and gave the company an "equal weight" rating in a research report on Friday, August 15th. JMP Securities raised their price objective on shares of Maplebear from $55.00 to $60.00 and gave the company a "market outperform" rating in a research report on Friday, August 8th. Sanford C. Bernstein raised their price objective on shares of Maplebear from $55.00 to $60.00 and gave the company an "outperform" rating in a research report on Monday, July 21st. Finally, Wall Street Zen raised shares of Maplebear from a "hold" rating to a "buy" rating in a research report on Saturday, August 9th. One research analyst has rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating, eight have issued a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average price target of $55.29.

Maplebear Price Performance

CART stock traded down $0.99 on Thursday, reaching $44.52. 5,434,105 shares of the company were exchanged, compared to its average volume of 5,574,859. Maplebear Inc. has a 12 month low of $33.17 and a 12 month high of $53.50. The stock's fifty day moving average price is $46.88 and its 200 day moving average price is $44.66. The firm has a market capitalization of $11.73 billion, a PE ratio of 25.73, a PEG ratio of 1.52 and a beta of 1.21.

Maplebear (NASDAQ:CART - Get Free Report) last announced its earnings results on Thursday, August 7th. The company reported $0.41 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.39 by $0.02. Maplebear had a net margin of 13.76% and a return on equity of 15.69%. The business had revenue of $914.00 million for the quarter, compared to analyst estimates of $896.55 million. During the same quarter in the previous year, the firm posted $0.20 earnings per share. Maplebear's revenue was up 11.1% compared to the same quarter last year. As a group, research analysts expect that Maplebear Inc. will post 1.43 EPS for the current fiscal year.

Insider Buying and Selling at Maplebear

In related news, insider Grosvenor L.P. Gcm sold 4,864,272 shares of the business's stock in a transaction on Friday, July 25th. The shares were sold at an average price of $47.75, for a total transaction of $232,268,988.00. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Daniel Danker sold 10,037 shares of the business's stock in a transaction on Friday, July 18th. The shares were sold at an average price of $48.82, for a total transaction of $490,006.34. Following the completion of the sale, the insider directly owned 470,190 shares in the company, valued at $22,954,675.80. This trade represents a 2.09% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 4,975,327 shares of company stock valued at $237,736,848 in the last three months. 26.00% of the stock is owned by insiders.

About Maplebear

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.