T. Rowe Price Investment Management Inc. Grows Stock Position in Maplebear Inc. $CART

Key Points

• T. Rowe Price Investment Management Inc. increased its stake in Maplebear Inc. (NASDAQ:CART) by 10.2% in the first quarter, owning 5,226,979 shares valued at approximately $208.5 million.
• Institutional investors collectively own 63.09% of Maplebear's stock, with notable increases in holdings from Vanguard Group and Victory Capital Management.
• Analyst ratings on Maplebear are positive, with most upgrades leading to a consensus target price of $55.46 and a strong buy rating from one investment analyst.

T. Rowe Price Investment Management Inc. lifted its position in shares of Maplebear Inc. (NASDAQ:CART - Free Report) by 10.2% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 5,226,979 shares of the company's stock after purchasing an additional 482,327 shares during the period. T. Rowe Price Investment Management Inc. owned 1.99% of Maplebear worth $208,505,000 at the end of the most recent quarter.

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

Maplebear Stock Down 0.4%

Shares of NASDAQ:CART traded down $0.17 during midday trading on Tuesday, reaching $42.58. 1,183,704 shares of the company traded hands, compared to its average volume of 4,369,074. The firm's fifty day moving average price is $46.86 and its two-hundred day moving average price is $44.52. The firm has a market capitalization of $11.22 billion, a price-to-earnings ratio of 24.68, a price-to-earnings-growth ratio of 1.45 and a beta of 1.21. Maplebear Inc. has a 12 month low of $33.17 and a 12 month high of $53.50.

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

Wall Street Analyst Weigh In

A number of equities research analysts have recently commented on CART shares. Needham & Company LLC lifted their target price on Maplebear from $56.00 to $66.00 and gave the stock a "buy" rating in a research note on Friday, August 8th. Jefferies Financial Group increased their target price on shares of Maplebear from $50.00 to $55.00 and gave the company a "hold" rating in a research report on Monday, August 11th. Sanford C. Bernstein lifted their price target on shares of Maplebear from $55.00 to $60.00 and gave the stock an "outperform" rating in a report on Monday, July 21st. Wedbush reiterated an "underperform" rating and issued a $42.00 price objective (down previously from $55.00) on shares of Maplebear in a research note on Thursday, August 21st. Finally, Macquarie reissued an "outperform" rating and issued a $55.00 target price on shares of Maplebear in a research report on Tuesday, May 6th. One equities research analyst has rated the stock with a Strong Buy rating, sixteen have given a Buy rating, eight have assigned a Hold rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat, Maplebear currently has a consensus rating of "Moderate Buy" and a consensus target price of $55.63.

Insider Activity at Maplebear

In related news, insider Daniel Danker sold 10,037 shares of the company's stock in a transaction that occurred 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 sale, the insider owned 470,190 shares of the company's stock, valued at approximately $22,954,675.80. This represents a 2.09% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, General Counsel Morgan Fong sold 4,680 shares of the business's stock in a transaction dated Monday, July 21st. The stock was sold at an average price of $49.16, for a total value of $230,068.80. Following the transaction, the general counsel directly owned 452,000 shares of the company's stock, valued at $22,220,320. The trade was a 1.02% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 4,975,327 shares of company stock valued at $237,736,848 in the last quarter. 26.00% of the stock is currently owned by company insiders.

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.