TD Asset Management Inc Acquires 39,600 Shares of Maplebear Inc. (NASDAQ:CART)

Key Points

• TD Asset Management Inc increased its stake in Maplebear Inc. (NASDAQ:CART) by 10.8% during Q1, acquiring an additional 39,600 shares, bringing its total ownership to approximately 404,600 shares.
• Maplebear reported an EPS of $0.37, missing the consensus estimate of $0.38, but its revenue for the quarter was up 9.4% year-over-year.
• Wall Street analysts are optimistic, with the average target price for Maplebear set at $52.35, where eleven analysts rated it as a hold and fifteen as a buy.

TD Asset Management Inc boosted its position in shares of Maplebear Inc. (NASDAQ:CART - Free Report) by 10.8% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 404,600 shares of the company's stock after acquiring an additional 39,600 shares during the period. TD Asset Management Inc owned 0.15% of Maplebear worth $16,139,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Proathlete Wealth Management LLC purchased a new stake in Maplebear in the first quarter worth about $26,000. NewEdge Advisors LLC lifted its position in shares of Maplebear by 277.9% during the 4th quarter. NewEdge Advisors LLC now owns 975 shares of the company's stock valued at $40,000 after buying an additional 717 shares in the last quarter. UMB Bank n.a. lifted its position in shares of Maplebear by 914.1% during the 1st quarter. UMB Bank n.a. now owns 1,004 shares of the company's stock valued at $40,000 after buying an additional 905 shares in the last quarter. Spire Wealth Management purchased a new position in Maplebear in the 1st quarter valued at $41,000. Finally, CWM LLC lifted its holdings in Maplebear by 35.1% in the 1st quarter. CWM LLC now owns 1,058 shares of the company's stock valued at $42,000 after purchasing an additional 275 shares in the last quarter. Institutional investors own 63.09% of the company's stock.

Insider Buying and Selling

In other news, Director Levien Meredith A. Kopit sold 4,225 shares of the company's stock in a transaction dated Thursday, June 5th. The shares were 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 in the company, valued at approximately $988,336.05. This represents a 16.86% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Daniel Danker sold 10,037 shares of the company's stock in a transaction dated Friday, July 18th. The stock was sold at an average price of $48.82, for a total transaction of $490,006.34. Following the completion of the sale, the insider owned 470,190 shares in the company, valued at $22,954,675.80. This 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 over the last quarter. 26.00% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on CART. Barclays raised their target price on Maplebear from $58.00 to $61.00 and gave the stock an "overweight" rating in a research note on Friday, May 2nd. JMP Securities reissued a "market outperform" rating and set a $55.00 price objective on shares of Maplebear in a research report on Thursday, June 12th. Needham & Company LLC reissued a "buy" rating and set a $56.00 price objective on shares of Maplebear in a research report on Friday, May 2nd. Jefferies Financial Group raised their price objective on Maplebear from $48.00 to $50.00 and gave the stock a "hold" rating in a research report on Tuesday, May 27th. Finally, Loop Capital raised their price objective on Maplebear from $52.00 to $58.00 and gave the stock a "buy" rating in a research report on Monday, May 19th. Eleven investment analysts have rated the stock with a hold rating, fifteen have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average price target of $52.35.

Maplebear Trading Down 2.0%

Shares of NASDAQ CART traded down $0.96 during mid-day trading on Friday, hitting $47.01. The company had a trading volume of 3,517,671 shares, compared to its average volume of 3,258,509. Maplebear Inc. has a one year low of $29.84 and a one year high of $53.44. The company has a market capitalization of $12.34 billion, a PE ratio of 30.93, a price-to-earnings-growth ratio of 1.82 and a beta of 1.21. The firm has a 50-day simple moving average of $46.45 and a two-hundred day simple moving average of $44.59.

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

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.