Zurcher Kantonalbank Zurich Cantonalbank Acquires 5,500 Shares of Maplebear Inc. (NASDAQ:CART)

Key Points

• Zurcher Kantonalbank increased its stake in Maplebear Inc. by 12.3%, acquiring an additional 5,500 shares, bringing its total holdings to 50,058 shares valued at nearly $2 million.
• Insider Daniel Danker sold 10,037 shares of Maplebear stock, while insider Grosvenor L.P. Gcm sold 4.86 million shares, indicating significant insider trading activity.
• Maplebear's stock recently experienced a 2.0% decline, with analysts projecting a consensus target price of $52.35, suggesting a moderate buy rating.

Zurcher Kantonalbank Zurich Cantonalbank increased its position in shares of Maplebear Inc. (NASDAQ:CART - Free Report) by 12.3% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 50,058 shares of the company's stock after buying an additional 5,500 shares during the quarter. Zurcher Kantonalbank Zurich Cantonalbank's holdings in Maplebear were worth $1,997,000 at the end of the most recent quarter.

Other institutional investors have also added to or reduced their stakes in the company. Proathlete Wealth Management LLC acquired a new stake in Maplebear during the 1st quarter worth $26,000. NewEdge Advisors LLC grew its holdings in shares of Maplebear by 277.9% in 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 during the period. UMB Bank n.a. grew its holdings in shares of Maplebear by 914.1% in 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 during the period. Spire Wealth Management acquired a new position in shares of Maplebear in the 1st quarter valued at $41,000. Finally, CWM LLC grew its holdings in shares of 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 buying an additional 275 shares during the period. 63.09% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other Maplebear news, Director Levien Meredith A. Kopit sold 4,225 shares of the business's stock in a transaction dated Thursday, June 5th. The shares were sold at an average price of $47.45, for a total value of $200,476.25. Following the transaction, the director directly owned 20,829 shares in the company, valued at $988,336.05. The trade was a 16.86% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Daniel Danker sold 10,037 shares of the 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 transaction, the insider directly owned 470,190 shares in the company, valued at approximately $22,954,675.80. This represents a 2.09% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 4,975,327 shares of company stock worth $237,736,848 in the last ninety days. 26.00% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

A number of research firms have recently commented on CART. Citigroup increased their price objective on shares of Maplebear from $55.00 to $57.00 and gave the stock a "buy" rating in a research note on Tuesday, May 13th. JPMorgan Chase & Co. dropped their price objective on Maplebear from $50.00 to $44.00 and set an "overweight" rating on the stock in a research note on Tuesday, April 8th. JMP Securities reiterated a "market outperform" rating and set a $55.00 price objective on shares of Maplebear in a research note on Thursday, June 12th. Barclays upped their price objective on Maplebear from $58.00 to $61.00 and gave the stock an "overweight" rating in a research note on Friday, May 2nd. Finally, Stifel Nicolaus upped their price objective on Maplebear from $54.00 to $55.00 and gave the stock a "buy" rating in a research note on Tuesday, July 29th. Eleven 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 company. According to MarketBeat, Maplebear has a consensus rating of "Moderate Buy" and a consensus price target of $52.35.

Maplebear Stock Performance

Shares of NASDAQ CART traded down $0.08 during trading on Wednesday, hitting $47.86. 1,460,208 shares of the company traded hands, compared to its average volume of 4,155,558. The business's fifty day moving average is $46.50 and its 200 day moving average is $44.61. Maplebear Inc. has a fifty-two week low of $31.06 and a fifty-two week high of $53.44. The firm has a market capitalization of $12.56 billion, a price-to-earnings ratio of 31.50, a P/E/G ratio of 1.88 and a beta of 1.21.

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.