Adero Partners LLC Acquires New Holdings in Maplebear Inc. (NASDAQ:CART)

Adero Partners LLC acquired a new stake in Maplebear Inc. (NASDAQ:CART) during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor acquired 11,191 shares of the company’s stock, valued at approximately $456,000.

A number of other large investors have also recently added to or reduced their stakes in CART. Oppenheimer & Co. Inc. acquired a new stake in Maplebear in the 1st quarter valued at about $213,000. Russell Investments Group Ltd. acquired a new stake in shares of Maplebear during the 1st quarter worth about $1,663,000. Mitsubishi UFJ Asset Management Co. Ltd. acquired a new stake in shares of Maplebear during the 1st quarter worth about $6,462,000. Vanguard Group Inc. boosted its stake in shares of Maplebear by 239.1% during the 1st quarter. Vanguard Group Inc. now owns 213,496 shares of the company’s stock worth $7,961,000 after purchasing an additional 150,544 shares during the last quarter. Finally, Delta Global Management LP acquired a new stake in shares of Maplebear during the 1st quarter worth about $25,722,000. 63.09% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In other news, CEO Fidji Simo sold 33,000 shares of Maplebear stock in a transaction that occurred on Wednesday, August 28th. The shares were sold at an average price of $35.27, for a total transaction of $1,163,910.00. Following the sale, the chief executive officer now owns 1,844,778 shares in the company, valued at $65,065,320.06. This trade represents a 1.76 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, General Counsel Morgan Fong sold 10,992 shares of the firm’s stock in a transaction that occurred on Friday, September 20th. The stock was sold at an average price of $41.38, for a total transaction of $454,848.96. Following the sale, the general counsel now directly owns 298,984 shares of the company’s stock, valued at $12,371,957.92. The trade was a 3.55 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 118,710 shares of company stock worth $4,978,164 over the last 90 days. Company insiders own 36.00% of the company’s stock.

Maplebear Stock Down 2.2 %

CART opened at $42.00 on Friday. The firm has a market capitalization of $10.79 billion, a P/E ratio of 28.19, a P/E/G ratio of 1.13 and a beta of 1.12. The firm’s 50 day moving average is $42.17 and its 200-day moving average is $36.62. Maplebear Inc. has a 52-week low of $22.13 and a 52-week high of $50.01.

Maplebear (NASDAQ:CART) last posted its quarterly earnings data on Tuesday, November 12th. The company reported $0.42 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.22 by $0.20. The company had revenue of $852.00 million for the quarter, compared to analyst estimates of $844.03 million. Maplebear had a net margin of 13.37% and a return on equity of 13.78%. The business’s quarterly revenue was up 11.5% on a year-over-year basis. During the same quarter last year, the firm posted ($20.86) earnings per share. Equities analysts expect that Maplebear Inc. will post 1.4 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

CART has been the topic of several analyst reports. Citigroup raised their price target on shares of Maplebear from $44.00 to $47.00 and gave the stock a “buy” rating in a research note on Thursday, August 8th. Macquarie raised their price target on shares of Maplebear from $50.00 to $52.00 and gave the stock an “outperform” rating in a research note on Thursday. Jefferies Financial Group initiated coverage on shares of Maplebear in a research note on Wednesday, October 16th. They set a “hold” rating and a $43.00 price target on the stock. Oppenheimer increased their price objective on shares of Maplebear from $55.00 to $60.00 and gave the stock an “outperform” rating in a report on Wednesday. Finally, Raymond James initiated coverage on shares of Maplebear in a report on Tuesday, September 24th. They set a “market perform” rating on the stock. Twelve analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company’s stock. According to data from MarketBeat.com, Maplebear has a consensus rating of “Moderate Buy” and a consensus price target of $47.29.

Maplebear Company 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.