HighTower Advisors LLC Reduces Stock Position in Maplebear Inc. (NASDAQ:CART)

HighTower Advisors LLC cut its stake in shares of Maplebear Inc. (NASDAQ:CART) by 27.8% in the fourth quarter, Holdings Channel.com reports. The institutional investor owned 148,221 shares of the company’s stock after selling 57,047 shares during the quarter. HighTower Advisors LLC’s holdings in Maplebear were worth $6,139,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also recently modified their holdings of the company. Jones Financial Companies Lllp increased its position in shares of Maplebear by 46.6% during the 4th quarter. Jones Financial Companies Lllp now owns 698 shares of the company’s stock valued at $29,000 after purchasing an additional 222 shares during the last quarter. Wilmington Savings Fund Society FSB purchased a new stake in Maplebear during the third quarter valued at approximately $33,000. Allworth Financial LP raised its position in Maplebear by 101.4% in the fourth quarter. Allworth Financial LP now owns 834 shares of the company’s stock worth $37,000 after acquiring an additional 420 shares during the period. Huntington National Bank purchased a new position in shares of Maplebear during the 3rd quarter worth $54,000. Finally, Cullen Frost Bankers Inc. bought a new stake in shares of Maplebear during the 4th quarter valued at $62,000. 63.09% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

CART has been the subject of a number of analyst reports. Mizuho reduced their price target on Maplebear from $55.00 to $52.00 and set an “outperform” rating for the company in a research report on Wednesday, February 26th. Seaport Res Ptn raised shares of Maplebear to a “strong-buy” rating in a report on Wednesday, February 12th. Wedbush reduced their price objective on shares of Maplebear from $48.00 to $46.00 and set a “neutral” rating for the company in a research note on Wednesday, February 26th. Barclays raised their price objective on shares of Maplebear from $56.00 to $58.00 and gave the company an “overweight” rating in a research report on Wednesday, February 26th. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $55.00 target price on shares of Maplebear in a report on Wednesday, February 26th. Thirteen research analysts have rated the stock with a hold rating, fifteen have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $50.52.

Maplebear Stock Down 1.2 %

Maplebear stock opened at $40.16 on Wednesday. Maplebear Inc. has a twelve month low of $29.84 and a twelve month high of $53.44. The company’s 50-day moving average price is $45.43 and its 200-day moving average price is $43.24. The company has a market cap of $10.63 billion, a PE ratio of 26.95, a price-to-earnings-growth ratio of 1.19 and a beta of 1.34.

Maplebear (NASDAQ:CART) last issued its quarterly earnings data on Tuesday, February 25th. The company reported $0.53 earnings per share for the quarter, topping the consensus estimate of $0.37 by $0.16. The company had revenue of $883.00 million for the quarter, compared to analysts’ expectations of $889.98 million. Maplebear had a return on equity of 13.78% and a net margin of 13.37%. As a group, sell-side analysts expect that Maplebear Inc. will post 1.43 earnings per share for the current fiscal year.

Insider Activity at Maplebear

In other Maplebear news, CAO Alan Ramsay sold 2,314 shares of the firm’s stock in a transaction dated Tuesday, January 21st. The shares were sold at an average price of $46.28, for a total value of $107,091.92. Following the completion of the sale, the chief accounting officer now owns 85,421 shares of the company’s stock, valued at $3,953,283.88. This trade represents a 2.64 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Fidji Simo sold 20,750 shares of the company’s stock in a transaction that occurred on Wednesday, February 26th. The shares were sold at an average price of $43.31, for a total value of $898,682.50. Following the transaction, the chief executive officer now directly owns 1,662,692 shares in the company, valued at approximately $72,011,190.52. This represents a 1.23 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 25,311 shares of company stock worth $1,100,463. Company insiders own 36.00% of the company’s stock.

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.