California Public Employees Retirement System Cuts Position in Maplebear Inc. (NASDAQ:CART)

California Public Employees Retirement System lowered its position in shares of Maplebear Inc. (NASDAQ:CART) by 0.6% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 274,269 shares of the company’s stock after selling 1,756 shares during the period. California Public Employees Retirement System owned about 0.11% of Maplebear worth $11,360,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the company. Stifel Financial Corp boosted its stake in Maplebear by 10.3% in the third quarter. Stifel Financial Corp now owns 25,561 shares of the company’s stock worth $1,041,000 after buying an additional 2,386 shares in the last quarter. State Street Corp boosted its stake in shares of Maplebear by 48.3% in the 3rd quarter. State Street Corp now owns 2,552,617 shares of the company’s stock valued at $103,994,000 after purchasing an additional 831,795 shares in the last quarter. Two Sigma Advisers LP grew its holdings in shares of Maplebear by 27.4% during the 3rd quarter. Two Sigma Advisers LP now owns 1,657,800 shares of the company’s stock valued at $67,539,000 after purchasing an additional 356,700 shares during the last quarter. Zacks Investment Management purchased a new position in Maplebear in the 3rd quarter worth $4,853,000. Finally, XTX Topco Ltd bought a new stake in Maplebear in the third quarter worth $977,000. 63.09% of the stock is currently owned by hedge funds and other institutional investors.

Maplebear Stock Down 6.6 %

Shares of NASDAQ CART opened at $37.37 on Friday. The firm has a market cap of $9.89 billion, a P/E ratio of 25.08, a PEG ratio of 1.19 and a beta of 1.19. Maplebear Inc. has a twelve month low of $29.84 and a twelve month high of $53.44. The company has a 50 day moving average of $43.98 and a 200 day moving average of $43.58.

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

Insider Transactions at Maplebear

In related news, CAO Alan Ramsay sold 2,314 shares of the company’s stock in a transaction on Tuesday, January 21st. The stock was sold at an average price of $46.28, for a total transaction of $107,091.92. Following the completion of the sale, the chief accounting officer now owns 85,421 shares in the company, valued at approximately $3,953,283.88. This represents a 2.64 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Fidji Simo sold 2,033 shares of the stock in a transaction dated Monday, March 17th. The shares were sold at an average price of $40.00, for a total value of $81,320.00. Following the completion of the transaction, the chief executive officer now directly owns 1,654,559 shares in the company, valued at approximately $66,182,360. This represents a 0.12 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 25,097 shares of company stock worth $1,087,094 over the last three months. 36.00% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

Several research analysts have recently commented on the company. BTIG Research upgraded Maplebear from a “neutral” rating to a “buy” rating and set a $58.00 price objective on the stock in a report on Tuesday, January 14th. Macquarie increased their price objective on Maplebear from $52.00 to $55.00 and gave the company an “outperform” rating in a research note on Thursday, February 27th. Bank of America lifted their target price on shares of Maplebear from $51.00 to $53.00 and gave the stock a “neutral” rating in a research note on Tuesday, February 25th. BMO Capital Markets increased their price target on shares of Maplebear from $48.00 to $49.00 and gave the company a “market perform” rating in a research report on Wednesday, February 26th. Finally, JPMorgan Chase & Co. cut their price target on shares of Maplebear from $52.00 to $50.00 and set an “overweight” rating on the stock in a report on Wednesday, February 26th. Thirteen research analysts have rated the stock with a hold rating, fifteen have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $50.13.

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.