Sterling Capital Management LLC Increases Stock Holdings in Maplebear Inc. $CART

Sterling Capital Management LLC boosted its holdings in shares of Maplebear Inc. (NASDAQ:CART) by 280.2% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 38,752 shares of the company’s stock after buying an additional 28,559 shares during the period. Sterling Capital Management LLC’s holdings in Maplebear were worth $1,452,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in CART. PenderFund Capital Management Ltd. acquired a new stake in Maplebear in the fourth quarter worth about $27,000. Allworth Financial LP increased its holdings in shares of Maplebear by 35.7% during the third quarter. Allworth Financial LP now owns 928 shares of the company’s stock valued at $34,000 after acquiring an additional 244 shares in the last quarter. IFP Advisors Inc raised its position in shares of Maplebear by 761.3% in the 4th quarter. IFP Advisors Inc now owns 956 shares of the company’s stock valued at $43,000 after purchasing an additional 845 shares during the last quarter. Sunbelt Securities Inc. raised its position in shares of Maplebear by 212.7% in the 3rd quarter. Sunbelt Securities Inc. now owns 1,157 shares of the company’s stock valued at $43,000 after purchasing an additional 787 shares during the last quarter. Finally, Wilmington Savings Fund Society FSB boosted its stake in Maplebear by 49.2% in the 4th quarter. Wilmington Savings Fund Society FSB now owns 1,462 shares of the company’s stock worth $66,000 after purchasing an additional 482 shares in the last quarter. 63.09% of the stock is currently owned by hedge funds and other institutional investors.

Maplebear Price Performance

CART stock opened at $47.23 on Tuesday. The company has a market capitalization of $11.10 billion, a P/E ratio of 26.39, a price-to-earnings-growth ratio of 0.65 and a beta of 0.88. Maplebear Inc. has a 12 month low of $32.73 and a 12 month high of $53.50. The firm’s fifty day simple moving average is $42.09 and its 200-day simple moving average is $40.43.

Maplebear (NASDAQ:CART) last issued its earnings results on Wednesday, May 6th. The company reported $0.57 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.58 by ($0.01). The business had revenue of $1.02 billion for the quarter, compared to analysts’ expectations of $1.01 billion. Maplebear had a return on equity of 18.67% and a net margin of 12.50%.The company’s revenue for the quarter was up 13.6% on a year-over-year basis. During the same period last year, the business earned $0.37 EPS. As a group, sell-side analysts forecast that Maplebear Inc. will post 2.45 earnings per share for the current year.

Insider Activity

In other news, Director Ravi Gupta sold 181,000 shares of the business’s stock in a transaction dated Tuesday, June 2nd. The stock was sold at an average price of $41.51, for a total value of $7,513,310.00. Following the completion of the transaction, the director owned 741,523 shares of the company’s stock, valued at $30,780,619.73. The trade was a 19.62% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CAO Lisa Blackwood-Kapral sold 9,390 shares of the company’s stock in a transaction dated Wednesday, April 15th. The stock was sold at an average price of $40.25, for a total value of $377,947.50. Following the completion of the sale, the chief accounting officer owned 58,971 shares in the company, valued at $2,373,582.75. The trade was a 13.74% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 24.00% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

CART has been the topic of several research analyst reports. Weiss Ratings raised shares of Maplebear from a “hold (c-)” rating to a “hold (c)” rating in a research report on Monday, May 11th. Wells Fargo & Company raised their price target on shares of Maplebear from $45.00 to $47.00 and gave the stock an “equal weight” rating in a report on Thursday, May 7th. Needham & Company LLC reiterated a “buy” rating and set a $55.00 price objective on shares of Maplebear in a research note on Thursday, May 7th. Wall Street Zen downgraded Maplebear from a “buy” rating to a “hold” rating in a research report on Saturday, May 2nd. Finally, Barclays raised their target price on Maplebear from $65.00 to $69.00 and gave the stock an “overweight” rating in a research note on Thursday, May 7th. One equities research analyst has rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating, nine have given a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat.com, Maplebear presently has an average rating of “Moderate Buy” and a consensus price target of $51.09.

Maplebear Company Profile

Maplebear, Inc, doing business as Instacart, operates a leading online grocery and essentials marketplace that connects consumers, retail partners and personal shoppers through its digital platform. The company enables customers to order groceries, household items and specialty products for same-day or scheduled delivery, as well as in-store pickup. By integrating its technology with retailers’ existing inventory and point-of-sale systems, Maplebear streamlines the shopping experience and provides real-time availability and pricing.

Founded in 2012 and headquartered in San Francisco, Maplebear has grown from a regional startup to a publicly traded company listed on NASDAQ under the ticker CART.