Legal & General Group Plc Purchases New Shares in Maplebear Inc. $CART

Legal & General Group Plc purchased a new position in shares of Maplebear Inc. (NASDAQ:CART) during the 2nd quarter, HoldingsChannel reports. The institutional investor purchased 221,375 shares of the company’s stock, valued at approximately $10,482,000.

A number of other institutional investors have also added to or reduced their stakes in CART. Pinnacle Bancorp Inc. purchased a new stake in Maplebear in the 1st quarter valued at about $25,000. PenderFund Capital Management Ltd. bought a new position in shares of Maplebear in the fourth quarter valued at approximately $27,000. Allworth Financial LP grew its holdings in shares of Maplebear by 35.7% in 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 increased its position in shares of Maplebear by 761.3% during the fourth quarter. IFP Advisors Inc now owns 956 shares of the company’s stock valued at $43,000 after acquiring an additional 845 shares during the last quarter. Finally, Sunbelt Securities Inc. increased its position in shares of Maplebear by 212.7% during the third quarter. Sunbelt Securities Inc. now owns 1,157 shares of the company’s stock valued at $43,000 after acquiring an additional 787 shares during the last quarter. 63.09% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

CART has been the topic of several research analyst reports. Benchmark boosted their price objective on Maplebear from $55.00 to $63.00 and gave the stock a “buy” rating in a research report on Friday, August 7th. Wedbush started coverage on Maplebear in a research note on Thursday, July 16th. They set an “outperform” rating and a $59.00 target price on the stock. Weiss Ratings reissued a “hold (c)” rating on shares of Maplebear in a report on Friday, August 7th. Guggenheim increased their price target on shares of Maplebear from $44.00 to $46.00 and gave the company a “neutral” rating in a research report on Friday, August 7th. Finally, Wells Fargo & Company raised their price objective on shares of Maplebear from $47.00 to $54.00 and gave the stock an “equal weight” rating in a report on Friday, August 7th. One research analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating and eight have given a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $55.90.

Maplebear Trading Down 0.0%

Shares of CART stock opened at $50.52 on Tuesday. The firm’s 50 day moving average is $47.47 and its 200 day moving average is $42.35. The stock has a market capitalization of $11.70 billion, a P/E ratio of 27.61, a PEG ratio of 0.74 and a beta of 0.78. Maplebear Inc. has a 12 month low of $32.73 and a 12 month high of $52.05.

Maplebear (NASDAQ:CART) last issued its earnings results on Thursday, August 6th. The company reported $0.45 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.54 by ($0.09). The business had revenue of $1.04 billion for the quarter, compared to the consensus estimate of $1.03 billion. Maplebear had a net margin of 11.97% and a return on equity of 20.19%. The company’s revenue was up 14.1% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.41 EPS. On average, equities analysts predict that Maplebear Inc. will post 2.33 EPS for the current year.

Insiders Place Their Bets

In related news, Director Ravi Gupta sold 150,000 shares of the business’s stock in a transaction on Wednesday, August 19th. The stock was sold at an average price of $50.61, for a total transaction of $7,591,500.00. Following the sale, the director directly owned 591,523 shares in the company, valued at approximately $29,936,979.03. The trade was a 20.23% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Morgan Fong sold 18,390 shares of Maplebear stock in a transaction dated Monday, August 24th. The shares were sold at an average price of $49.96, for a total value of $918,764.40. Following the transaction, the insider directly owned 529,911 shares of the company’s stock, valued at $26,474,353.56. The trade was a 3.35% 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. Insiders own 24.00% of the company’s stock.

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.