Principal Financial Group Inc. Reduces Stake in Maplebear Inc. $CART

Principal Financial Group Inc. cut its holdings in shares of Maplebear Inc. (NASDAQ:CART) by 18.2% during the 3rd quarter, according to its most recent Form 13F filing with the SEC. The firm owned 409,124 shares of the company’s stock after selling 91,153 shares during the period. Principal Financial Group Inc.’s holdings in Maplebear were worth $15,039,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently made changes to their positions in CART. Thrivent Financial for Lutherans lifted its stake in Maplebear by 3,054.0% in the third quarter. Thrivent Financial for Lutherans now owns 1,407,993 shares of the company’s stock worth $51,758,000 after acquiring an additional 1,363,352 shares during the period. AlphaQuest LLC raised its holdings in Maplebear by 46.5% in the 3rd quarter. AlphaQuest LLC now owns 6,027 shares of the company’s stock worth $222,000 after purchasing an additional 1,912 shares in the last quarter. Arizona State Retirement System lifted its position in shares of Maplebear by 0.8% in the 3rd quarter. Arizona State Retirement System now owns 50,139 shares of the company’s stock worth $1,843,000 after purchasing an additional 393 shares during the period. Impact Partnership Wealth LLC bought a new stake in shares of Maplebear during the 3rd quarter valued at about $367,000. Finally, New York State Common Retirement Fund increased its position in shares of Maplebear by 0.4% during the third quarter. New York State Common Retirement Fund now owns 91,081 shares of the company’s stock valued at $3,348,000 after buying an additional 400 shares during the period. Institutional investors own 63.09% of the company’s stock.

Maplebear Stock Up 1.5%

Shares of CART opened at $35.15 on Tuesday. The stock has a market cap of $9.23 billion, a P/E ratio of 19.31, a P/E/G ratio of 0.89 and a beta of 1.00. The business’s 50 day moving average price is $41.87 and its 200-day moving average price is $42.14. Maplebear Inc. has a 52 week low of $34.15 and a 52 week high of $53.50.

Maplebear (NASDAQ:CART) last announced its quarterly earnings data on Monday, November 10th. The company reported $0.51 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.50 by $0.01. Maplebear had a return on equity of 15.72% and a net margin of 14.09%.The business had revenue of $939.00 million during the quarter, compared to analysts’ expectations of $933.76 million. During the same quarter in the previous year, the business earned $0.42 earnings per share. The firm’s quarterly revenue was up 10.2% compared to the same quarter last year. On average, equities analysts anticipate that Maplebear Inc. will post 1.43 EPS for the current year.

Wall Street Analysts Forecast Growth

Several analysts have commented on CART shares. Weiss Ratings restated a “hold (c)” rating on shares of Maplebear in a report on Monday, December 29th. Wall Street Zen lowered Maplebear from a “buy” rating to a “hold” rating in a research report on Sunday, January 18th. Cantor Fitzgerald lifted their price target on Maplebear from $45.00 to $54.00 and gave the company an “overweight” rating in a research report on Thursday, January 8th. BMO Capital Markets raised Maplebear from a “market perform” rating to an “outperform” rating and set a $58.00 price target on the stock in a research note on Tuesday, November 11th. Finally, Argus began coverage on Maplebear in a report on Wednesday, January 7th. They issued a “buy” rating and a $52.00 price objective for the company. Fifteen analysts have rated the stock with a Buy rating, eleven have issued a Hold rating and two have given a Sell rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $51.62.

Insider Buying and Selling at Maplebear

In other news, General Counsel Morgan Fong sold 4,914 shares of Maplebear stock in a transaction dated Monday, December 22nd. The stock was sold at an average price of $45.21, for a total value of $222,161.94. Following the completion of the transaction, the general counsel owned 404,940 shares of the company’s stock, valued at $18,307,337.40. The trade was a 1.20% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 26.00% of the stock is owned by insiders.

About Maplebear

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.