Clark Capital Management Group Inc. Sells 74,548 Shares of Maplebear Inc. $CART

Clark Capital Management Group Inc. trimmed its stake in Maplebear Inc. (NASDAQ:CART) by 7.2% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 955,729 shares of the company’s stock after selling 74,548 shares during the period. Clark Capital Management Group Inc. owned 0.36% of Maplebear worth $35,133,000 at the end of the most recent reporting period.

Other institutional investors also recently bought and sold shares of the company. Viking Global Investors LP purchased a new stake in Maplebear in the second quarter worth about $169,782,000. Norges Bank bought a new position in shares of Maplebear during the 2nd quarter valued at approximately $97,351,000. Boston Partners increased its holdings in Maplebear by 93.3% in the 2nd quarter. Boston Partners now owns 3,961,838 shares of the company’s stock worth $179,261,000 after acquiring an additional 1,911,771 shares in the last quarter. Thrivent Financial for Lutherans increased its holdings in Maplebear by 3,054.0% in the 3rd 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 in the last quarter. Finally, Bank of America Corp DE raised its stake in Maplebear by 75.9% during the 3rd quarter. Bank of America Corp DE now owns 3,036,736 shares of the company’s stock worth $111,630,000 after acquiring an additional 1,310,392 shares during the period. 63.09% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several equities analysts have weighed in on CART shares. BNP Paribas Exane started coverage on shares of Maplebear in a report on Wednesday, January 14th. They set an “underperform” rating and a $41.00 price target on the stock. Wall Street Zen upgraded shares of Maplebear from a “hold” rating to a “buy” rating in a research report on Saturday, February 14th. Argus upgraded shares of Maplebear to a “strong-buy” rating in a research note on Thursday, March 5th. Fox Advisors downgraded shares of Maplebear from a “strong-buy” rating to a “hold” rating in a report on Thursday, December 18th. Finally, Needham & Company LLC increased their price target on Maplebear from $50.00 to $55.00 and gave the stock a “buy” rating in a research note on Friday, February 13th. One investment analyst has rated the stock with a Strong Buy rating, thirteen have given a Buy rating, eleven have given a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $51.04.

Insider Buying and Selling

In related news, General Counsel Morgan Fong sold 126,083 shares of the stock in a transaction that occurred on Wednesday, March 11th. The stock was sold at an average price of $37.09, for a total transaction of $4,676,418.47. Following the completion of the transaction, the general counsel directly owned 386,643 shares of the company’s stock, valued at approximately $14,340,588.87. This represents a 24.59% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Insiders own 26.00% of the company’s stock.

Maplebear Stock Up 1.4%

Shares of Maplebear stock opened at $38.23 on Monday. The firm has a market cap of $9.20 billion, a price-to-earnings ratio of 24.04, a PEG ratio of 0.58 and a beta of 0.98. The business has a 50-day moving average price of $38.00 and a 200-day moving average price of $40.45. Maplebear Inc. has a twelve month low of $32.73 and a twelve month high of $53.50.

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.