Principal Financial Group Inc. Raises Stock Position in Maplebear Inc. $CART

Principal Financial Group Inc. grew its stake in Maplebear Inc. (NASDAQ:CART) by 3.8% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 410,169 shares of the company’s stock after purchasing an additional 15,154 shares during the quarter. Principal Financial Group Inc.’s holdings in Maplebear were worth $15,365,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently modified their holdings of CART. State Street Corp grew its holdings in shares of Maplebear by 1.0% during the 4th quarter. State Street Corp now owns 5,461,637 shares of the company’s stock worth $245,664,000 after acquiring an additional 54,872 shares during the period. Dimensional Fund Advisors LP boosted its position in shares of Maplebear by 114.7% during the fourth quarter. Dimensional Fund Advisors LP now owns 3,792,673 shares of the company’s stock valued at $170,594,000 after purchasing an additional 2,026,567 shares in the last quarter. Viking Global Investors LP purchased a new stake in Maplebear in the second quarter worth $169,782,000. Geode Capital Management LLC grew its stake in Maplebear by 1.6% in the fourth quarter. Geode Capital Management LLC now owns 3,526,124 shares of the company’s stock worth $158,640,000 after purchasing an additional 54,010 shares during the period. Finally, Federated Hermes Inc. raised its holdings in Maplebear by 3.2% in the fourth quarter. Federated Hermes Inc. now owns 3,287,952 shares of the company’s stock worth $147,892,000 after purchasing an additional 101,278 shares in the last quarter. 63.09% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of brokerages have recently commented on CART. Jefferies Financial Group upgraded shares of Maplebear from a “hold” rating to a “buy” rating and boosted their target price for the company from $38.00 to $45.00 in a report on Monday, March 30th. Weiss Ratings upgraded shares of Maplebear from a “hold (c-)” rating to a “hold (c)” rating in a report on Monday, May 11th. Citizens Jmp reaffirmed a “market outperform” rating and set a $60.00 target price on shares of Maplebear in a research note on Monday, June 15th. Needham & Company LLC reiterated a “buy” rating and set a $55.00 target price on shares of Maplebear in a report on Thursday, May 7th. Finally, Barclays boosted their price target on Maplebear from $65.00 to $69.00 and gave the stock an “overweight” rating in a research report on Thursday, May 7th. One investment analyst has rated the stock with a Strong Buy rating, thirteen have given a Buy rating, nine have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $51.48.

Insiders Place Their Bets

In related news, Director Ravi Gupta sold 181,000 shares of the business’s stock in a transaction that occurred on Tuesday, June 2nd. The shares were 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 directly owned 741,523 shares in the company, valued at $30,780,619.73. The trade was a 19.62% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 24.00% of the stock is currently owned by insiders.

Maplebear Price Performance

Shares of Maplebear stock opened at $42.53 on Friday. The stock has a market cap of $10.00 billion, a price-to-earnings ratio of 23.76, a PEG ratio of 0.61 and a beta of 0.75. Maplebear Inc. has a 1 year low of $32.73 and a 1 year high of $53.50. The firm’s 50-day moving average is $43.93 and its 200 day moving average is $40.63.

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 firm had revenue of $1.02 billion during 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 firm’s quarterly revenue was up 13.6% on a year-over-year basis. During the same period last year, the firm posted $0.37 earnings per share. On average, equities analysts expect that Maplebear Inc. will post 2.46 EPS for the current fiscal year.

Maplebear 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.