Harbor Capital Advisors Inc. Purchases New Shares in Maplebear Inc. (NASDAQ:CART)

Harbor Capital Advisors Inc. purchased a new stake in Maplebear Inc. (NASDAQ:CART) during the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund purchased 86,108 shares of the company’s stock, valued at approximately $3,435,000.

Other large investors have also added to or reduced their stakes in the company. US Bancorp DE boosted its holdings in Maplebear by 22.3% in the fourth quarter. US Bancorp DE now owns 13,077 shares of the company’s stock valued at $542,000 after acquiring an additional 2,387 shares in the last quarter. Commonwealth Equity Services LLC bought a new stake in Maplebear in the fourth quarter valued at $234,000. PNC Financial Services Group Inc. boosted its holdings in Maplebear by 243.3% in the fourth quarter. PNC Financial Services Group Inc. now owns 3,399 shares of the company’s stock valued at $141,000 after acquiring an additional 2,409 shares in the last quarter. Jasper Ridge Partners L.P. boosted its holdings in Maplebear by 33.4% in the fourth quarter. Jasper Ridge Partners L.P. now owns 75,986 shares of the company’s stock valued at $3,147,000 after acquiring an additional 19,019 shares in the last quarter. Finally, Barclays PLC boosted its holdings in Maplebear by 60.3% in the fourth quarter. Barclays PLC now owns 123,391 shares of the company’s stock valued at $5,111,000 after acquiring an additional 46,413 shares in the last quarter. Institutional investors own 63.09% of the company’s stock.

Insiders Place Their Bets

In other news, CEO Fidji Simo sold 2,033 shares of the company’s stock in a transaction dated Monday, March 17th. The shares were sold at an average price of $40.00, for a total transaction of $81,320.00. Following the completion of the sale, the chief executive officer now owns 1,654,559 shares of the company’s stock, valued at $66,182,360. This represents a 0.12% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, General Counsel Morgan Fong sold 5,249 shares of the company’s stock in a transaction dated Monday, April 21st. The shares were sold at an average price of $42.57, for a total transaction of $223,449.93. Following the sale, the general counsel now directly owns 484,292 shares of the company’s stock, valued at $20,616,310.44. The trade was a 1.07% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 19,640 shares of company stock valued at $843,579. 26.00% of the stock is owned by insiders.

Analyst Ratings Changes

Several analysts recently weighed in on the stock. Loop Capital lifted their price target on shares of Maplebear from $52.00 to $58.00 and gave the company a “buy” rating in a report on Monday, May 19th. Wedbush dropped their target price on shares of Maplebear from $48.00 to $46.00 and set a “neutral” rating on the stock in a report on Wednesday, February 26th. Bank of America boosted their target price on shares of Maplebear from $51.00 to $53.00 and gave the company a “neutral” rating in a report on Tuesday, February 25th. Mizuho dropped their target price on shares of Maplebear from $55.00 to $52.00 and set an “outperform” rating on the stock in a report on Wednesday, February 26th. Finally, Morgan Stanley boosted their target price on shares of Maplebear from $44.00 to $45.00 and gave the company an “equal weight” rating in a report on Wednesday, February 26th. Thirteen investment analysts have rated the stock with a hold rating, fourteen have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $51.91.

Maplebear Stock Performance

Shares of NASDAQ:CART opened at $44.18 on Wednesday. Maplebear Inc. has a fifty-two week low of $29.84 and a fifty-two week high of $53.44. The business has a 50-day simple moving average of $43.36 and a two-hundred day simple moving average of $43.73. The firm has a market cap of $11.60 billion, a price-to-earnings ratio of 29.65, a price-to-earnings-growth ratio of 1.19 and a beta of 1.30.

Maplebear (NASDAQ:CART) last issued its earnings results on Thursday, May 1st. The company reported $0.37 earnings per share for the quarter, missing analysts’ consensus estimates of $0.38 by ($0.01). Maplebear had a return on equity of 13.78% and a net margin of 13.37%. The business had revenue of $897.00 million during the quarter, compared to analysts’ expectations of $896.86 million. During the same period last year, the firm posted $0.43 EPS. Maplebear’s quarterly revenue was up 9.4% compared to the same quarter last year. As a group, research analysts predict that Maplebear Inc. will post 1.43 earnings per share for the current year.

Maplebear Profile

Maplebear Inc, doing business as Instacart, engages in the provision of online grocery shopping services to households in North America. It sells and delivers grocery products, as well as pickup services through a mobile application and website. It also operates virtual convenience stores; and provides software-as-a-service solutions to retailers.