Morgan Fong Sells 3,546 Shares of Maplebear (NASDAQ:CART) Stock

Maplebear Inc. (NASDAQ:CART) General Counsel Morgan Fong sold 3,546 shares of the stock in a transaction on Monday, September 22nd. The stock was sold at an average price of $42.39, for a total value of $150,314.94. Following the transaction, the general counsel owned 431,069 shares of the company’s stock, valued at $18,273,014.91. This represents a 0.82% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website.

Morgan Fong also recently made the following trade(s):

• On Monday, July 21st, Morgan Fong sold 4,680 shares of Maplebear stock. The stock was sold at an average price of $49.16, for a total value of $230,068.80.

Maplebear Price Performance

Maplebear stock opened at $42.41 on Friday. The stock has a fifty day moving average price of $45.99 and a two-hundred day moving average price of $44.28. Maplebear Inc. has a 52-week low of $35.14 and a 52-week high of $53.50. The firm has a market capitalization of $11.17 billion, a P/E ratio of 24.51, a P/E/G ratio of 1.42 and a beta of 1.21.

Maplebear (NASDAQ:CART) last released its quarterly earnings data on Thursday, August 7th. The company reported $0.41 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.39 by $0.02. Maplebear had a return on equity of 15.69% and a net margin of 13.76%.The firm had revenue of $914.00 million during the quarter, compared to analyst estimates of $896.55 million. During the same period in the prior year, the company posted $0.20 earnings per share. The business’s revenue for the quarter was up 11.1% compared to the same quarter last year. On average, equities research analysts predict that Maplebear Inc. will post 1.43 EPS for the current fiscal year.

Wall Street Analyst Weigh In

CART has been the topic of several research analyst reports. Benchmark upgraded Maplebear from a “hold” rating to a “buy” rating and set a $67.00 target price on the stock in a report on Friday, August 8th. Citigroup increased their target price on Maplebear from $57.00 to $65.00 and gave the stock a “buy” rating in a report on Friday, August 8th. Wedbush restated an “underperform” rating and set a $42.00 target price (down previously from $55.00) on shares of Maplebear in a report on Thursday, August 21st. Barclays increased their target price on Maplebear from $61.00 to $65.00 and gave the stock an “overweight” rating in a report on Friday, August 8th. Finally, Morgan Stanley increased their target price on Maplebear from $45.00 to $48.00 and gave the stock an “equal weight” rating in a report on Friday, August 15th. One research analyst has rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating, seven have assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $55.25.

Hedge Funds Weigh In On Maplebear

Several hedge funds have recently added to or reduced their stakes in CART. Viking Global Investors LP bought a new position in Maplebear in the second quarter valued at about $169,782,000. William Blair Investment Management LLC bought a new position in Maplebear in the second quarter valued at about $151,364,000. Victory Capital Management Inc. boosted its holdings in Maplebear by 62.8% in the first quarter. Victory Capital Management Inc. now owns 7,368,232 shares of the company’s stock valued at $293,919,000 after acquiring an additional 2,841,559 shares during the last quarter. Norges Bank bought a new position in Maplebear in the second quarter valued at about $97,351,000. Finally, Boston Partners boosted its holdings in Maplebear by 93.3% in the second quarter. Boston Partners now owns 3,961,838 shares of the company’s stock valued at $179,261,000 after acquiring an additional 1,911,771 shares during the last quarter. Institutional investors own 63.09% of the company’s stock.

Maplebear Company 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.