a16z Perennial Management L.P. Lowers Position in Maplebear Inc. $CART

a16z Perennial Management L.P. cut its stake in shares of Maplebear Inc. (NASDAQ:CART) by 94.6% during the 2nd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 12,351 shares of the company’s stock after selling 215,488 shares during the period. Maplebear comprises about 0.0% of a16z Perennial Management L.P.’s investment portfolio, making the stock its 25th biggest position. a16z Perennial Management L.P.’s holdings in Maplebear were worth $559,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds also recently bought and sold shares of the stock. Vanguard Group Inc. lifted its position in Maplebear by 3.4% during the first quarter. Vanguard Group Inc. now owns 16,514,830 shares of the company’s stock valued at $658,777,000 after purchasing an additional 546,472 shares in the last quarter. Victory Capital Management Inc. raised its holdings in Maplebear by 62.8% during 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 period. T. Rowe Price Investment Management Inc. raised its holdings in Maplebear by 10.2% during the first quarter. T. Rowe Price Investment Management Inc. now owns 5,226,979 shares of the company’s stock valued at $208,505,000 after acquiring an additional 482,327 shares during the period. Altimeter Capital Management LP raised its holdings in Maplebear by 31.9% during the first quarter. Altimeter Capital Management LP now owns 3,348,128 shares of the company’s stock valued at $133,557,000 after acquiring an additional 810,510 shares during the period. Finally, William Blair Investment Management LLC bought a new stake in Maplebear during the second quarter valued at about $151,364,000. 63.09% of the stock is currently owned by hedge funds and other institutional investors.

Maplebear Trading Down 2.0%

Shares of CART stock opened at $38.35 on Tuesday. Maplebear Inc. has a 12-month low of $34.87 and a 12-month high of $53.50. The stock’s 50-day moving average price is $41.92 and its 200-day moving average price is $44.29. The stock has a market capitalization of $10.10 billion, a price-to-earnings ratio of 22.17, a price-to-earnings-growth ratio of 1.20 and a beta of 1.10.

Maplebear (NASDAQ:CART) last issued its earnings results 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 for the quarter, compared to analysts’ expectations of $896.55 million. During the same period in the previous year, the firm posted $0.20 earnings per share. The business’s revenue was up 11.1% compared to the same quarter last year. As a group, research analysts predict that Maplebear Inc. will post 1.43 EPS for the current fiscal year.

Insiders Place Their Bets

In other Maplebear news, CEO Chris Rogers sold 9,259 shares of the business’s stock in a transaction that occurred on Monday, September 22nd. The stock was sold at an average price of $42.37, for a total transaction of $392,303.83. Following the sale, the chief executive officer directly owned 739,880 shares of the company’s stock, valued at $31,348,715.60. The trade was a 1.24% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Fidji Simo sold 1,014 shares of the business’s stock in a transaction that occurred on Thursday, October 16th. The stock was sold at an average price of $40.00, for a total value of $40,560.00. Following the sale, the director directly owned 569,742 shares in the company, valued at $22,789,680. The trade was a 0.18% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 27,556 shares of company stock valued at $1,179,482 over the last ninety days. 26.00% of the stock is owned by insiders.

Analysts Set New Price Targets

A number of research firms have commented on CART. Wall Street Zen cut Maplebear from a “buy” rating to a “hold” rating in a report on Monday, September 29th. Guggenheim began coverage on Maplebear in a report on Wednesday, October 15th. They set a “neutral” rating and a $40.00 price target on the stock. BTIG Research reissued a “neutral” rating and set a $55.00 price target on shares of Maplebear in a report on Tuesday, September 30th. Stifel Nicolaus decreased their price target on Maplebear from $56.00 to $49.00 and set a “buy” rating on the stock in a report on Friday. Finally, Morgan Stanley raised their price target on Maplebear from $45.00 to $48.00 and gave the company an “equal weight” rating in a report on Friday, August 15th. Two analysts have rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating, twelve have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, Maplebear currently has an average rating of “Moderate Buy” and a consensus price target of $52.12.

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.