Abacus FCF Advisors LLC Increases Stock Position in Maplebear Inc. (NASDAQ:CART)

Abacus FCF Advisors LLC boosted its stake in Maplebear Inc. (NASDAQ:CART - Free Report) by 46.5% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 60,130 shares of the company's stock after purchasing an additional 19,096 shares during the quarter. Abacus FCF Advisors LLC's holdings in Maplebear were worth $2,491,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also bought and sold shares of the company. Jones Financial Companies Lllp raised its position in shares of Maplebear by 46.6% during the 4th quarter. Jones Financial Companies Lllp now owns 698 shares of the company's stock valued at $29,000 after buying an additional 222 shares in the last quarter. Wilmington Savings Fund Society FSB bought a new position in Maplebear in the third quarter valued at $33,000. Allworth Financial LP raised its position in Maplebear by 101.4% during the fourth quarter. Allworth Financial LP now owns 834 shares of the company's stock valued at $37,000 after purchasing an additional 420 shares in the last quarter. Cullen Frost Bankers Inc. bought a new stake in Maplebear during the fourth quarter worth about $62,000. Finally, PNC Financial Services Group Inc. boosted its holdings in shares of Maplebear by 243.3% in the 4th quarter. PNC Financial Services Group Inc. now owns 3,399 shares of the company's stock worth $141,000 after purchasing an additional 2,409 shares in the last quarter. 63.09% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of equities analysts recently weighed in on CART shares. Loop Capital decreased their price objective on Maplebear from $56.00 to $52.00 and set a "buy" rating on the stock in a report on Thursday, March 6th. Seaport Res Ptn upgraded shares of Maplebear to a "strong-buy" rating in a report on Wednesday, February 12th. Morgan Stanley increased 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. Wells Fargo & Company decreased their target price on shares of Maplebear from $47.00 to $44.00 and set an "equal weight" rating on the stock in a research report on Thursday, April 3rd. Finally, Barclays upped their price target on shares of Maplebear from $56.00 to $58.00 and gave the company an "overweight" rating in a research report on Wednesday, February 26th. Twelve equities research analysts have rated the stock with a hold rating, fifteen have issued a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat.com, Maplebear has a consensus rating of "Moderate Buy" and an average target price of $50.61.

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Maplebear Trading Up 6.7 %

Shares of CART stock traded up $2.57 during midday trading on Friday, reaching $41.17. 4,963,842 shares of the stock were exchanged, compared to its average volume of 4,070,577. Maplebear Inc. has a 1 year low of $29.84 and a 1 year high of $53.44. The firm has a market cap of $10.81 billion, a PE ratio of 27.63, a price-to-earnings-growth ratio of 1.19 and a beta of 1.20. The company's 50 day moving average is $42.67 and its two-hundred day moving average is $43.48.

Maplebear (NASDAQ:CART - Get Free Report) last issued its quarterly earnings results on Tuesday, February 25th. The company reported $0.53 earnings per share for the quarter, topping the consensus estimate of $0.37 by $0.16. The company had revenue of $883.00 million for the quarter, compared to analysts' expectations of $889.98 million. Maplebear had a return on equity of 13.78% and a net margin of 13.37%. As a group, equities analysts expect that Maplebear Inc. will post 1.43 EPS for the current fiscal year.

Insider Buying and Selling

In other news, CEO Fidji Simo sold 2,033 shares of the stock in a transaction on Monday, March 17th. The stock was sold at an average price of $40.00, for a total value of $81,320.00. Following the sale, the chief executive officer now directly owns 1,654,559 shares of the company's stock, valued at approximately $66,182,360. This represents a 0.12 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CAO Alan Ramsay sold 2,314 shares of Maplebear stock in a transaction dated Tuesday, January 21st. The stock was sold at an average price of $46.28, for a total value of $107,091.92. Following the completion of the transaction, the chief accounting officer now directly owns 85,421 shares of the company's stock, valued at approximately $3,953,283.88. This represents a 2.64 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 25,097 shares of company stock worth $1,087,094 in the last three months. 36.00% of the stock is owned by corporate insiders.

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.