Bank of New York Mellon Corp Purchases 23,295 Shares of Maplebear Inc. (NASDAQ:CART)

Bank of New York Mellon Corp increased its stake in Maplebear Inc. (NASDAQ:CART - Free Report) by 4.1% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The firm owned 593,480 shares of the company's stock after purchasing an additional 23,295 shares during the period. Bank of New York Mellon Corp owned approximately 0.23% of Maplebear worth $24,582,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Wilmington Savings Fund Society FSB bought a new position in Maplebear in the 3rd quarter valued at about $33,000. Allworth Financial LP increased its stake in Maplebear by 101.4% in the fourth quarter. Allworth Financial LP now owns 834 shares of the company's stock valued at $37,000 after acquiring an additional 420 shares during the last quarter. Huntington National Bank bought a new position in Maplebear in the third quarter valued at approximately $54,000. Newbridge Financial Services Group Inc. acquired a new position in Maplebear during the fourth quarter valued at approximately $151,000. Finally, KBC Group NV lifted its stake in Maplebear by 56.5% during the fourth quarter. KBC Group NV now owns 3,808 shares of the company's stock worth $158,000 after purchasing an additional 1,374 shares during the last quarter. Institutional investors and hedge funds own 63.09% of the company's stock.

Insider Activity

In other Maplebear news, CAO Alan Ramsay sold 2,247 shares of Maplebear stock in a transaction dated Friday, December 20th. The shares were sold at an average price of $42.14, for a total value of $94,688.58. Following the sale, the chief accounting officer now owns 87,735 shares of the company's stock, valued at approximately $3,697,152.90. The trade was a 2.50 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Fidji Simo sold 20,750 shares of the company's stock in a transaction that occurred on Wednesday, February 26th. The shares were sold at an average price of $43.31, for a total value of $898,682.50. Following the completion of the transaction, the chief executive officer now owns 1,662,692 shares in the company, valued at approximately $72,011,190.52. The trade was a 1.23 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 46,061 shares of company stock worth $1,987,318 over the last three months. 36.00% of the stock is currently owned by insiders.

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Wall Street Analysts Forecast Growth

A number of research firms have recently commented on CART. Morgan Stanley boosted their price target on Maplebear from $44.00 to $45.00 and gave the stock an "equal weight" rating in a report on Wednesday, February 26th. BTIG Research raised Maplebear from a "neutral" rating to a "buy" rating and set a $58.00 target price for the company in a research note on Tuesday, January 14th. Robert W. Baird raised their price target on shares of Maplebear from $44.00 to $51.00 and gave the company an "outperform" rating in a research note on Wednesday, November 13th. BMO Capital Markets raised their price objective on Maplebear from $48.00 to $49.00 and gave the company a "market perform" rating in a report on Wednesday, February 26th. Finally, Bank of America boosted their target price on shares of Maplebear from $51.00 to $53.00 and gave the stock a "neutral" rating in a report on Tuesday, February 25th. Thirteen analysts have rated the stock with a hold rating, sixteen have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, Maplebear has an average rating of "Moderate Buy" and a consensus target price of $50.21.

Maplebear Trading Down 3.4 %

CART stock traded down $1.33 during trading on Thursday, reaching $37.47. 3,017,313 shares of the stock were exchanged, compared to its average volume of 3,892,412. The firm's 50 day moving average is $45.79 and its 200 day moving average is $43.09. The firm has a market cap of $9.92 billion, a P/E ratio of 25.14, a price-to-earnings-growth ratio of 1.19 and a beta of 1.34. Maplebear Inc. has a twelve month low of $29.84 and a twelve month high of $53.44.

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

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.