Geode Capital Management LLC Buys 1,647,081 Shares of Maplebear Inc. (NASDAQ:CART)

Geode Capital Management LLC lifted its stake in shares of Maplebear Inc. (NASDAQ:CART - Free Report) by 151.7% in the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 2,732,738 shares of the company's stock after buying an additional 1,647,081 shares during the quarter. Geode Capital Management LLC owned about 1.05% of Maplebear worth $111,361,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds also recently modified their holdings of the company. CIBC Asset Management Inc grew its stake in Maplebear by 3.7% in the third quarter. CIBC Asset Management Inc now owns 8,114 shares of the company's stock valued at $331,000 after acquiring an additional 286 shares during the period. Oppenheimer & Co. Inc. lifted its holdings in shares of Maplebear by 5.1% in the 3rd quarter. Oppenheimer & Co. Inc. now owns 12,090 shares of the company's stock worth $493,000 after purchasing an additional 584 shares in the last quarter. Pier Capital LLC grew its position in Maplebear by 0.4% in the 3rd quarter. Pier Capital LLC now owns 151,604 shares of the company's stock valued at $6,176,000 after purchasing an additional 616 shares during the period. Creative Planning increased its stake in Maplebear by 9.5% during the 2nd quarter. Creative Planning now owns 9,566 shares of the company's stock valued at $307,000 after purchasing an additional 831 shares in the last quarter. Finally, Huntington National Bank acquired a new position in Maplebear during the third quarter worth $54,000. Institutional investors own 63.09% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research analysts have recently issued reports on the stock. JMP Securities lifted their price objective on shares of Maplebear from $42.00 to $51.00 and gave the company a "market outperform" rating in a report on Wednesday, November 13th. Deutsche Bank Aktiengesellschaft began coverage on Maplebear in a research note on Tuesday, December 3rd. They set a "hold" rating and a $37.00 price target for the company. Needham & Company LLC reissued a "hold" rating on shares of Maplebear in a research note on Wednesday, November 13th. JPMorgan Chase & Co. lifted their target price on Maplebear from $47.00 to $52.00 and gave the company an "overweight" rating in a research report on Wednesday, November 13th. Finally, Bank of America upped their price target on Maplebear from $50.00 to $51.00 and gave the stock a "neutral" rating in a report on Wednesday, November 13th. Thirteen investment analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the stock. Based on data from MarketBeat.com, Maplebear currently has an average rating of "Moderate Buy" and a consensus target price of $47.14.

Maplebear Price Performance

Shares of CART traded up $0.12 during mid-day trading on Thursday, hitting $42.07. The stock had a trading volume of 6,207,337 shares, compared to its average volume of 4,006,057. Maplebear Inc. has a 52 week low of $22.13 and a 52 week high of $50.01. The business has a fifty day moving average price of $43.75 and a 200-day moving average price of $38.08. The firm has a market cap of $10.81 billion, a P/E ratio of 28.23, a PEG ratio of 1.08 and a beta of 0.94.

Maplebear (NASDAQ:CART - Get Free Report) last announced its quarterly earnings data on Tuesday, November 12th. The company reported $0.42 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.22 by $0.20. The business had revenue of $852.00 million for the quarter, compared to analysts' expectations of $844.03 million. Maplebear had a return on equity of 13.78% and a net margin of 13.37%. The firm's quarterly revenue was up 11.5% compared to the same quarter last year. During the same period in the previous year, the business posted ($20.86) EPS. As a group, research analysts expect that Maplebear Inc. will post 1.4 earnings per share for the current fiscal year.

Insider Activity at Maplebear

In related news, CEO Fidji Simo sold 20,750 shares of Maplebear stock in a transaction on Monday, November 25th. The stock was sold at an average price of $42.97, for a total transaction of $891,627.50. Following the completion of the sale, the chief executive officer now owns 1,804,243 shares of the company's stock, valued at approximately $77,528,321.71. This trade represents a 1.14 % 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. Also, CAO Alan Ramsay sold 2,486 shares of the company's stock in a transaction dated Friday, September 20th. The stock was sold at an average price of $41.39, for a total value of $102,895.54. Following the completion of the transaction, the chief accounting officer now owns 99,225 shares in the company, valued at $4,106,922.75. This represents a 2.44 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 102,609 shares of company stock worth $4,556,605. 36.00% of the stock is owned by corporate insiders.

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.