Lord Abbett & CO. LLC Buys 676,605 Shares of Maplebear Inc. (NASDAQ:CART)

Lord Abbett & CO. LLC grew its stake in Maplebear Inc. (NASDAQ:CART - Free Report) by 370.9% during the third quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 859,006 shares of the company's stock after purchasing an additional 676,605 shares during the quarter. Lord Abbett & CO. LLC owned approximately 0.33% of Maplebear worth $34,996,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also made changes to their positions in the company. Franklin Resources Inc. boosted its position in Maplebear by 182.0% during the 3rd quarter. Franklin Resources Inc. now owns 272,928 shares of the company's stock valued at $11,692,000 after purchasing an additional 176,137 shares during the period. Wilmington Savings Fund Society FSB acquired a new position in shares of Maplebear during the third quarter valued at $33,000. Neo Ivy Capital Management acquired a new position in shares of Maplebear during the third quarter valued at $1,922,000. Coldstream Capital Management Inc. grew its position in shares of Maplebear by 1.6% during the third quarter. Coldstream Capital Management Inc. now owns 31,745 shares of the company's stock worth $1,294,000 after acquiring an additional 490 shares during the last quarter. Finally, Geode Capital Management LLC increased its holdings in shares of Maplebear by 151.7% in the 3rd quarter. Geode Capital Management LLC now owns 2,732,738 shares of the company's stock worth $111,361,000 after acquiring an additional 1,647,081 shares during the period. 63.09% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at Maplebear

In other Maplebear news, CAO Alan Ramsay sold 2,486 shares of the firm's stock in a transaction that occurred on Friday, September 20th. The shares were sold at an average price of $41.39, for a total transaction of $102,895.54. Following the sale, the chief accounting officer now directly owns 99,225 shares in the company, valued at approximately $4,106,922.75. This trade represents a 2.44 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, General Counsel Morgan Fong sold 8,345 shares of the firm's stock in a transaction on Wednesday, September 18th. The stock was sold at an average price of $40.00, for a total transaction of $333,800.00. Following the sale, the general counsel now owns 330,886 shares in the company, valued at approximately $13,235,440. The trade was a 2.46 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 110,954 shares of company stock worth $4,890,405 in the last quarter. 36.00% of the stock is owned by company insiders.

Maplebear Stock Performance

Shares of CART stock traded down $0.11 during mid-day trading on Friday, reaching $41.78. The company's stock had a trading volume of 4,141,160 shares, compared to its average volume of 4,000,237. The firm's 50-day moving average is $43.80 and its two-hundred day moving average is $37.83. Maplebear Inc. has a 1-year low of $22.13 and a 1-year high of $50.01. The company has a market cap of $10.73 billion, a P/E ratio of 28.04, a PEG ratio of 1.08 and a beta of 0.94.

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

Analyst Ratings Changes

CART has been the topic of several research analyst reports. Barclays boosted their price objective on Maplebear from $48.00 to $56.00 and gave the stock an "overweight" rating in a research note on Wednesday, November 13th. Macquarie upped their price target on shares of Maplebear from $50.00 to $52.00 and gave the company an "outperform" rating in a report on Thursday, November 14th. Needham & Company LLC restated a "hold" rating on shares of Maplebear in a research report on Wednesday, November 13th. Jefferies Financial Group began coverage on shares of Maplebear in a report on Wednesday, October 16th. They issued a "hold" rating and a $43.00 target price on the stock. Finally, Piper Sandler raised their target price on shares of Maplebear from $50.00 to $58.00 and gave the stock an "overweight" 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 company. According to MarketBeat, Maplebear presently has a consensus rating of "Moderate Buy" and a consensus target price of $47.14.

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.