New York State Common Retirement Fund Has $3.67 Million Stock Position in Maplebear Inc. (NASDAQ:CART)

New York State Common Retirement Fund trimmed its holdings in shares of Maplebear Inc. (NASDAQ:CART - Free Report) by 8.3% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 88,681 shares of the company's stock after selling 8,054 shares during the period. New York State Common Retirement Fund's holdings in Maplebear were worth $3,673,000 at the end of the most recent reporting period.

Other institutional investors have also recently modified their holdings of the company. Wilmington Savings Fund Society FSB purchased a new stake in shares of Maplebear during the 3rd quarter worth $33,000. Allworth Financial LP boosted its position in Maplebear by 101.4% during the fourth quarter. Allworth Financial LP now owns 834 shares of the company's stock worth $37,000 after purchasing an additional 420 shares in the last quarter. Huntington National Bank acquired a new position in shares of Maplebear during the 3rd quarter worth $54,000. Mirae Asset Global Investments Co. Ltd. purchased a new stake in shares of Maplebear in the 3rd quarter worth about $74,000. Finally, Newbridge Financial Services Group Inc. acquired a new stake in Maplebear in the 4th quarter valued at about $151,000. 63.09% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of research analysts have recently weighed in on the stock. Wells Fargo & Company initiated coverage on shares of Maplebear in a research note on Friday, January 10th. They set an "equal weight" rating and a $47.00 price objective for the company. Morgan Stanley boosted their target price on shares of Maplebear from $44.00 to $45.00 and gave the company an "equal weight" rating in a research note on Wednesday, February 26th. JPMorgan Chase & Co. decreased their price target on shares of Maplebear from $52.00 to $50.00 and set an "overweight" rating on the stock in a research note on Wednesday, February 26th. BTIG Research raised Maplebear from a "neutral" rating to a "buy" rating and set a $58.00 price objective for the company in a research report on Tuesday, January 14th. Finally, Piper Sandler upped their price objective on shares of Maplebear from $50.00 to $58.00 and gave the company an "overweight" rating in a research note on Wednesday, November 13th. Thirteen analysts have rated the stock with a hold rating, sixteen have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, Maplebear presently has an average rating of "Moderate Buy" and an average target price of $49.92.

Maplebear Price Performance

Maplebear stock traded down $0.05 during mid-day trading on Tuesday, hitting $38.85. The company's stock had a trading volume of 4,084,074 shares, compared to its average volume of 3,870,831. The company has a market cap of $9.98 billion, a PE ratio of 26.03, a price-to-earnings-growth ratio of 1.19 and a beta of 1.34. The firm's 50 day moving average is $46.37 and its 200 day moving average is $42.92. Maplebear Inc. has a 52-week low of $29.84 and a 52-week high of $53.44.

Maplebear (NASDAQ:CART - Get Free Report) last posted its quarterly 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. The company had revenue of $883.00 million during the quarter, compared to the consensus estimate of $889.98 million. Maplebear had a return on equity of 13.78% and a net margin of 13.37%. As a group, analysts forecast that Maplebear Inc. will post 1.43 EPS for the current year.

Insider Activity at Maplebear

In other news, CEO Fidji Simo sold 20,750 shares of the business's stock in a transaction that occurred on Wednesday, February 26th. The stock was sold at an average price of $43.31, for a total transaction of $898,682.50. Following the sale, the chief executive officer now directly owns 1,662,692 shares in the company, valued at approximately $72,011,190.52. The trade was a 1.23 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, 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 transaction of $94,688.58. Following the sale, the chief accounting officer now owns 87,735 shares in the company, valued at approximately $3,697,152.90. This trade represents a 2.50 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 46,061 shares of company stock valued at $1,987,318. Corporate insiders own 36.00% of the company's stock.

About Maplebear

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.