Principal Financial Group Inc. Lowers Position in Maplebear Inc. $CART

Principal Financial Group Inc. lessened its holdings in shares of Maplebear Inc. (NASDAQ:CART) by 18.2% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 409,124 shares of the company’s stock after selling 91,153 shares during the quarter. Principal Financial Group Inc. owned about 0.16% of Maplebear worth $15,039,000 at the end of the most recent quarter.

Several other institutional investors also recently modified their holdings of CART. Royal Bank of Canada lifted its position in Maplebear by 51.2% during the first quarter. Royal Bank of Canada now owns 131,789 shares of the company’s stock valued at $5,256,000 after purchasing an additional 44,642 shares during the last quarter. NewEdge Advisors LLC increased its stake in Maplebear by 71.6% in the first quarter. NewEdge Advisors LLC now owns 1,673 shares of the company’s stock valued at $67,000 after acquiring an additional 698 shares during the last quarter. Jones Financial Companies Lllp raised its position in Maplebear by 358.5% during the first quarter. Jones Financial Companies Lllp now owns 3,200 shares of the company’s stock valued at $128,000 after purchasing an additional 2,502 shares in the last quarter. Goldman Sachs Group Inc. lifted its stake in Maplebear by 17.4% during the first quarter. Goldman Sachs Group Inc. now owns 390,711 shares of the company’s stock worth $15,585,000 after purchasing an additional 57,879 shares during the last quarter. Finally, Empowered Funds LLC bought a new stake in Maplebear during the first quarter worth about $268,000. 63.09% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several equities analysts have recently commented on the company. Cantor Fitzgerald increased their price objective on Maplebear from $45.00 to $54.00 and gave the company an “overweight” rating in a research report on Thursday, January 8th. Guggenheim began coverage on Maplebear in a research note on Wednesday, October 15th. They issued a “neutral” rating and a $40.00 target price for the company. BMO Capital Markets raised shares of Maplebear from a “market perform” rating to an “outperform” rating and set a $58.00 price target on the stock in a research note on Tuesday, November 11th. Argus initiated coverage on shares of Maplebear in a report on Wednesday, January 7th. They issued a “buy” rating and a $52.00 price objective for the company. Finally, Citigroup reduced their target price on shares of Maplebear from $65.00 to $50.00 and set a “buy” rating on the stock in a report on Tuesday, November 11th. Fifteen equities research analysts have rated the stock with a Buy rating, eleven have assigned a Hold rating and two have assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $51.62.

Maplebear Stock Performance

Shares of Maplebear stock opened at $35.15 on Tuesday. Maplebear Inc. has a 52-week low of $34.15 and a 52-week high of $53.50. The company’s 50 day moving average price is $41.87 and its 200-day moving average price is $42.14. The stock has a market capitalization of $9.23 billion, a price-to-earnings ratio of 19.31, a P/E/G ratio of 0.89 and a beta of 1.00.

Maplebear (NASDAQ:CART) last announced its quarterly earnings results on Monday, November 10th. The company reported $0.51 earnings per share for the quarter, beating the consensus estimate of $0.50 by $0.01. The business had revenue of $939.00 million during the quarter, compared to analysts’ expectations of $933.76 million. Maplebear had a net margin of 14.09% and a return on equity of 15.72%. The firm’s revenue for the quarter was up 10.2% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.42 EPS. As a group, equities research analysts forecast that Maplebear Inc. will post 1.43 earnings per share for the current fiscal year.

Insider Activity at Maplebear

In other news, General Counsel Morgan Fong sold 4,914 shares of the stock in a transaction dated Monday, December 22nd. The shares were sold at an average price of $45.21, for a total transaction of $222,161.94. Following the completion of the sale, the general counsel directly owned 404,940 shares in the company, valued at approximately $18,307,337.40. This represents a 1.20% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Company insiders own 26.00% of the company’s stock.

About Maplebear

Maplebear, Inc, doing business as Instacart, operates a leading online grocery and essentials marketplace that connects consumers, retail partners and personal shoppers through its digital platform. The company enables customers to order groceries, household items and specialty products for same-day or scheduled delivery, as well as in-store pickup. By integrating its technology with retailers’ existing inventory and point-of-sale systems, Maplebear streamlines the shopping experience and provides real-time availability and pricing.

Founded in 2012 and headquartered in San Francisco, Maplebear has grown from a regional startup to a publicly traded company listed on NASDAQ under the ticker CART.