Principal Financial Group Inc. Buys 15,154 Shares of Maplebear Inc. $CART

Principal Financial Group Inc. raised its stake in Maplebear Inc. (NASDAQ:CART) by 3.8% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 410,169 shares of the company’s stock after buying an additional 15,154 shares during the period. Principal Financial Group Inc. owned about 0.17% of Maplebear worth $15,365,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently made changes to their positions in the company. Fifth Third Bancorp increased its stake in Maplebear by 3,956.0% in the first quarter. Fifth Third Bancorp now owns 43,115 shares of the company’s stock valued at $1,615,000 after acquiring an additional 42,052 shares during the last quarter. Hsbc Holdings PLC purchased a new position in shares of Maplebear in the 1st quarter worth about $726,000. Oregon Public Employees Retirement Fund increased its position in shares of Maplebear by 3.4% during the 1st quarter. Oregon Public Employees Retirement Fund now owns 37,752 shares of the company’s stock valued at $1,414,000 after purchasing an additional 1,252 shares during the last quarter. Flatrock Wealth Partners LLC purchased a new position in shares of Maplebear during the 1st quarter valued at about $601,000. Finally, Y Intercept Hong Kong Ltd purchased a new position in shares of Maplebear during the 1st quarter valued at about $1,210,000. Hedge funds and other institutional investors own 63.09% of the company’s stock.

Analysts Set New Price Targets

Several analysts have issued reports on the company. Wedbush initiated coverage on Maplebear in a research note on Thursday, July 16th. They issued an “outperform” rating and a $59.00 target price for the company. Barclays upped their price objective on shares of Maplebear from $65.00 to $69.00 and gave the company an “overweight” rating in a research note on Thursday, May 7th. Wall Street Zen raised shares of Maplebear from a “hold” rating to a “buy” rating in a report on Saturday, July 18th. Jefferies Financial Group upgraded shares of Maplebear from a “hold” rating to a “buy” rating and lifted their target price for the stock from $38.00 to $45.00 in a research report on Monday, March 30th. Finally, Weiss Ratings raised shares of Maplebear from a “hold (c-)” rating to a “hold (c)” rating in a research note on Monday, May 11th. One equities research analyst has rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating, nine have given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, Maplebear currently has an average rating of “Moderate Buy” and a consensus price target of $51.48.

Insider Activity

In other news, Director Ravi Gupta sold 181,000 shares of the company’s stock in a transaction dated Tuesday, June 2nd. The shares were sold at an average price of $41.51, for a total transaction of $7,513,310.00. Following the completion of the transaction, the director directly owned 741,523 shares of the company’s stock, valued at approximately $30,780,619.73. This represents a 19.62% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Insiders own 24.00% of the company’s stock.

Maplebear Stock Performance

Shares of CART stock opened at $42.53 on Friday. The company has a market capitalization of $10.00 billion, a P/E ratio of 23.76, a PEG ratio of 0.61 and a beta of 0.75. Maplebear Inc. has a fifty-two week low of $32.73 and a fifty-two week high of $53.50. The stock has a 50 day moving average price of $43.93 and a two-hundred day moving average price of $40.63.

Maplebear (NASDAQ:CART) last issued its earnings results on Wednesday, May 6th. The company reported $0.57 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.58 by ($0.01). Maplebear had a return on equity of 18.67% and a net margin of 12.50%.The firm had revenue of $1.02 billion during the quarter, compared to the consensus estimate of $1.01 billion. During the same quarter in the prior year, the business posted $0.37 EPS. The firm’s revenue for the quarter was up 13.6% on a year-over-year basis. As a group, equities analysts predict that Maplebear Inc. will post 2.46 earnings per share for the current year.

Maplebear Company Profile

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.