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

Geode Capital Management LLC increased its stake in Maplebear Inc. (NASDAQ:CART) by 151.7% in the 3rd quarter, HoldingsChannel.com reports. The firm owned 2,732,738 shares of the company’s stock after acquiring an additional 1,647,081 shares during the period. Geode Capital Management LLC’s holdings in Maplebear were worth $111,361,000 at the end of the most recent quarter.

Several other large investors have also recently bought and sold shares of CART. Huntington National Bank bought a new stake in shares of Maplebear during the third quarter worth $54,000. nVerses Capital LLC boosted its holdings in Maplebear by 1,600.0% in the second quarter. nVerses Capital LLC now owns 1,700 shares of the company’s stock valued at $55,000 after acquiring an additional 1,600 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. acquired a new stake in Maplebear in the third quarter worth about $74,000. Quarry LP raised its holdings in Maplebear by 269.5% during the 2nd quarter. Quarry LP now owns 3,928 shares of the company’s stock worth $126,000 after purchasing an additional 2,865 shares during the last quarter. Finally, Vinva Investment Management Ltd acquired a new position in Maplebear during the 3rd quarter valued at about $212,000. Institutional investors and hedge funds own 63.09% of the company’s stock.

Insider Buying and Selling

In other Maplebear news, CAO Alan Ramsay sold 2,247 shares of Maplebear stock in a transaction on Wednesday, November 20th. The shares were sold at an average price of $41.06, for a total value of $92,261.82. Following the sale, the chief accounting officer now directly owns 89,982 shares in the company, valued at approximately $3,694,660.92. The trade was a 2.44 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, General Counsel Morgan Fong sold 10,992 shares of the stock in a transaction dated Friday, September 20th. The stock was sold at an average price of $41.38, for a total transaction of $454,848.96. Following the transaction, the general counsel now owns 298,984 shares of the company’s stock, valued at approximately $12,371,957.92. This represents a 3.55 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 102,609 shares of company stock worth $4,556,605. 36.00% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently commented on CART shares. JMP Securities lifted their price target on shares of Maplebear from $42.00 to $51.00 and gave the stock a “market outperform” rating in a research report on Wednesday, November 13th. Bank of America increased their price target on Maplebear from $50.00 to $51.00 and gave the company a “neutral” rating in a research note on Wednesday, November 13th. JPMorgan Chase & Co. lifted their price objective on Maplebear from $47.00 to $52.00 and gave the stock an “overweight” rating in a research note on Wednesday, November 13th. Oppenheimer increased their target price on Maplebear from $55.00 to $60.00 and gave the company an “outperform” rating in a research note on Wednesday, November 13th. Finally, Stifel Nicolaus raised their target price on Maplebear from $52.00 to $55.00 and gave the stock a “buy” rating in a report on Monday, October 28th. Thirteen analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. Based on data from MarketBeat.com, Maplebear has an average rating of “Moderate Buy” and an average price target of $47.14.

Maplebear Price Performance

Shares of Maplebear stock opened at $41.95 on Thursday. The firm has a market cap of $10.78 billion, a price-to-earnings ratio of 28.15, a price-to-earnings-growth ratio of 1.08 and a beta of 0.94. The stock’s 50-day moving average is $43.75 and its 200-day moving average is $38.08. Maplebear Inc. has a one year low of $22.13 and a one year high of $50.01.

Maplebear (NASDAQ:CART) last released its earnings results on Tuesday, November 12th. The company reported $0.42 EPS for the quarter, beating the consensus estimate of $0.22 by $0.20. The firm 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 business’s quarterly revenue was up 11.5% compared to the same quarter last year. During the same quarter in the previous year, the business posted ($20.86) EPS. On average, equities analysts expect that Maplebear Inc. will post 1.4 EPS for the current year.

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.