The Manufacturers Life Insurance Company Has $1.96 Million Stake in Maplebear Inc. (NASDAQ:CART)

The Manufacturers Life Insurance Company lowered its stake in Maplebear Inc. (NASDAQ:CART) by 0.9% in the third quarter, HoldingsChannel.com reports. The firm owned 48,204 shares of the company’s stock after selling 442 shares during the quarter. The Manufacturers Life Insurance Company’s holdings in Maplebear were worth $1,964,000 at the end of the most recent reporting period.

Several other institutional investors have also recently bought and sold shares of CART. Portman Ltd acquired a new position in Maplebear during the third quarter valued at approximately $3,196,000. Vanguard Group Inc. increased its position in shares of Maplebear by 239.1% in the 1st quarter. Vanguard Group Inc. now owns 213,496 shares of the company’s stock valued at $7,961,000 after buying an additional 150,544 shares in the last quarter. Assenagon Asset Management S.A. bought a new stake in shares of Maplebear in the 2nd quarter valued at $8,293,000. Cerity Partners LLC acquired a new stake in Maplebear during the 3rd quarter worth $1,442,000. Finally, Investment House LLC bought a new position in Maplebear during the second quarter worth about $750,000. Institutional investors own 63.09% of the company’s stock.

Insider Activity

In related news, General Counsel Morgan Fong sold 10,992 shares of the company’s stock in a transaction on Friday, September 20th. The shares were sold at an average price of $41.38, for a total value of $454,848.96. Following the completion of 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 position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, CAO Alan Ramsay sold 2,486 shares of the stock in a transaction dated Friday, September 20th. The stock was sold at an average price of $41.39, for a total value of $102,895.54. Following the sale, the chief accounting officer now owns 99,225 shares of the company’s stock, valued at $4,106,922.75. This represents a 2.44 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 110,954 shares of company stock valued at $4,890,405 in the last quarter. 36.00% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently commented on the company. Oppenheimer raised their price target on Maplebear from $55.00 to $60.00 and gave the stock an “outperform” rating in a research report on Wednesday, November 13th. Bank of America raised their target price on shares of Maplebear from $50.00 to $51.00 and gave the stock a “neutral” rating in a report on Wednesday, November 13th. JPMorgan Chase & Co. upped their price target on shares of Maplebear from $47.00 to $52.00 and gave the company an “overweight” rating in a report on Wednesday, November 13th. Needham & Company LLC restated a “hold” rating on shares of Maplebear in a report on Wednesday, November 13th. Finally, JMP Securities upped their target price on shares of Maplebear from $42.00 to $51.00 and gave the stock a “market outperform” rating in a research note on Wednesday, November 13th. Thirteen research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $47.14.

Maplebear Price Performance

Shares of Maplebear stock opened at $42.47 on Tuesday. The stock has a market cap of $10.91 billion, a price-to-earnings ratio of 28.59, a PEG ratio of 1.15 and a beta of 0.94. Maplebear Inc. has a 1 year low of $22.13 and a 1 year high of $50.01. The firm’s 50-day moving average is $43.61 and its 200 day moving average is $37.53.

Maplebear (NASDAQ:CART) last announced its quarterly earnings results on Tuesday, November 12th. The company reported $0.42 earnings per share (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 the consensus estimate of $844.03 million. Maplebear had a return on equity of 13.78% and a net margin of 13.37%. The company’s quarterly revenue was up 11.5% on a year-over-year basis. During the same period in the prior year, the company posted ($20.86) earnings per share. On average, equities analysts expect that Maplebear Inc. will post 1.4 EPS for the current fiscal year.

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.