Cannon Global Investment Management LLC Purchases New Shares in Maplebear Inc. (NASDAQ:CART)

Cannon Global Investment Management LLC purchased a new stake in Maplebear Inc. (NASDAQ:CART) in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor purchased 10,000 shares of the company’s stock, valued at approximately $414,000.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Jones Financial Companies Lllp raised its holdings in shares of Maplebear by 46.6% in the fourth quarter. Jones Financial Companies Lllp now owns 698 shares of the company’s stock valued at $29,000 after purchasing an additional 222 shares during the last quarter. Wilmington Savings Fund Society FSB purchased a new stake in Maplebear in the 3rd quarter valued at about $33,000. Allworth Financial LP increased its position in shares of Maplebear by 101.4% during the fourth quarter. Allworth Financial LP now owns 834 shares of the company’s stock valued at $37,000 after acquiring an additional 420 shares during the last quarter. Cullen Frost Bankers Inc. purchased a new stake in shares of Maplebear during the fourth quarter valued at approximately $62,000. Finally, PNC Financial Services Group Inc. increased its position in shares of Maplebear by 243.3% during the fourth quarter. PNC Financial Services Group Inc. now owns 3,399 shares of the company’s stock valued at $141,000 after acquiring an additional 2,409 shares during the last quarter. Hedge funds and other institutional investors own 63.09% of the company’s stock.

Insider Transactions at Maplebear

In other Maplebear news, CAO Alan Ramsay sold 2,314 shares of the firm’s stock in a transaction on Tuesday, January 21st. The stock was sold at an average price of $46.28, for a total transaction of $107,091.92. Following the completion of the transaction, the chief accounting officer now owns 85,421 shares of the company’s stock, valued at approximately $3,953,283.88. This trade represents a 2.64 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, CEO Fidji Simo sold 2,033 shares of the firm’s stock in a transaction on Monday, March 17th. The shares were sold at an average price of $40.00, for a total value of $81,320.00. Following the transaction, the chief executive officer now directly owns 1,654,559 shares of the company’s stock, valued at $66,182,360. This represents a 0.12 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 25,097 shares of company stock valued at $1,087,094. Company insiders own 36.00% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts have recently issued reports on the company. Macquarie raised their target price on Maplebear from $52.00 to $55.00 and gave the company an “outperform” rating in a research report on Thursday, February 27th. Cantor Fitzgerald restated an “overweight” rating and set a $55.00 price objective on shares of Maplebear in a report on Wednesday, February 26th. Oppenheimer decreased their price objective on shares of Maplebear from $65.00 to $60.00 and set an “outperform” rating for the company in a report on Wednesday, February 26th. Bank of America raised their price target on shares of Maplebear from $51.00 to $53.00 and gave the stock a “neutral” rating in a research note on Tuesday, February 25th. Finally, Barclays raised their price target on shares of Maplebear from $56.00 to $58.00 and gave the stock an “overweight” rating in a research note on Wednesday, February 26th. Thirteen research analysts have rated the stock with a hold rating, fifteen have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $50.52.

Maplebear Stock Performance

NASDAQ CART opened at $38.90 on Monday. Maplebear Inc. has a fifty-two week low of $29.84 and a fifty-two week high of $53.44. The stock has a 50 day simple moving average of $45.10 and a two-hundred day simple moving average of $43.34. The stock has a market cap of $10.29 billion, a P/E ratio of 26.11, a price-to-earnings-growth ratio of 1.19 and a beta of 1.34.

Maplebear (NASDAQ:CART) last announced its quarterly earnings results on Tuesday, February 25th. The company reported $0.53 EPS for the quarter, topping analysts’ consensus estimates of $0.37 by $0.16. Maplebear had a return on equity of 13.78% and a net margin of 13.37%. The company had revenue of $883.00 million during the quarter, compared to analyst estimates of $889.98 million. Sell-side analysts predict that Maplebear Inc. will post 1.43 earnings per share 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.