Alpine Woods Capital Investors LLC Trims Stake in Maplebear Inc. (NASDAQ:CART)

Alpine Woods Capital Investors LLC reduced its holdings in shares of Maplebear Inc. (NASDAQ:CART) by 38.2% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 36,035 shares of the company’s stock after selling 22,258 shares during the period. Alpine Woods Capital Investors LLC’s holdings in Maplebear were worth $1,493,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the business. Victory Capital Management Inc. increased its stake in shares of Maplebear by 11,501.2% in the fourth quarter. Victory Capital Management Inc. now owns 4,526,673 shares of the company’s stock worth $187,495,000 after purchasing an additional 4,487,654 shares in the last quarter. Pacer Advisors Inc. purchased a new stake in shares of Maplebear in the third quarter worth $158,701,000. Geode Capital Management LLC increased its stake in shares of Maplebear by 151.7% in the third quarter. Geode Capital Management LLC now owns 2,732,738 shares of the company’s stock worth $111,361,000 after purchasing an additional 1,647,081 shares in the last quarter. Maverick Capital Ltd. increased its stake in shares of Maplebear by 19.7% in the third quarter. Maverick Capital Ltd. now owns 2,684,425 shares of the company’s stock worth $109,363,000 after purchasing an additional 441,156 shares in the last quarter. Finally, State Street Corp increased its stake in shares of Maplebear by 48.3% in the third quarter. State Street Corp now owns 2,552,617 shares of the company’s stock worth $103,994,000 after purchasing an additional 831,795 shares in the last quarter. 63.09% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Maplebear

In related news, CAO Alan Ramsay sold 2,314 shares of Maplebear stock in a transaction dated Tuesday, January 21st. The shares were sold at an average price of $46.28, for a total transaction of $107,091.92. Following the completion of the sale, the chief accounting officer now owns 85,421 shares in the company, valued at $3,953,283.88. This trade represents a 2.64 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Fidji Simo sold 20,750 shares of Maplebear stock in a transaction dated Wednesday, February 26th. The shares were sold at an average price of $43.31, for a total transaction of $898,682.50. Following the sale, the chief executive officer now owns 1,662,692 shares of the company’s stock, valued at $72,011,190.52. The trade was a 1.23 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 46,061 shares of company stock worth $1,987,318. 36.00% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on the stock. BTIG Research raised shares of Maplebear from a “neutral” rating to a “buy” rating and set a $58.00 price objective for the company in a research note on Tuesday, January 14th. Wells Fargo & Company started coverage on shares of Maplebear in a research note on Friday, January 10th. They issued an “equal weight” rating and a $47.00 price objective for the company. Wedbush cut their target price on shares of Maplebear from $48.00 to $46.00 and set a “neutral” rating for the company in a research note on Wednesday, February 26th. Macquarie raised their target price on shares of Maplebear from $52.00 to $55.00 and gave the company an “outperform” rating in a research note on Thursday, February 27th. Finally, Benchmark reaffirmed a “hold” rating on shares of Maplebear in a research note on Wednesday, February 26th. Thirteen equities research analysts have rated the stock with a hold rating, sixteen have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, Maplebear presently has a consensus rating of “Moderate Buy” and a consensus target price of $50.21.

Maplebear Trading Down 3.5 %

Maplebear stock opened at $37.46 on Friday. The firm has a 50-day moving average price of $45.68 and a 200-day moving average price of $43.05. The firm has a market capitalization of $9.91 billion, a PE ratio of 25.14, a price-to-earnings-growth ratio of 1.19 and a beta of 1.34. Maplebear Inc. has a 12-month low of $29.84 and a 12-month high of $53.44.

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