Teacher Retirement System of Texas Boosts Stake in Maplebear Inc. $CART

Teacher Retirement System of Texas increased its position in Maplebear Inc. (NASDAQ:CART) by 14.4% in the 2nd quarter, according to its most recent filing with the SEC. The fund owned 50,604 shares of the company’s stock after purchasing an additional 6,373 shares during the period. Teacher Retirement System of Texas’ holdings in Maplebear were worth $2,289,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also made changes to their positions in the company. Vanguard Group Inc. lifted its holdings in shares of Maplebear by 3.4% in the 1st quarter. Vanguard Group Inc. now owns 16,514,830 shares of the company’s stock valued at $658,777,000 after purchasing an additional 546,472 shares during the last quarter. Victory Capital Management Inc. lifted its holdings in shares of Maplebear by 62.8% in the 1st quarter. Victory Capital Management Inc. now owns 7,368,232 shares of the company’s stock valued at $293,919,000 after purchasing an additional 2,841,559 shares during the last quarter. T. Rowe Price Investment Management Inc. lifted its holdings in shares of Maplebear by 10.2% in the 1st quarter. T. Rowe Price Investment Management Inc. now owns 5,226,979 shares of the company’s stock valued at $208,505,000 after purchasing an additional 482,327 shares during the last quarter. Altimeter Capital Management LP lifted its holdings in shares of Maplebear by 31.9% in the 1st quarter. Altimeter Capital Management LP now owns 3,348,128 shares of the company’s stock valued at $133,557,000 after purchasing an additional 810,510 shares during the last quarter. Finally, William Blair Investment Management LLC purchased a new stake in shares of Maplebear in the 2nd quarter valued at about $151,364,000. 63.09% of the stock is owned by hedge funds and other institutional investors.

Maplebear Stock Up 0.6%

CART opened at $36.86 on Monday. The business has a 50 day moving average price of $41.31 and a two-hundred day moving average price of $44.20. The company has a market cap of $9.71 billion, a PE ratio of 21.31, a P/E/G ratio of 1.13 and a beta of 1.10. Maplebear Inc. has a 52 week low of $34.87 and a 52 week high of $53.50.

Maplebear (NASDAQ:CART) last posted its quarterly earnings data on Thursday, August 7th. The company reported $0.41 EPS for the quarter, beating the consensus estimate of $0.39 by $0.02. The firm had revenue of $914.00 million during the quarter, compared to the consensus estimate of $896.55 million. Maplebear had a return on equity of 15.69% and a net margin of 13.76%.The firm’s revenue was up 11.1% compared to the same quarter last year. During the same period in the prior year, the business earned $0.20 EPS. As a group, sell-side analysts expect that Maplebear Inc. will post 1.43 EPS for the current fiscal year.

Insiders Place Their Bets

In other Maplebear news, General Counsel Morgan Fong sold 3,546 shares of the business’s stock in a transaction that occurred on Monday, October 20th. The stock was sold at an average price of $38.85, for a total transaction of $137,762.10. Following the transaction, the general counsel owned 427,523 shares in the company, valued at approximately $16,609,268.55. The trade was a 0.82% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Fidji Simo sold 7,140 shares of the business’s stock in a transaction that occurred on Monday, September 15th. The stock was sold at an average price of $47.30, for a total value of $337,722.00. Following the transaction, the director owned 573,807 shares in the company, valued at $27,141,071.10. The trade was a 1.23% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders have sold 27,556 shares of company stock worth $1,179,482. Company insiders own 26.00% of the company’s stock.

Analysts Set New Price Targets

CART has been the subject of several research reports. Sanford C. Bernstein boosted their target price on Maplebear from $55.00 to $60.00 and gave the company an “outperform” rating in a report on Monday, July 21st. Bank of America boosted their target price on Maplebear from $53.00 to $58.00 and gave the company a “neutral” rating in a report on Friday, August 8th. Wall Street Zen downgraded Maplebear from a “buy” rating to a “hold” rating in a report on Monday, September 29th. Mizuho began coverage on Maplebear in a research note on Tuesday, September 30th. They set a “neutral” rating and a $45.00 price objective for the company. Finally, Jefferies Financial Group reduced their price objective on Maplebear from $55.00 to $43.00 and set a “hold” rating for the company in a research note on Friday, October 17th. Two analysts have rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating, twelve have given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $52.12.

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.