Envestnet Asset Management Inc. Has $11.26 Million Position in Maplebear Inc. $CART

Envestnet Asset Management Inc. lifted its holdings in Maplebear Inc. (NASDAQ:CART) by 71.4% during the third quarter, according to its most recent Form 13F filing with the SEC. The firm owned 306,430 shares of the company’s stock after purchasing an additional 127,667 shares during the period. Envestnet Asset Management Inc.’s holdings in Maplebear were worth $11,264,000 as of its most recent filing with the SEC.

Several other large investors have also made changes to their positions in CART. Securian Asset Management Inc. grew its holdings in Maplebear by 2.1% in the 2nd quarter. Securian Asset Management Inc. now owns 12,509 shares of the company’s stock valued at $566,000 after buying an additional 252 shares during the last quarter. Smartleaf Asset Management LLC boosted its position in shares of Maplebear by 9.6% in the second quarter. Smartleaf Asset Management LLC now owns 2,978 shares of the company’s stock valued at $134,000 after acquiring an additional 261 shares during the period. Rafferty Asset Management LLC boosted its position in shares of Maplebear by 2.5% in the second quarter. Rafferty Asset Management LLC now owns 11,000 shares of the company’s stock valued at $498,000 after acquiring an additional 273 shares during the period. ProShare Advisors LLC grew its stake in shares of Maplebear by 5.7% in the second quarter. ProShare Advisors LLC now owns 7,284 shares of the company’s stock worth $330,000 after acquiring an additional 390 shares during the last quarter. Finally, Arizona State Retirement System increased its position in Maplebear by 0.8% during the third quarter. Arizona State Retirement System now owns 50,139 shares of the company’s stock worth $1,843,000 after acquiring an additional 393 shares during the period. Institutional investors and hedge funds own 63.09% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on CART shares. Argus started coverage on shares of Maplebear in a report on Wednesday, January 7th. They issued a “buy” rating and a $52.00 price target for the company. BNP Paribas Exane assumed coverage on shares of Maplebear in a research note on Wednesday, January 14th. They issued an “underperform” rating and a $41.00 target price for the company. BMO Capital Markets upgraded Maplebear from a “market perform” rating to an “outperform” rating and set a $58.00 price target on the stock in a research note on Tuesday, November 11th. Needham & Company LLC upped their price target on Maplebear from $50.00 to $55.00 and gave the company a “buy” rating in a report on Friday, February 13th. Finally, Stifel Nicolaus reduced their price objective on Maplebear from $49.00 to $46.00 and set a “buy” rating for the company in a research report on Tuesday, January 27th. Fifteen equities research analysts have rated the stock with a Buy rating, eleven have given a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat, Maplebear presently has an average rating of “Hold” and a consensus price target of $51.38.

Insiders Place Their Bets

In other Maplebear news, General Counsel Morgan Fong sold 4,914 shares of Maplebear stock in a transaction on Monday, December 22nd. The stock was sold at an average price of $45.21, for a total transaction of $222,161.94. Following the completion of the transaction, the general counsel directly owned 404,940 shares of the company’s stock, valued at approximately $18,307,337.40. This trade represents a 1.20% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. 26.00% of the stock is owned by company insiders.

Maplebear Trading Up 1.2%

CART stock opened at $36.72 on Wednesday. Maplebear Inc. has a 1-year low of $32.73 and a 1-year high of $53.50. The business’s 50 day moving average is $40.83 and its 200-day moving average is $41.62. The firm has a market cap of $9.64 billion, a P/E ratio of 23.09, a P/E/G ratio of 0.94 and a beta of 1.00.

Maplebear Profile

Maplebear, Inc, doing business as Instacart, operates a leading online grocery and essentials marketplace that connects consumers, retail partners and personal shoppers through its digital platform. The company enables customers to order groceries, household items and specialty products for same-day or scheduled delivery, as well as in-store pickup. By integrating its technology with retailers’ existing inventory and point-of-sale systems, Maplebear streamlines the shopping experience and provides real-time availability and pricing.

Founded in 2012 and headquartered in San Francisco, Maplebear has grown from a regional startup to a publicly traded company listed on NASDAQ under the ticker CART.