Heron Bay Capital Management Makes New Investment in Maplebear Inc. $CART

Heron Bay Capital Management purchased a new position in Maplebear Inc. (NASDAQ:CART) during the second quarter, Holdings Channel reports. The fund purchased 61,961 shares of the company’s stock, valued at approximately $2,934,000.

A number of other hedge funds also recently made changes to their positions in the stock. BlackRock Inc. purchased a new position in shares of Maplebear during the second quarter worth approximately $750,477,000. State Street Corp boosted its stake in shares of Maplebear by 1.0% in the 4th quarter. State Street Corp now owns 5,461,637 shares of the company’s stock valued at $245,664,000 after purchasing an additional 54,872 shares in the last quarter. Dimensional Fund Advisors LP boosted its stake in shares of Maplebear by 31.4% in the 1st quarter. Dimensional Fund Advisors LP now owns 4,981,960 shares of the company’s stock valued at $186,618,000 after purchasing an additional 1,189,287 shares in the last quarter. Viking Global Investors LP bought a new position in shares of Maplebear during the 2nd quarter valued at $169,782,000. Finally, Geode Capital Management LLC grew its holdings in shares of Maplebear by 1.6% during the 4th quarter. Geode Capital Management LLC now owns 3,526,124 shares of the company’s stock valued at $158,640,000 after purchasing an additional 54,010 shares during the last quarter. 63.09% of the stock is owned by institutional investors.

Maplebear Stock Performance

Shares of NASDAQ:CART opened at $49.83 on Friday. Maplebear Inc. has a 52-week low of $32.73 and a 52-week high of $51.81. The firm has a market capitalization of $11.54 billion, a P/E ratio of 27.23, a P/E/G ratio of 0.75 and a beta of 0.78. The stock has a 50 day moving average price of $46.61 and a 200-day moving average price of $41.66.

Maplebear (NASDAQ:CART) last released its quarterly earnings results on Thursday, August 6th. The company reported $0.45 earnings per share for the quarter, missing the consensus estimate of $0.54 by ($0.09). Maplebear had a net margin of 11.97% and a return on equity of 20.19%. The firm had revenue of $1.04 billion for the quarter, compared to the consensus estimate of $1.03 billion. During the same quarter in the prior year, the firm earned $0.41 earnings per share. The company’s revenue for the quarter was up 14.1% compared to the same quarter last year. On average, equities analysts forecast that Maplebear Inc. will post 2.33 EPS for the current fiscal year.

Analyst Ratings Changes

Several analysts have issued reports on the stock. Cantor Fitzgerald upped their price target on shares of Maplebear from $56.00 to $63.00 and gave the company an “overweight” rating in a research report on Friday, August 7th. Citigroup lifted their price target on Maplebear from $50.00 to $58.00 and gave the stock a “buy” rating in a research note on Monday, August 10th. Oppenheimer boosted their price objective on Maplebear from $60.00 to $65.00 and gave the company an “outperform” rating in a research report on Friday, August 7th. Wells Fargo & Company raised their target price on shares of Maplebear from $47.00 to $54.00 and gave the stock an “equal weight” rating in a report on Friday, August 7th. Finally, Weiss Ratings reaffirmed a “hold (c)” rating on shares of Maplebear in a research note on Friday, August 7th. One research analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating and eight have assigned a Hold rating to the stock. According to MarketBeat.com, Maplebear currently has an average rating of “Moderate Buy” and an average target price of $55.90.

Insider Transactions at Maplebear

In other Maplebear news, Director Ravi Gupta sold 181,000 shares of the firm’s stock in a transaction on Tuesday, June 2nd. The stock was sold at an average price of $41.51, for a total transaction of $7,513,310.00. Following the completion of the transaction, the director owned 741,523 shares of the company’s stock, valued at approximately $30,780,619.73. This trade represents a 19.62% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Company insiders own 24.00% of the company’s stock.

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.