United Capital Financial Advisors LLC Makes New Investment in Maplebear Inc. $CART

United Capital Financial Advisors LLC purchased a new position in shares of Maplebear Inc. (NASDAQ:CART) during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm purchased 15,995 shares of the company’s stock, valued at approximately $757,000.

Other institutional investors have also modified their holdings of the company. Bank of America Corp DE lifted its stake in Maplebear by 16.5% in the first quarter. Bank of America Corp DE now owns 1,562,097 shares of the company’s stock valued at $58,516,000 after buying an additional 221,036 shares in the last quarter. Horizon Investments LLC increased its position in shares of Maplebear by 263,556.8% during the fourth quarter. Horizon Investments LLC now owns 116,009 shares of the company’s stock worth $5,218,000 after acquiring an additional 115,965 shares in the last quarter. Geode Capital Management LLC increased its position in shares of Maplebear by 1.6% during the fourth quarter. Geode Capital Management LLC now owns 3,526,124 shares of the company’s stock worth $158,640,000 after acquiring an additional 54,010 shares in the last quarter. Paragon Capital Management Inc. acquired a new stake in shares of Maplebear during the first quarter worth $1,256,000. Finally, NFJ Investment Group LLC acquired a new stake in shares of Maplebear during the fourth quarter worth $36,240,000. Institutional investors own 63.09% of the company’s stock.

Maplebear Price Performance

Shares of CART stock opened at $50.54 on Monday. Maplebear Inc. has a 12 month low of $32.73 and a 12 month high of $52.05. The company’s fifty day simple moving average is $47.35 and its 200-day simple moving average is $42.24. The firm has a market cap of $11.70 billion, a PE ratio of 27.62, a P/E/G ratio of 0.74 and a beta of 0.78.

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

Analysts Set New Price Targets

A number of equities analysts recently weighed in on CART shares. Citizens Jmp reaffirmed a “market outperform” rating and issued a $60.00 target price on shares of Maplebear in a research note on Monday, June 15th. Wells Fargo & Company lifted their price target on Maplebear from $47.00 to $54.00 and gave the company an “equal weight” rating in a research note on Friday, August 7th. Weiss Ratings restated a “hold (c)” rating on shares of Maplebear in a report on Friday, August 7th. Needham & Company LLC upped their price objective on Maplebear from $55.00 to $63.00 and gave the stock a “buy” rating in a research report on Friday, August 7th. Finally, Guggenheim increased their price objective on Maplebear from $44.00 to $46.00 and gave the stock a “neutral” rating in a report on Friday, August 7th. One investment analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and eight have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $55.90.

Insider Activity

In other news, insider Morgan Fong sold 18,390 shares of the firm’s stock in a transaction dated Monday, August 24th. The stock was sold at an average price of $49.96, for a total value of $918,764.40. Following the completion of the transaction, the insider owned 529,911 shares in the company, valued at $26,474,353.56. This trade represents a 3.35% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Ravi Gupta sold 150,000 shares of Maplebear stock in a transaction dated Wednesday, August 19th. The shares were sold at an average price of $50.61, for a total value of $7,591,500.00. Following the completion of the sale, the director directly owned 591,523 shares in the company, valued at approximately $29,936,979.03. This represents a 20.23% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 349,390 shares of company stock worth $16,023,574 over the last three months. Insiders own 24.00% of the company’s stock.

Maplebear Company 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.