Adams Street Partners LLC Purchases New Position in Maplebear Inc. (NASDAQ:CART)

Adams Street Partners LLC acquired a new stake in shares of Maplebear Inc. (NASDAQ:CART) in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm acquired 47,769 shares of the company’s stock, valued at approximately $1,535,000. Maplebear comprises 0.6% of Adams Street Partners LLC’s investment portfolio, making the stock its 8th biggest holding.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Norges Bank purchased a new stake in shares of Maplebear during the 4th quarter worth $78,674,000. Federated Hermes Inc. grew its position in Maplebear by 102.2% during the 2nd quarter. Federated Hermes Inc. now owns 1,734,264 shares of the company’s stock worth $55,739,000 after purchasing an additional 876,439 shares during the period. Industry Ventures L.L.C. lifted its holdings in Maplebear by 3.3% in the second quarter. Industry Ventures L.L.C. now owns 980,458 shares of the company’s stock valued at $31,512,000 after acquiring an additional 31,175 shares during the period. SG Americas Securities LLC purchased a new position in shares of Maplebear during the 1st quarter valued at approximately $31,109,000. Finally, Lord Abbett & CO. LLC acquired a new position in shares of Maplebear in the first quarter worth about $28,674,000. Hedge funds and other institutional investors own 63.09% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts have recently commented on the company. Needham & Company LLC restated a “hold” rating on shares of Maplebear in a research report on Wednesday, August 7th. KeyCorp assumed coverage on shares of Maplebear in a report on Thursday, July 11th. They issued a “sector weight” rating on the stock. Piper Sandler upped their price target on Maplebear from $47.00 to $50.00 and gave the company an “overweight” rating in a research note on Wednesday, August 7th. Cantor Fitzgerald assumed coverage on shares of Maplebear in a research note on Thursday, September 5th. They set an “overweight” rating and a $45.00 target price for the company. Finally, Citigroup boosted their target price on Maplebear from $44.00 to $47.00 and gave the company a “buy” rating in a research report on Thursday, August 8th. Ten research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $42.81.

Insider Buying and Selling

In other Maplebear news, CEO Fidji Simo sold 8,500 shares of the firm’s stock in a transaction dated Wednesday, June 26th. The shares were sold at an average price of $33.04, for a total value of $280,840.00. Following the completion of the transaction, the chief executive officer now directly owns 1,984,167 shares in the company, valued at $65,556,877.68. The sale was disclosed in a filing with the SEC, which is accessible through this link. In related news, General Counsel Morgan Fong sold 9,506 shares of the stock in a transaction dated Monday, July 22nd. The shares were sold at an average price of $35.02, for a total value of $332,900.12. Following the completion of the sale, the general counsel now owns 372,335 shares in the company, valued at $13,039,171.70. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, CEO Fidji Simo sold 8,500 shares of the company’s stock in a transaction on Wednesday, June 26th. The shares were sold at an average price of $33.04, for a total value of $280,840.00. Following the completion of the transaction, the chief executive officer now owns 1,984,167 shares of the company’s stock, valued at $65,556,877.68. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 73,669 shares of company stock worth $2,682,769. Corporate insiders own 36.00% of the company’s stock.

Maplebear Stock Performance

Shares of CART opened at $42.14 on Monday. Maplebear Inc. has a 12 month low of $22.13 and a 12 month high of $42.58. The stock’s 50-day moving average is $34.75 and its two-hundred day moving average is $34.72.

Maplebear (NASDAQ:CART) last announced its earnings results on Tuesday, August 6th. The company reported $0.20 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.13 by $0.07. Maplebear had a negative return on equity of 49.98% and a negative net margin of 52.21%. The business had revenue of $823.00 million for the quarter, compared to analyst estimates of $806.35 million. The firm’s revenue was up 14.9% on a year-over-year basis. As a group, equities analysts forecast that Maplebear Inc. will post 1.12 EPS for the current year.

About Maplebear

Maplebear Inc, doing business as Instacart, provides online grocery shopping services to households in North America. It sells and delivers grocery products. The company offers its services through a mobile application and website. It also provides software-as-a-service solutions to retailers. The company was incorporated in 2012 and is based in San Francisco, California.