Principal Financial Group Inc. Sells 1,808 Shares of Maplebear Inc. (NASDAQ:CART)

Principal Financial Group Inc. lowered its position in shares of Maplebear Inc. (NASDAQ:CART) by 14.1% during the third quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 10,989 shares of the company’s stock after selling 1,808 shares during the period. Principal Financial Group Inc.’s holdings in Maplebear were worth $448,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of CART. nVerses Capital LLC raised its holdings in Maplebear by 1,600.0% in the 2nd quarter. nVerses Capital LLC now owns 1,700 shares of the company’s stock valued at $55,000 after buying an additional 1,600 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. acquired a new position in Maplebear in the 3rd quarter valued at approximately $74,000. Quarry LP raised its stake in shares of Maplebear by 269.5% during the second quarter. Quarry LP now owns 3,928 shares of the company’s stock valued at $126,000 after acquiring an additional 2,865 shares during the last quarter. Watts Gwilliam & Co. LLC acquired a new position in shares of Maplebear during the third quarter worth $231,000. Finally, Washington University bought a new stake in shares of Maplebear in the third quarter worth $238,000. Institutional investors own 63.09% of the company’s stock.

Maplebear Stock Down 0.1 %

Shares of NASDAQ:CART opened at $43.22 on Monday. Maplebear Inc. has a twelve month low of $22.13 and a twelve month high of $50.01. The stock’s 50 day moving average is $42.82 and its 200-day moving average is $36.83. The firm has a market capitalization of $11.10 billion, a price-to-earnings ratio of 29.01, a PEG ratio of 1.12 and a beta of 1.12.

Maplebear (NASDAQ:CART) last released its quarterly earnings data on Tuesday, November 12th. The company reported $0.42 earnings per share for the quarter, topping the consensus estimate of $0.22 by $0.20. Maplebear had a net margin of 13.37% and a return on equity of 13.78%. The firm had revenue of $852.00 million for the quarter, compared to the consensus estimate of $844.03 million. During the same quarter in the prior year, the company posted ($20.86) earnings per share. The business’s revenue was up 11.5% on a year-over-year basis. Equities research analysts anticipate that Maplebear Inc. will post 1.4 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

CART has been the subject of several analyst reports. Barclays raised their target price on Maplebear from $48.00 to $56.00 and gave the stock an “overweight” rating in a research report on Wednesday, November 13th. Macquarie lifted their price objective on Maplebear from $50.00 to $52.00 and gave the stock an “outperform” rating in a research note on Thursday, November 14th. Citigroup upped their target price on Maplebear from $44.00 to $47.00 and gave the company a “buy” rating in a report on Thursday, August 8th. Bank of America raised their price target on shares of Maplebear from $50.00 to $51.00 and gave the stock a “neutral” rating in a report on Wednesday, November 13th. Finally, Jefferies Financial Group began coverage on shares of Maplebear in a research report on Wednesday, October 16th. They set a “hold” rating and a $43.00 price objective for the company. Twelve analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Maplebear currently has a consensus rating of “Moderate Buy” and a consensus target price of $47.29.

Insider Buying and Selling

In related news, CAO Alan Ramsay sold 2,247 shares of the company’s stock in a transaction on Wednesday, November 20th. The stock was sold at an average price of $41.06, for a total transaction of $92,261.82. Following the completion of the sale, the chief accounting officer now owns 89,982 shares in the company, valued at approximately $3,694,660.92. This represents a 2.44 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, CEO Fidji Simo sold 33,000 shares of the stock in a transaction on Wednesday, August 28th. The shares were sold at an average price of $35.27, for a total value of $1,163,910.00. Following the completion of the sale, the chief executive officer now directly owns 1,844,778 shares of the company’s stock, valued at $65,065,320.06. The trade was a 1.76 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 123,204 shares of company stock worth $5,162,688 in the last quarter. Insiders own 36.00% of the company’s stock.

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.