Principal Financial Group Inc. Has $448,000 Holdings in Maplebear Inc. (NASDAQ:CART)

Principal Financial Group Inc. lessened its holdings in shares of Maplebear Inc. (NASDAQ:CART) by 14.1% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor 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 quarter.

Other large investors have also recently added to or reduced their stakes in the company. CIBC Asset Management Inc lifted its stake in Maplebear by 3.7% in the 3rd quarter. CIBC Asset Management Inc now owns 8,114 shares of the company’s stock valued at $331,000 after purchasing an additional 286 shares during the last quarter. Coldstream Capital Management Inc. boosted its holdings in shares of Maplebear by 1.6% during the 3rd quarter. Coldstream Capital Management Inc. now owns 31,745 shares of the company’s stock worth $1,294,000 after buying an additional 490 shares during the period. Oppenheimer & Co. Inc. grew its stake in Maplebear by 5.1% in the 3rd quarter. Oppenheimer & Co. Inc. now owns 12,090 shares of the company’s stock valued at $493,000 after buying an additional 584 shares during the last quarter. Pier Capital LLC raised its holdings in Maplebear by 0.4% in the 3rd quarter. Pier Capital LLC now owns 151,604 shares of the company’s stock valued at $6,176,000 after acquiring an additional 616 shares during the period. Finally, Wilmington Savings Fund Society FSB acquired a new stake in Maplebear during the third quarter worth approximately $33,000. Institutional investors own 63.09% of the company’s stock.

Insider Activity at Maplebear

In other news, CAO Alan Ramsay sold 2,559 shares of the firm’s stock in a transaction dated Monday, October 21st. The shares were sold at an average price of $42.97, for a total value of $109,960.23. Following the completion of the sale, the chief accounting officer now owns 96,666 shares in the company, valued at approximately $4,153,738.02. This trade represents a 2.58 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, General Counsel Morgan Fong sold 11,325 shares of Maplebear stock in a transaction on Monday, October 21st. The stock was sold at an average price of $42.97, for a total value of $486,635.25. Following the sale, the general counsel now owns 287,659 shares of the company’s stock, valued at approximately $12,360,707.23. This trade represents a 3.79 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 112,128 shares of company stock worth $4,980,404. 36.00% of the stock is owned by company insiders.

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on CART shares. Barclays lifted their target price on Maplebear from $48.00 to $56.00 and gave the stock an “overweight” rating in a report on Wednesday, November 13th. Macquarie boosted their price target on Maplebear from $50.00 to $52.00 and gave the company an “outperform” rating in a research note on Thursday, November 14th. Jefferies Financial Group began coverage on Maplebear in a research note on Wednesday, October 16th. They issued a “hold” rating and a $43.00 price target for the company. JMP Securities increased their price target on shares of Maplebear from $42.00 to $51.00 and gave the stock a “market outperform” rating in a research report on Wednesday, November 13th. Finally, Deutsche Bank Aktiengesellschaft assumed coverage on Maplebear in a research report on Tuesday, December 3rd. They set a “hold” rating and a $37.00 price objective for the company. Thirteen analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $47.14.

Maplebear Trading Up 4.4 %

Shares of CART opened at $44.93 on Monday. Maplebear Inc. has a 1-year low of $22.13 and a 1-year high of $50.01. The firm has a market capitalization of $11.54 billion, a price-to-earnings ratio of 30.15, a PEG ratio of 1.08 and a beta of 1.04. The firm’s 50-day moving average price is $43.63 and its 200-day moving average price is $38.95.

Maplebear (NASDAQ:CART) last announced its quarterly earnings results on Tuesday, November 12th. The company reported $0.42 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.22 by $0.20. The company had revenue of $852.00 million for the quarter, compared to analysts’ expectations of $844.03 million. Maplebear had a net margin of 13.37% and a return on equity of 13.78%. Maplebear’s revenue was up 11.5% compared to the same quarter last year. During the same quarter in the previous year, the business posted ($20.86) EPS. On average, research analysts forecast that Maplebear Inc. will post 1.4 EPS for the current fiscal year.

Maplebear Company Profile

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.