Federated Hermes Inc. Buys 458,243 Shares of Maplebear Inc. (NASDAQ:CART)

Federated Hermes Inc. lifted its stake in shares of Maplebear Inc. (NASDAQ:CART) by 22.9% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 2,462,264 shares of the company’s stock after purchasing an additional 458,243 shares during the period. Federated Hermes Inc. owned 0.96% of Maplebear worth $102,035,000 at the end of the most recent quarter.

Several other large investors also recently made changes to their positions in the stock. Jones Financial Companies Lllp raised its position in Maplebear by 46.6% during the fourth quarter. Jones Financial Companies Lllp now owns 698 shares of the company’s stock worth $29,000 after acquiring an additional 222 shares in the last quarter. Wilmington Savings Fund Society FSB bought a new stake in shares of Maplebear in the 3rd quarter valued at about $33,000. Allworth Financial LP raised its holdings in shares of Maplebear by 101.4% in the 4th quarter. Allworth Financial LP now owns 834 shares of the company’s stock valued at $37,000 after purchasing an additional 420 shares during the period. Cullen Frost Bankers Inc. acquired a new stake in Maplebear in the 4th quarter valued at about $62,000. Finally, PNC Financial Services Group Inc. grew its holdings in Maplebear by 243.3% during the fourth quarter. PNC Financial Services Group Inc. now owns 3,399 shares of the company’s stock worth $141,000 after purchasing an additional 2,409 shares during the period. Institutional investors and hedge funds own 63.09% of the company’s stock.

Insider Activity at Maplebear

In related news, CAO Alan Ramsay sold 2,314 shares of the company’s stock in a transaction that occurred on Tuesday, January 21st. The stock was sold at an average price of $46.28, for a total value of $107,091.92. Following the sale, the chief accounting officer now directly owns 85,421 shares in the company, valued at $3,953,283.88. This represents a 2.64 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CEO Fidji Simo sold 20,750 shares of the company’s stock in a transaction on Wednesday, February 26th. The shares were sold at an average price of $43.31, for a total transaction of $898,682.50. Following the completion of the sale, the chief executive officer now directly owns 1,662,692 shares in the company, valued at approximately $72,011,190.52. This represents a 1.23 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 25,097 shares of company stock valued at $1,087,094 in the last 90 days. 36.00% of the stock is owned by corporate insiders.

Maplebear Trading Down 6.6 %

CART stock opened at $37.37 on Monday. The firm has a 50-day moving average price of $43.98 and a 200-day moving average price of $43.61. Maplebear Inc. has a 12 month low of $29.84 and a 12 month high of $53.44. The stock has a market capitalization of $9.89 billion, a P/E ratio of 25.08, a price-to-earnings-growth ratio of 1.19 and a beta of 1.19.

Maplebear (NASDAQ:CART) last issued its quarterly earnings data on Tuesday, February 25th. The company reported $0.53 EPS for the quarter, beating the consensus estimate of $0.37 by $0.16. The business had revenue of $883.00 million during the quarter, compared to the consensus estimate of $889.98 million. Maplebear had a net margin of 13.37% and a return on equity of 13.78%. As a group, equities analysts predict that Maplebear Inc. will post 1.43 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on the company. Morgan Stanley raised their price objective on Maplebear from $44.00 to $45.00 and gave the company an “equal weight” rating in a research report on Wednesday, February 26th. JPMorgan Chase & Co. decreased their price objective on shares of Maplebear from $52.00 to $50.00 and set an “overweight” rating on the stock in a report on Wednesday, February 26th. Needham & Company LLC restated a “buy” rating and set a $56.00 target price on shares of Maplebear in a research note on Wednesday, February 26th. Stifel Nicolaus lifted their target price on shares of Maplebear from $56.00 to $57.00 and gave the stock a “buy” rating in a report on Wednesday, February 26th. Finally, Benchmark reissued a “hold” rating on shares of Maplebear in a report on Wednesday, February 26th. Thirteen analysts have rated the stock with a hold rating, fifteen have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, Maplebear has an average rating of “Moderate Buy” and an average target price of $50.13.

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.