1,311,940 Shares in Maplebear Inc. $CART Purchased by Champlain Investment Partners LLC

Key Points

• Champlain Investment Partners LLC acquired 1,311,940 shares of Maplebear Inc. during the first quarter, valued at approximately $52.3 million, and now holds 0.50% of the company.
• Maplebear reported a quarterly revenue of $914 million, surpassing estimates and showing an 11.1% year-over-year increase, along with earnings per share of $0.41.
• Several analysts have raised their price targets for Maplebear, with Needham & Company LLC increasing their target from $56 to $66, reinforcing a positive outlook on the stock.

Champlain Investment Partners LLC acquired a new position in Maplebear Inc. (NASDAQ:CART - Free Report) during the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund acquired 1,311,940 shares of the company's stock, valued at approximately $52,333,000. Champlain Investment Partners LLC owned 0.50% of Maplebear at the end of the most recent quarter.

Other institutional investors also recently modified their holdings of the company. Principal Financial Group Inc. boosted its holdings in shares of Maplebear by 4,154.7% during the first quarter. Principal Financial Group Inc. now owns 372,581 shares of the company's stock worth $14,862,000 after purchasing an additional 363,824 shares during the period. Mirae Asset Global Investments Co. Ltd. boosted its holdings in shares of Maplebear by 18.6% during the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,056 shares of the company's stock worth $82,000 after purchasing an additional 322 shares during the period. Cambridge Investment Research Advisors Inc. boosted its holdings in shares of Maplebear by 7.6% during the first quarter. Cambridge Investment Research Advisors Inc. now owns 6,166 shares of the company's stock worth $246,000 after purchasing an additional 433 shares during the period. Golden State Wealth Management LLC boosted its holdings in shares of Maplebear by 100.0% during the first quarter. Golden State Wealth Management LLC now owns 1,066 shares of the company's stock worth $43,000 after purchasing an additional 533 shares during the period. Finally, New York State Teachers Retirement System boosted its holdings in shares of Maplebear by 542.8% during the first quarter. New York State Teachers Retirement System now owns 101,720 shares of the company's stock worth $4,058,000 after purchasing an additional 85,896 shares during the period. 63.09% of the stock is currently owned by hedge funds and other institutional investors.

Maplebear Price Performance

NASDAQ CART traded down $0.48 during trading hours on Monday, reaching $43.37. 3,111,388 shares of the company's stock traded hands, compared to its average volume of 5,852,252. Maplebear Inc. has a 52-week low of $33.17 and a 52-week high of $53.50. The firm has a market cap of $11.43 billion, a PE ratio of 25.07, a PEG ratio of 1.45 and a beta of 1.22. The firm has a 50-day simple moving average of $46.86 and a 200 day simple moving average of $44.34.

Maplebear (NASDAQ:CART - Get Free Report) last issued its quarterly earnings results on Thursday, August 7th. The company reported $0.41 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.39 by $0.02. Maplebear had a net margin of 13.76% and a return on equity of 15.69%. The company had revenue of $914.00 million during the quarter, compared to analysts' expectations of $896.55 million. During the same period last year, the company posted $0.20 EPS. Maplebear's revenue was up 11.1% on a year-over-year basis. Sell-side analysts forecast that Maplebear Inc. will post 1.43 EPS for the current fiscal year.

Wall Street Analyst Weigh In

CART has been the subject of a number of analyst reports. Wedbush reiterated an "underperform" rating and set a $42.00 target price (down from $55.00) on shares of Maplebear in a report on Thursday, August 21st. Wells Fargo & Company boosted their price target on shares of Maplebear from $47.00 to $55.00 and gave the company an "equal weight" rating in a research report on Friday, August 8th. Loop Capital boosted their price target on shares of Maplebear from $52.00 to $58.00 and gave the company a "buy" rating in a research report on Monday, May 19th. Stifel Nicolaus boosted their price target on shares of Maplebear from $55.00 to $64.00 and gave the company a "buy" rating in a research report on Friday, August 8th. Finally, Macquarie reiterated an "outperform" rating and set a $55.00 price target on shares of Maplebear in a research report on Tuesday, May 6th. One equities research analyst has rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating, eight have issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, Maplebear currently has a consensus rating of "Moderate Buy" and a consensus target price of $55.63.

Insider Activity at Maplebear

In related news, insider Grosvenor L.P. Gcm sold 4,864,272 shares of the stock in a transaction dated Friday, July 25th. The shares were sold at an average price of $47.75, for a total transaction of $232,268,988.00. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, General Counsel Morgan Fong sold 4,680 shares of the firm's stock in a transaction dated Monday, July 21st. The stock was sold at an average price of $49.16, for a total value of $230,068.80. Following the completion of the transaction, the general counsel directly owned 452,000 shares in the company, valued at $22,220,320. The trade was a 1.02% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 4,975,327 shares of company stock worth $237,736,848 in the last ninety days. 26.00% of the stock is currently owned by company insiders.

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.