Boston Partners Cuts Stake in Maplebear Inc. $CART

Key Points

• Boston Partners reduced its stake in Maplebear Inc. (NASDAQ:CART) by 23.8%, selling 641,541 shares while still holding 2,050,067 shares, valued at approximately $81.79 million.
• Several major investors, including Principal Financial Group and New York State Teachers Retirement System, made significant increases in their positions during the same period, showcasing increased institutional interest in the company.
• Equities analysts have raised price targets for Maplebear, with JMP Securities setting it at $60 and Citigroup at $65, reflecting a generally positive outlook with a consensus rating of "Moderate Buy."

Boston Partners decreased its holdings in Maplebear Inc. (NASDAQ:CART - Free Report) by 23.8% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 2,050,067 shares of the company's stock after selling 641,541 shares during the period. Boston Partners owned 0.78% of Maplebear worth $81,790,000 at the end of the most recent quarter.

A number of other institutional investors have also recently made changes to their positions in CART. Envestnet Asset Management Inc. lifted its holdings in shares of Maplebear by 35.0% in the 4th quarter. Envestnet Asset Management Inc. now owns 13,628 shares of the company's stock valued at $564,000 after acquiring an additional 3,532 shares during the last quarter. Raymond James Financial Inc. bought a new position in shares of Maplebear in the 4th quarter valued at about $3,861,000. Sterling Capital Management LLC lifted its holdings in shares of Maplebear by 125.3% in the 4th quarter. Sterling Capital Management LLC now owns 14,780 shares of the company's stock valued at $612,000 after acquiring an additional 8,220 shares during the last quarter. Townsquare Capital LLC bought a new position in shares of Maplebear in the 4th quarter valued at about $343,000. Finally, Barclays PLC lifted its holdings in shares of Maplebear by 60.3% in the 4th quarter. Barclays PLC now owns 123,391 shares of the company's stock valued at $5,111,000 after acquiring an additional 46,413 shares during the last quarter. Institutional investors own 63.09% of the company's stock.

Wall Street Analysts Forecast Growth

CART has been the subject of a number of analyst reports. Needham & Company LLC increased their price target on shares of Maplebear from $56.00 to $66.00 and gave the company a "buy" rating in a report on Friday, August 8th. Wall Street Zen raised shares of Maplebear from a "hold" rating to a "buy" rating in a report on Saturday, August 9th. Bank of America raised their price objective on shares of Maplebear from $53.00 to $58.00 and gave the stock a "neutral" rating in a research note on Friday, August 8th. Citigroup raised their price objective on shares of Maplebear from $57.00 to $65.00 and gave the stock a "buy" rating in a research note on Friday, August 8th. Finally, Wells Fargo & Company raised their price objective on shares of Maplebear from $47.00 to $55.00 and gave the stock an "equal weight" rating in a research note on Friday, August 8th. Nine equities research analysts have rated the stock with a hold rating, seventeen have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $55.46.

Maplebear Trading Up 4.6%

Shares of Maplebear stock traded up $2.00 on Monday, hitting $45.92. 4,470,858 shares of the company traded hands, compared to its average volume of 4,363,968. The stock's 50 day moving average price is $46.80 and its 200-day moving average price is $44.69. Maplebear Inc. has a 52 week low of $31.99 and a 52 week high of $53.50. The company has a market cap of $12.10 billion, a PE ratio of 26.54, a PEG ratio of 1.46 and a beta of 1.21.

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

Insider Activity at Maplebear

In related news, General Counsel Morgan Fong sold 4,680 shares of Maplebear stock in a transaction that occurred on Monday, July 21st. The shares were sold at an average price of $49.16, for a total transaction of $230,068.80. Following the transaction, the general counsel directly owned 452,000 shares of the company's stock, valued at $22,220,320. This trade represents a 1.02% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, Director Levien Meredith A. Kopit sold 4,225 shares of Maplebear stock in a transaction that occurred on Thursday, June 5th. The shares were sold at an average price of $47.45, for a total transaction of $200,476.25. Following the transaction, the director directly owned 20,829 shares in the company, valued at approximately $988,336.05. The trade was a 16.86% 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 valued at $237,736,848 over the last quarter. 26.00% of the stock is owned by insiders.

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.