Crestwood Capital Management L.P. Has $13.36 Million Position in Maplebear Inc. $CART

Key Points

• Crestwood Capital Management L.P. reduced its position in Maplebear Inc. (NASDAQ:CART) by 18.7%, selling 77,145 shares during the first quarter, now holding 334,896 shares worth approximately $13.36 million.
• Shares of Maplebear Inc. are currently down 11.5%, trading at approximately $45.11 with a market capitalization of $11.88 billion.
• Maplebear recently reported $914 million in quarterly revenue, exceeding analyst estimates, with earnings per share of $0.41, up 11.1% compared to the same quarter last year.

Crestwood Capital Management L.P. reduced its stake in shares of Maplebear Inc. (NASDAQ:CART - Free Report) by 18.7% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 334,896 shares of the company's stock after selling 77,145 shares during the quarter. Maplebear comprises about 10.3% of Crestwood Capital Management L.P.'s portfolio, making the stock its 5th biggest position. Crestwood Capital Management L.P. owned 0.13% of Maplebear worth $13,359,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also modified their holdings of the stock. Envestnet Asset Management Inc. boosted its stake in Maplebear by 35.0% in the fourth 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 Maplebear in the fourth quarter valued at approximately $3,861,000. Sterling Capital Management LLC boosted its stake in Maplebear by 125.3% in the fourth 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 Maplebear in the fourth quarter valued at approximately $343,000. Finally, Barclays PLC boosted its stake in Maplebear by 60.3% in the fourth 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. 63.09% of the stock is owned by institutional investors.

Analysts Set New Price Targets

CART has been the topic of several analyst reports. Wall Street Zen upgraded shares of Maplebear from a "hold" rating to a "buy" rating in a report on Saturday, August 9th. Citigroup increased their target price on shares of Maplebear from $57.00 to $65.00 and gave the stock a "buy" rating in a report on Friday, August 8th. Wells Fargo & Company increased their target price on shares of Maplebear from $47.00 to $55.00 and gave the stock an "equal weight" rating in a report on Friday, August 8th. Barclays increased their target price on shares of Maplebear from $61.00 to $65.00 and gave the stock an "overweight" rating in a report on Friday, August 8th. Finally, Sanford C. Bernstein increased their target price on shares of Maplebear from $55.00 to $60.00 and gave the stock an "outperform" rating in a report on Monday, July 21st. Nine research analysts have rated the stock with a hold rating, seventeen have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, Maplebear presently has a consensus rating of "Moderate Buy" and a consensus price target of $55.46.

Maplebear Stock Performance

Maplebear stock traded up $2.00 during mid-day trading on Monday, reaching $45.92. The company's stock had a trading volume of 4,470,858 shares, compared to its average volume of 4,363,968. The company has a market capitalization of $12.10 billion, a price-to-earnings ratio of 26.54, a price-to-earnings-growth ratio of 1.46 and a beta of 1.21. Maplebear Inc. has a 12 month low of $31.99 and a 12 month high of $53.50. The business's 50 day simple moving average is $46.80 and its 200 day simple moving average is $44.69.

Maplebear (NASDAQ:CART - Get Free Report) last released its earnings results on Thursday, August 7th. The company reported $0.41 earnings per share for the quarter, beating analysts' consensus estimates of $0.39 by $0.02. The business 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 firm's revenue for the quarter was up 11.1% compared to the same quarter last year. During the same quarter last year, the firm earned $0.20 earnings per share. As a group, sell-side analysts expect that Maplebear Inc. will post 1.43 EPS for the current year.

Insider Buying and Selling

In other news, insider Daniel Danker sold 10,037 shares of Maplebear stock in a transaction dated Friday, July 18th. The shares were sold at an average price of $48.82, for a total value of $490,006.34. Following the completion of the transaction, the insider owned 470,190 shares of the company's stock, valued at $22,954,675.80. This trade represents a 2.09% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, General Counsel Morgan Fong sold 4,680 shares of Maplebear stock in a transaction dated Monday, July 21st. The shares were sold at an average price of $49.16, for a total transaction of $230,068.80. Following the completion of the transaction, the general counsel directly owned 452,000 shares of the company's stock, valued at approximately $22,220,320. This trade represents a 1.02% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 4,975,327 shares of company stock worth $237,736,848. Corporate insiders own 26.00% of the company's stock.

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.