Wellington Management Group LLP Raises Stock Position in Maplebear Inc. $CART

Key Points

• Wellington Management Group LLP increased its holdings in Maplebear Inc. (NASDAQ:CART) by 37% during the 1st quarter, acquiring an additional 205,381 shares, bringing its total ownership to 760,263 shares worth $30.3 million.
• Several analysts have upgraded their price targets for Maplebear, with Sanford C. Bernstein setting a new target of $60.00, while Benchmark has increased its target to $67.00, indicating strong market confidence in the stock.
• Maplebear reported a quarterly EPS of $0.41, surpassing analyst estimates of $0.39, with revenues of $914 million, reflecting a year-over-year growth of 11.1%.

Wellington Management Group LLP lifted its holdings in shares of Maplebear Inc. (NASDAQ:CART - Free Report) by 37.0% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 760,263 shares of the company's stock after acquiring an additional 205,381 shares during the period. Wellington Management Group LLP owned approximately 0.29% of Maplebear worth $30,327,000 at the end of the most recent reporting period.

A number of other large investors also recently made changes to their positions in the company. CWM LLC lifted its position in shares of Maplebear by 35.1% during the first quarter. CWM LLC now owns 1,058 shares of the company's stock valued at $42,000 after purchasing an additional 275 shares in the last quarter. Signaturefd LLC lifted its position in shares of Maplebear by 27.1% during the first quarter. Signaturefd LLC now owns 1,335 shares of the company's stock valued at $53,000 after purchasing an additional 285 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. lifted its position 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 valued at $82,000 after purchasing an additional 322 shares in the last quarter. Wealthspire Advisors LLC lifted its position in shares of Maplebear by 0.5% during the first quarter. Wealthspire Advisors LLC now owns 70,951 shares of the company's stock valued at $2,830,000 after purchasing an additional 334 shares in the last quarter. Finally, Wealth Enhancement Advisory Services LLC lifted its position in shares of Maplebear by 0.5% during the first quarter. Wealth Enhancement Advisory Services LLC now owns 74,846 shares of the company's stock valued at $2,986,000 after purchasing an additional 336 shares in the last quarter. 63.09% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of research firms recently weighed in on CART. Wall Street Zen raised shares of Maplebear from a "hold" rating to a "buy" rating in a research report on Saturday, August 9th. Jefferies Financial Group raised their price target on shares of Maplebear from $50.00 to $55.00 and gave the company a "hold" rating in a research report on Monday, August 11th. Wedbush reissued an "underperform" rating and set a $42.00 price target (down from $55.00) on shares of Maplebear in a research report on Thursday, August 21st. Citigroup lifted their price objective on shares of Maplebear from $57.00 to $65.00 and gave the stock a "buy" rating in a research report on Friday, August 8th. Finally, Barclays increased their target price on shares of Maplebear from $61.00 to $65.00 and gave the company an "overweight" rating in a research report on Friday, August 8th. One 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 assigned a Sell rating to the company. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $55.63.

Insider Buying and Selling

In related news, insider Grosvenor L.P. Gcm sold 4,864,272 shares of the business's stock in a transaction that occurred on 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 legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, General Counsel Morgan Fong sold 4,680 shares of the business's 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 approximately $22,220,320. This 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 valued at $237,736,848. Corporate insiders own 26.00% of the company's stock.

Maplebear Trading Up 1.3%

Shares of NASDAQ CART traded up $0.56 during midday trading on Thursday, hitting $43.85. The company's stock had a trading volume of 2,662,554 shares, compared to its average volume of 4,383,217. The stock has a fifty day moving average price of $46.85 and a 200 day moving average price of $44.51. Maplebear Inc. has a one year low of $33.17 and a one year high of $53.50. The firm has a market capitalization of $11.55 billion, a price-to-earnings ratio of 25.35, a P/E/G ratio of 1.44 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 (EPS) for the quarter, beating the consensus estimate 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 for the quarter, compared to analyst estimates of $896.55 million. During the same quarter in the previous year, the firm posted $0.20 earnings per share. The company's quarterly revenue was up 11.1% compared to the same quarter last year. On average, equities research analysts predict that Maplebear Inc. will post 1.43 earnings per share 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.