Westfield Capital Management Co. LP Buys Shares of 1,219,320 Maplebear Inc. (NASDAQ:CART)

Key Points

• Westfield Capital Management Co. LP acquired a $48.64 million position in Maplebear Inc. (NASDAQ:CART) by purchasing 1,219,320 shares, representing about 0.46% of the company.
• Several institutional investors, including Victory Capital Management Inc. and T. Rowe Price, have significantly increased their stakes in Maplebear, with institutional ownership now at 63.09%.
• Wall Street analysts have issued mixed ratings, with the average consensus being a "Moderate Buy" and a target price of $52.35, highlighting varying investor sentiments regarding the stock's future performance.

Westfield Capital Management Co. LP purchased a new position in shares of Maplebear Inc. (NASDAQ:CART - Free Report) in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund purchased 1,219,320 shares of the company's stock, valued at approximately $48,639,000. Westfield Capital Management Co. LP owned 0.46% of Maplebear as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. PNC Financial Services Group Inc. lifted its stake in Maplebear by 214.2% during the first quarter. PNC Financial Services Group Inc. now owns 10,678 shares of the company's stock valued at $426,000 after purchasing an additional 7,279 shares during the last quarter. Blueshift Asset Management LLC lifted its position in shares of Maplebear by 129.7% in the first quarter. Blueshift Asset Management LLC now owns 15,585 shares of the company's stock worth $622,000 after purchasing an additional 8,801 shares in the last quarter. US Bancorp DE boosted its stake in shares of Maplebear by 13.4% during the 1st quarter. US Bancorp DE now owns 14,832 shares of the company's stock valued at $592,000 after buying an additional 1,755 shares during the period. Federated Hermes Inc. grew its stake in Maplebear by 15.0% in the first quarter. Federated Hermes Inc. now owns 2,832,384 shares of the company's stock valued at $112,984,000 after purchasing an additional 370,120 shares in the last quarter. Finally, Norden Group LLC acquired a new position in Maplebear in the first quarter worth approximately $232,000. Institutional investors own 63.09% of the company's stock.

Insiders Place Their Bets

In other Maplebear news, CEO Fidji Simo sold 66,560 shares of the firm's stock in a transaction that occurred on Tuesday, July 22nd. The shares were sold at an average price of $50.01, for a total transaction of $3,328,665.60. Following the sale, the chief executive officer directly owned 1,965,445 shares in the company, valued at approximately $98,291,904.45. This trade represents a 3.28% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible 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 completion of 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 position. The disclosure for this sale can be found here. Insiders sold 4,975,327 shares of company stock worth $237,736,848 in the last three months. 26.00% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

Several research firms recently weighed in on CART. Needham & Company LLC restated a "buy" rating and issued a $56.00 target price on shares of Maplebear in a report on Friday, May 2nd. JMP Securities reaffirmed a "market outperform" rating and issued a $55.00 price target on shares of Maplebear in a report on Thursday, June 12th. Macquarie reaffirmed an "outperform" rating and set a $55.00 price objective on shares of Maplebear in a report on Tuesday, May 6th. Robert W. Baird boosted their price target on Maplebear from $47.00 to $52.00 and gave the company an "outperform" rating in a research note on Thursday, July 17th. Finally, Jefferies Financial Group upped their price objective on shares of Maplebear from $48.00 to $50.00 and gave the stock a "hold" rating in a research note on Tuesday, May 27th. Eleven investment analysts have rated the stock with a hold rating, fifteen have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $52.35.

Maplebear Trading Up 3.5%

Shares of CART stock traded up $1.67 on Thursday, reaching $49.39. The company had a trading volume of 6,970,193 shares, compared to its average volume of 3,340,483. The stock has a market cap of $12.97 billion, a PE ratio of 32.49, a PEG ratio of 1.85 and a beta of 1.21. The company has a 50-day moving average of $46.59 and a 200-day moving average of $44.66. Maplebear Inc. has a 12 month low of $31.15 and a 12 month high of $53.44.

Maplebear (NASDAQ:CART - Get Free Report) last posted its earnings results on Thursday, August 7th. The company reported $0.41 earnings per share for the quarter, topping the consensus estimate of $0.39 by $0.02. Maplebear had a net margin of 12.45% and a return on equity of 14.12%. During the same period last year, the firm earned $0.20 EPS. The company's revenue for the quarter was up 11.1% on a year-over-year basis. Sell-side analysts anticipate that Maplebear Inc. will post 1.43 earnings per share for the current 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.