William Blair Investment Management LLC Takes Position in Maplebear Inc. $CART

Key Points

• William Blair Investment Management LLC purchased over 3.3 million shares of Maplebear Inc. (NASDAQ:CART), valued at approximately $151.36 million, representing about 1.27% ownership at the end of the second quarter.
• Maplebear reported a net revenue of $914 million for the quarter, above analyst estimates of $896.55 million, with a year-over-year growth of 11.1%.
• Several large investors have increased their stakes in Maplebear, with institutional investors now owning 63.09% of the stock, indicating strong investor confidence in the company's performance.

William Blair Investment Management LLC purchased a new position in Maplebear Inc. (NASDAQ:CART - Free Report) in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm purchased 3,345,792 shares of the company's stock, valued at approximately $151,364,000. William Blair Investment Management LLC owned approximately 1.27% of Maplebear at the end of the most recent quarter.

Other large investors also recently added to or reduced their stakes in the company. Vanguard Group Inc. raised its position in Maplebear by 3.4% during the first quarter. Vanguard Group Inc. now owns 16,514,830 shares of the company's stock valued at $658,777,000 after purchasing an additional 546,472 shares during the period. Victory Capital Management Inc. raised its holdings in Maplebear by 62.8% during the 1st quarter. Victory Capital Management Inc. now owns 7,368,232 shares of the company's stock valued at $293,919,000 after buying an additional 2,841,559 shares during the period. T. Rowe Price Investment Management Inc. raised its holdings in Maplebear by 10.2% during the 1st quarter. T. Rowe Price Investment Management Inc. now owns 5,226,979 shares of the company's stock valued at $208,505,000 after buying an additional 482,327 shares during the period. Altimeter Capital Management LP lifted its position in Maplebear by 31.9% in the first quarter. Altimeter Capital Management LP now owns 3,348,128 shares of the company's stock worth $133,557,000 after buying an additional 810,510 shares during the last quarter. Finally, Federated Hermes Inc. boosted its stake in Maplebear by 15.0% during the first quarter. Federated Hermes Inc. now owns 2,832,384 shares of the company's stock worth $112,984,000 after buying an additional 370,120 shares during the period. 63.09% of the stock is owned by institutional investors.

Maplebear Price Performance

Shares of CART stock opened at $38.49 on Friday. The company has a market capitalization of $10.14 billion, a P/E ratio of 22.25, a P/E/G ratio of 1.20 and a beta of 1.10. The company's 50-day simple moving average is $42.87 and its two-hundred day simple moving average is $44.18. Maplebear Inc. has a one year low of $34.87 and a one year high of $53.50.

Maplebear (NASDAQ:CART - Get Free Report) last announced 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 return on equity of 15.69% and a net margin of 13.76%.The firm had revenue of $914.00 million during the quarter, compared to analyst estimates of $896.55 million. During the same quarter in the previous year, the business earned $0.20 earnings per share. Maplebear's quarterly revenue was up 11.1% on a year-over-year basis. On average, research analysts expect that Maplebear Inc. will post 1.43 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on CART shares. Robert W. Baird cut their price objective on shares of Maplebear from $60.00 to $50.00 and set an "outperform" rating on the stock in a research report on Wednesday, October 1st. JMP Securities lifted their price target on shares of Maplebear from $55.00 to $60.00 and gave the stock a "market outperform" rating in a research note on Friday, August 8th. Bank of America upped their price target on shares of Maplebear from $53.00 to $58.00 and gave the company a "neutral" rating in a report 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, Piper Sandler lowered Maplebear from an "overweight" rating to a "neutral" rating and set a $41.00 target price for the company. in a research report on Friday, October 3rd. Two investment analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating, twelve have issued a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $52.40.

Insider Transactions at Maplebear

In other news, Director Fidji Simo sold 1,014 shares of the stock in a transaction on Thursday, October 16th. The stock was sold at an average price of $40.00, for a total transaction of $40,560.00. Following the transaction, the director owned 569,742 shares of the company's stock, valued at approximately $22,789,680. This represents a 0.18% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, General Counsel Morgan Fong sold 3,546 shares of the firm's stock in a transaction on Monday, September 22nd. The shares were sold at an average price of $42.39, for a total value of $150,314.94. Following the transaction, the general counsel owned 431,069 shares in the company, valued at approximately $18,273,014.91. This represents a 0.82% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 4,966,162 shares of company stock valued at $237,201,443 over the last 90 days. 26.00% of the stock is owned by corporate insiders.

Maplebear 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.

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