Maplebear Inc. $CART Stock: William Blair Investment Management LLC Cuts Position

William Blair Investment Management LLC reduced its position in Maplebear Inc. (NASDAQ:CART) by 2.1% during the 3rd quarter, HoldingsChannel.com reports. The firm owned 1,787,339 shares of the company’s stock after selling 38,687 shares during the quarter. William Blair Investment Management LLC’s holdings in Maplebear were worth $77,070,000 at the end of the most recent quarter.

A number of other institutional investors have also modified their holdings of the company. Beacon Pointe Advisors LLC purchased a new stake in Maplebear during the second quarter worth approximately $9,006,000. Bank of America Corp DE increased its position in shares of Maplebear by 16.5% in the first quarter. Bank of America Corp DE now owns 1,562,097 shares of the company’s stock worth $58,516,000 after acquiring an additional 221,036 shares in the last quarter. The Manufacturers Life Insurance Company acquired a new stake in shares of Maplebear in the second quarter worth $6,117,000. Bank of New York Mellon Corp purchased a new position in shares of Maplebear in the 2nd quarter valued at $45,239,000. Finally, Empowered Funds LLC purchased a new position in shares of Maplebear in the 2nd quarter valued at $4,676,000. Hedge funds and other institutional investors own 63.09% of the company’s stock.

Insider Buying and Selling

In other news, CAO Lisa Blackwood-Kapral sold 3,016 shares of the stock in a transaction dated Thursday, October 15th. The shares were sold at an average price of $49.58, for a total transaction of $149,533.28. Following the transaction, the chief accounting officer owned 34,699 shares of the company’s stock, valued at approximately $1,720,376.42. This trade represents a 8.00% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Morgan Fong sold 18,390 shares of Maplebear stock in a transaction dated Thursday, October 22nd. The stock was sold at an average price of $51.00, for a total value of $937,890.00. Following the completion of the transaction, the insider owned 529,911 shares of the company’s stock, valued at $27,025,461. This trade represents a 3.35% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last three months, insiders have sold 309,928 shares of company stock worth $16,121,073. 24.00% of the stock is currently owned by insiders.

Analysts Set New Price Targets

CART has been the topic of several recent research reports. Citigroup lifted their target price on shares of Maplebear from $58.00 to $65.00 and gave the company a “buy” rating in a report on Monday, November 2nd. Weiss Ratings raised shares of Maplebear from a “hold (c+)” rating to a “buy (b)” rating in a research report on Monday, November 9th. Argus increased their price target on Maplebear from $50.00 to $58.00 and gave the company a “buy” rating in a report on Wednesday, September 2nd. JPMorgan Chase & Co. increased their price target on Maplebear from $55.00 to $62.00 and gave the company an “overweight” rating in a report on Friday, August 7th. Finally, Needham & Company LLC lowered Maplebear from a “buy” rating to a “hold” rating in a research report on Friday, October 30th. Seven investment analysts have rated the stock with a Buy rating and fourteen have issued a Hold rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $59.12.

Maplebear Price Performance

Maplebear stock traded up $0.39 during midday trading on Friday, hitting $58.87. 2,552,054 shares of the company were exchanged, compared to its average volume of 8,346,106. The company has a market cap of $13.93 billion, a PE ratio of 30.66, a price-to-earnings-growth ratio of 1.16 and a beta of 0.69. Maplebear Inc. has a fifty-two week low of $32.73 and a fifty-two week high of $62.00. The company’s fifty day moving average price is $50.55 and its 200-day moving average price is $44.25.

Maplebear (NASDAQ:CART) last released its quarterly earnings results on Thursday, October 29th. The company reported $0.60 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.63 by ($0.03). Maplebear had a return on equity of 22.14% and a net margin of 11.59%. The firm had revenue of $1.09 billion for the quarter, compared to analysts’ expectations of $1.07 billion. During the same period last year, the firm earned $0.42 EPS. The business’s quarterly revenue was up 16.6% on a year-over-year basis. On average, analysts expect that Maplebear Inc. will post 2.28 EPS for the current fiscal year.

Maplebear Profile

Maplebear Inc., which operates as Instacart, provides an online grocery and retail marketplace in the United States and Canada. Its platform connects customers with local grocery stores and other retailers, enabling them to order products for delivery or pickup. In addition to its consumer app and website, Instacart offers retailers technology and services for online ordering, fulfillment and digital advertising. The company was founded in 2012 and is led by CEO Fidji Simo.