Maplebear Inc. $CART Shares Sold by Westfield Capital Management Co. LP

Westfield Capital Management Co. LP reduced its position in shares of Maplebear Inc. (NASDAQ:CART) by 96.5% during the 3rd quarter, HoldingsChannel reports. The fund owned 51,381 shares of the company’s stock after selling 1,430,847 shares during the period. Westfield Capital Management Co. LP’s holdings in Maplebear were worth $1,889,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also made changes to their positions in the business. Nordea Investment Management AB boosted its position in Maplebear by 128.4% during the third quarter. Nordea Investment Management AB now owns 119,828 shares of the company’s stock worth $4,254,000 after acquiring an additional 67,374 shares during the last quarter. JPMorgan Chase & Co. boosted its position in shares of Maplebear by 7.5% during the second quarter. JPMorgan Chase & Co. now owns 1,040,129 shares of the company’s stock worth $47,055,000 after buying an additional 72,643 shares during the period. Champlain Investment Partners LLC increased its stake in Maplebear by 64.4% during the second quarter. Champlain Investment Partners LLC now owns 2,157,010 shares of the company’s stock worth $97,583,000 after purchasing an additional 845,070 shares during the period. Thrivent Financial for Lutherans grew its stake in shares of Maplebear by 3,054.0% during the third quarter. Thrivent Financial for Lutherans now owns 1,407,993 shares of the company’s stock worth $51,758,000 after purchasing an additional 1,363,352 shares in the last quarter. Finally, Mitsubishi UFJ Trust & Banking Corp grew its position in shares of Maplebear by 261.8% in the 2nd quarter. Mitsubishi UFJ Trust & Banking Corp now owns 99,868 shares of the company’s stock valued at $4,518,000 after buying an additional 72,265 shares during the last quarter. 63.09% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of brokerages have commented on CART. Benchmark cut their price objective on shares of Maplebear from $60.00 to $53.00 and set a “buy” rating for the company in a research report on Tuesday, February 10th. Jefferies Financial Group lifted their price target on Maplebear from $41.00 to $48.00 and gave the stock a “hold” rating in a research note on Thursday, December 11th. Fox Advisors downgraded Maplebear from a “strong-buy” rating to a “hold” rating in a research report on Thursday, December 18th. Wells Fargo & Company cut their price target on Maplebear from $47.00 to $43.00 and set an “equal weight” rating for the company in a report on Friday, February 13th. Finally, Weiss Ratings restated a “hold (c)” rating on shares of Maplebear in a report on Monday, December 29th. Fourteen equities research analysts have rated the stock with a Buy rating, eleven have given a Hold rating and two have assigned a Sell rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $51.04.

Maplebear Stock Performance

NASDAQ:CART opened at $37.51 on Friday. Maplebear Inc. has a one year low of $32.73 and a one year high of $53.50. The stock has a 50-day simple moving average of $39.48 and a 200 day simple moving average of $41.02. The company has a market capitalization of $9.85 billion, a price-to-earnings ratio of 23.59, a price-to-earnings-growth ratio of 0.59 and a beta of 1.00.

Insider Activity

In related news, General Counsel Morgan Fong sold 4,914 shares of the company’s stock in a transaction dated Monday, December 22nd. The shares were sold at an average price of $45.21, for a total value of $222,161.94. Following the completion of the sale, the general counsel owned 404,940 shares of the company’s stock, valued at $18,307,337.40. This represents a 1.20% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Insiders own 26.00% of the company’s stock.

Maplebear Profile

Maplebear, Inc, doing business as Instacart, operates a leading online grocery and essentials marketplace that connects consumers, retail partners and personal shoppers through its digital platform. The company enables customers to order groceries, household items and specialty products for same-day or scheduled delivery, as well as in-store pickup. By integrating its technology with retailers’ existing inventory and point-of-sale systems, Maplebear streamlines the shopping experience and provides real-time availability and pricing.

Founded in 2012 and headquartered in San Francisco, Maplebear has grown from a regional startup to a publicly traded company listed on NASDAQ under the ticker CART.