Cyberbullying on Instagram? What do I do?

[Ivy]

So I was scrolling through my feed and this person that used to go to my old school was doing group chat truth is. They were being really rude and called people "gay" and some other things that I probably shouldn't say on here. I don't personally know the people, but they used to go to my old school, and im guessing there a couple grades younger than me. I was going to comment something saying, this is really mean, your probably hurting these peoples feelings, But I stopped myself, and then just reported them. Is this all I should do?