Maplebear (NASDAQ:CART) Given New $58.00 Price Target at Barclays

Maplebear (NASDAQ:CART) had its target price increased by equities researchers at Barclays from $56.00 to $58.00 in a report issued on Wednesday,Benzinga reports. The brokerage presently has an “overweight” rating on the stock. Barclays‘s price target would suggest a potential upside of 18.90% from the company’s previous close.

Several other equities analysts have also recently weighed in on CART. Macquarie lifted their price objective on shares of Maplebear from $50.00 to $52.00 and gave the stock an “outperform” rating in a research report on Thursday, November 14th. Morgan Stanley upped their price target on Maplebear from $41.00 to $44.00 and gave the company an “equal weight” rating in a research report on Monday, January 13th. JMP Securities raised their price objective on Maplebear from $42.00 to $51.00 and gave the stock a “market outperform” rating in a research report on Wednesday, November 13th. Oppenheimer upped their target price on Maplebear from $55.00 to $60.00 and gave the company an “outperform” rating in a report on Wednesday, November 13th. Finally, Loop Capital raised their price target on shares of Maplebear from $49.00 to $56.00 and gave the stock a “buy” rating in a report on Monday, December 9th. Thirteen investment analysts have rated the stock with a hold rating, fifteen have given a buy rating and two have assigned a strong buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $49.12.

Maplebear Stock Down 1.2 %

NASDAQ:CART opened at $48.78 on Wednesday. The stock has a fifty day simple moving average of $46.46 and a 200 day simple moving average of $42.68. The firm has a market capitalization of $12.53 billion, a price-to-earnings ratio of 32.74, a price-to-earnings-growth ratio of 1.19 and a beta of 1.07. Maplebear has a 1-year low of $29.72 and a 1-year high of $53.44.

Maplebear (NASDAQ:CART) last announced its earnings results on Tuesday, February 25th. The company reported $0.53 EPS for the quarter, topping the consensus estimate of $0.37 by $0.16. Maplebear had a net margin of 13.37% and a return on equity of 13.78%. The company had revenue of $883.00 million during the quarter, compared to analysts’ expectations of $889.98 million. Equities analysts predict that Maplebear will post 1.43 earnings per share for the current year.

Insider Activity

In related news, CAO Alan Ramsay sold 2,314 shares of Maplebear stock in a transaction on Tuesday, January 21st. The shares were sold at an average price of $46.28, for a total value of $107,091.92. Following the transaction, the chief accounting officer now owns 85,421 shares in the company, valued at $3,953,283.88. This trade represents a 2.64 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Fidji Simo sold 20,750 shares of the company’s stock in a transaction dated Wednesday, December 18th. The shares were sold at an average price of $42.74, for a total transaction of $886,855.00. Following the sale, the chief executive officer now owns 1,771,993 shares of the company’s stock, valued at $75,734,980.82. This trade represents a 1.16 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 25,311 shares of company stock valued at $1,088,636 over the last 90 days. 36.00% of the stock is currently owned by company insiders.

Institutional Trading of Maplebear

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. lifted its holdings in shares of Maplebear by 16.8% during the fourth quarter. Vanguard Group Inc. now owns 15,968,358 shares of the company’s stock worth $661,409,000 after buying an additional 2,300,288 shares during the last quarter. T. Rowe Price Investment Management Inc. raised its stake in Maplebear by 15.5% during the 4th quarter. T. Rowe Price Investment Management Inc. now owns 4,744,652 shares of the company’s stock valued at $196,524,000 after purchasing an additional 635,930 shares during the last quarter. Victory Capital Management Inc. raised its stake in Maplebear by 11,501.2% during the 4th quarter. Victory Capital Management Inc. now owns 4,526,673 shares of the company’s stock valued at $187,495,000 after purchasing an additional 4,487,654 shares during the last quarter. Pacer Advisors Inc. bought a new stake in Maplebear in the 3rd quarter valued at $158,701,000. Finally, Jacobs Levy Equity Management Inc. grew its position in Maplebear by 85.0% in the 4th quarter. Jacobs Levy Equity Management Inc. now owns 3,081,847 shares of the company’s stock worth $127,650,000 after purchasing an additional 1,416,426 shares during the last quarter. Institutional investors and hedge funds own 63.09% of the company’s stock.

About Maplebear

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.