Maplebear (NASDAQ:CART) Price Target Cut to $60.00 by Analysts at Oppenheimer

Maplebear (NASDAQ:CART) had its price target lowered by Oppenheimer from $65.00 to $60.00 in a research note released on Wednesday,Benzinga reports. Oppenheimer currently has an outperform rating on the stock.

Other research analysts have also recently issued reports about the stock. Macquarie lifted their price target on shares of Maplebear from $50.00 to $52.00 and gave the company an “outperform” rating in a research report on Thursday, November 14th. Benchmark restated a “hold” rating on shares of Maplebear in a report on Wednesday. Deutsche Bank Aktiengesellschaft initiated coverage on Maplebear in a report on Tuesday, December 3rd. They issued a “hold” rating and a $37.00 price target for the company. Bank of America boosted their price objective on Maplebear from $51.00 to $53.00 and gave the stock a “neutral” rating in a research note on Tuesday. Finally, Seaport Res Ptn raised Maplebear to a “strong-buy” rating in a research report on Wednesday, February 12th. Thirteen equities research analysts have rated the stock with a hold rating, sixteen have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $49.80.

Maplebear Stock Down 12.3 %

CART stock opened at $42.80 on Wednesday. Maplebear has a 52 week low of $29.84 and a 52 week high of $53.44. The company has a market cap of $11.00 billion, a price-to-earnings ratio of 28.72, a PEG ratio of 1.19 and a beta of 1.07. The business has a fifty day simple moving average of $46.48 and a 200-day simple moving average of $42.68.

Maplebear (NASDAQ:CART) last announced its quarterly 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. The company had revenue of $883.00 million during the quarter, compared to analyst estimates of $889.98 million. Maplebear had a return on equity of 13.78% and a net margin of 13.37%. As a group, analysts expect that Maplebear will post 1.43 earnings per share for the current fiscal year.

Insider Buying and Selling at Maplebear

In related news, CEO Fidji Simo sold 20,750 shares of the 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 in the company, valued at $75,734,980.82. This represents a 1.16 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CAO Alan Ramsay sold 2,247 shares of Maplebear stock in a transaction that occurred on Friday, December 20th. The shares were sold at an average price of $42.14, for a total value of $94,688.58. Following the completion of the transaction, the chief accounting officer now owns 87,735 shares of the company’s stock, valued at approximately $3,697,152.90. The trade was a 2.50 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 25,311 shares of company stock worth $1,088,636 over the last quarter. 36.00% of the stock is owned by corporate insiders.

Institutional Trading of Maplebear

Hedge funds have recently made changes to their positions in the stock. Portman Ltd bought a new position in Maplebear during the 3rd quarter worth $3,196,000. State Street Corp grew its holdings in Maplebear by 48.3% in the 3rd quarter. State Street Corp now owns 2,552,617 shares of the company’s stock worth $103,994,000 after buying an additional 831,795 shares in the last quarter. Cerity Partners LLC acquired a new stake in Maplebear in the 3rd quarter valued at approximately $1,442,000. Charles Schwab Investment Management Inc. raised its stake in Maplebear by 5,191.1% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,489,655 shares of the company’s stock valued at $60,689,000 after acquiring an additional 1,461,501 shares in the last quarter. Finally, Zacks Investment Management acquired a new position in Maplebear during the 3rd quarter worth $4,853,000. Institutional investors own 63.09% of the company’s stock.

Maplebear Company 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.