Maplebear (NASDAQ:CART) Price Target Raised to $57.00

Maplebear (NASDAQ:CART) had its price target upped by Stifel Nicolaus from $56.00 to $57.00 in a research note published on Wednesday,Benzinga reports. They currently have a buy rating on the stock.

Other analysts also recently issued research reports about the stock. Robert W. Baird lifted their target price on shares of Maplebear from $44.00 to $51.00 and gave the stock an “outperform” rating in a report on Wednesday, November 13th. Piper Sandler upped their target price on Maplebear from $50.00 to $58.00 and gave the company an “overweight” rating in a research report on Wednesday, November 13th. Barclays upped their price objective on Maplebear from $56.00 to $58.00 and gave the company an “overweight” rating in a report on Wednesday. Wells Fargo & Company assumed coverage on Maplebear in a research report on Friday, January 10th. They set an “equal weight” rating and a $47.00 price objective on the stock. Finally, Needham & Company LLC reissued a “buy” rating and issued a $56.00 target price on shares of Maplebear in a research report on Wednesday. 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 company’s stock. According to data from MarketBeat, Maplebear presently has an average rating of “Moderate Buy” and an average price target of $49.92.

Maplebear Stock Performance

Shares of NASDAQ:CART opened at $41.09 on Wednesday. Maplebear has a 52-week low of $29.84 and a 52-week high of $53.44. The company has a market capitalization of $10.56 billion, a P/E ratio of 27.58, a price-to-earnings-growth ratio of 1.19 and a beta of 1.07. The company has a 50-day simple moving average of $46.43 and a 200 day simple moving average of $42.72.

Maplebear (NASDAQ:CART) last posted its quarterly earnings results on Tuesday, February 25th. The company reported $0.53 earnings per share for the quarter, beating analysts’ consensus estimates of $0.37 by $0.16. Maplebear had a return on equity of 13.78% and a net margin of 13.37%. The business had revenue of $883.00 million for the quarter, compared to analysts’ expectations of $889.98 million. As a group, equities analysts forecast that Maplebear will post 1.43 earnings per share for the current year.

Insider Activity

In related news, CEO Fidji Simo sold 20,750 shares of the stock in a transaction that occurred on Wednesday, December 18th. The shares were sold at an average price of $42.74, for a total value of $886,855.00. Following the completion of the transaction, the chief executive officer now owns 1,771,993 shares of the company’s stock, valued at $75,734,980.82. This represents a 1.16 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CAO Alan Ramsay sold 2,314 shares of the firm’s stock in a transaction that occurred on Tuesday, January 21st. The shares were sold at an average price of $46.28, for a total transaction of $107,091.92. Following the completion of the sale, the chief accounting officer now owns 85,421 shares in the company, valued at $3,953,283.88. This represents a 2.64 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 46,061 shares of company stock worth $1,987,318. Corporate insiders own 36.00% of the company’s stock.

Hedge Funds Weigh In On Maplebear

Several large investors have recently bought and sold shares of the company. Portman Ltd acquired a new position in shares of Maplebear in the third quarter valued at approximately $3,196,000. State Street Corp increased its position in Maplebear by 48.3% in the 3rd quarter. State Street Corp now owns 2,552,617 shares of the company’s stock valued at $103,994,000 after acquiring an additional 831,795 shares during the period. Cerity Partners LLC bought a new position in shares of Maplebear during the third quarter valued at $1,442,000. Charles Schwab Investment Management Inc. lifted its holdings in shares of Maplebear by 5,191.1% during the third quarter. Charles Schwab Investment Management Inc. now owns 1,489,655 shares of the company’s stock worth $60,689,000 after purchasing an additional 1,461,501 shares during the period. Finally, Zacks Investment Management acquired a new position in shares of Maplebear during the third quarter worth $4,853,000. 63.09% of the stock is currently owned by institutional investors.

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.