Maplebear (NASDAQ:CART) Price Target Raised to $52.00 at Macquarie

Maplebear (NASDAQ:CART) had its target price lifted by Macquarie from $50.00 to $52.00 in a research note issued to investors on Thursday morning,Benzinga reports. The firm currently has an outperform rating on the stock.

Several other equities research analysts also recently weighed in on the company. Piper Sandler raised their price objective on Maplebear from $50.00 to $58.00 and gave the company an “overweight” rating in a report on Wednesday, November 13th. Morgan Stanley lowered their target price on Maplebear from $45.00 to $41.00 and set an “equal weight” rating for the company in a research report on Tuesday, September 24th. Jefferies Financial Group started coverage on Maplebear in a research note on Wednesday, October 16th. They issued a “hold” rating and a $43.00 price target for the company. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $45.00 price objective on shares of Maplebear in a research note on Monday, October 7th. Finally, Bank of America increased their target price on shares of Maplebear from $50.00 to $51.00 and gave the company a “neutral” rating in a research report on Wednesday, November 13th. Twelve investment analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $47.29.

Maplebear Trading Down 2.2 %

Shares of CART stock opened at $42.00 on Thursday. The stock has a market cap of $10.79 billion, a P/E ratio of 28.19, a price-to-earnings-growth ratio of 1.13 and a beta of 1.12. Maplebear has a 1 year low of $22.13 and a 1 year high of $50.01. The stock has a 50 day simple moving average of $42.17 and a 200 day simple moving average of $36.63.

Maplebear (NASDAQ:CART) last posted its quarterly earnings results on Tuesday, November 12th. The company reported $0.42 EPS for the quarter, beating analysts’ consensus estimates of $0.22 by $0.20. The business had revenue of $852.00 million during the quarter, compared to the consensus estimate of $844.03 million. Maplebear had a return on equity of 13.78% and a net margin of 13.37%. Maplebear’s revenue for the quarter was up 11.5% compared to the same quarter last year. During the same quarter in the previous year, the firm earned ($20.86) earnings per share. Analysts forecast that Maplebear will post 1.4 EPS for the current year.

Insider Buying and Selling at Maplebear

In related news, General Counsel Morgan Fong sold 8,345 shares of the firm’s stock in a transaction dated Wednesday, September 18th. The shares were sold at an average price of $40.00, for a total transaction of $333,800.00. Following the completion of the sale, the general counsel now owns 330,886 shares in the company, valued at approximately $13,235,440. This trade represents a 2.46 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, CEO Fidji Simo sold 33,000 shares of Maplebear stock in a transaction dated Wednesday, August 28th. The stock was sold at an average price of $35.27, for a total transaction of $1,163,910.00. Following the completion of the sale, the chief executive officer now directly owns 1,844,778 shares in the company, valued at approximately $65,065,320.06. This represents a 1.76 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 118,710 shares of company stock worth $4,978,164. Insiders own 36.00% of the company’s stock.

Institutional Investors Weigh In On Maplebear

Several large investors have recently modified their holdings of the stock. Oppenheimer & Co. Inc. purchased a new position in Maplebear in the first quarter valued at approximately $213,000. Russell Investments Group Ltd. purchased a new position in shares of Maplebear during the 1st quarter valued at $1,663,000. Mitsubishi UFJ Asset Management Co. Ltd. bought a new position in shares of Maplebear during the 1st quarter worth $6,462,000. Lord Abbett & CO. LLC bought a new stake in Maplebear in the 1st quarter valued at about $28,674,000. Finally, Vanguard Group Inc. lifted its holdings in Maplebear by 239.1% during the first quarter. Vanguard Group Inc. now owns 213,496 shares of the company’s stock valued at $7,961,000 after purchasing an additional 150,544 shares during the last quarter. Hedge funds and other 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.