Maplebear’s (CART) “Market Outperform” Rating Reiterated at JMP Securities

JMP Securities reissued their market outperform rating on shares of Maplebear (NASDAQ:CART) in a report issued on Friday,Benzinga reports. The brokerage currently has a $55.00 price objective on the stock.

A number of other research analysts have also recently issued reports on CART. BMO Capital Markets lifted their price objective on Maplebear from $48.00 to $49.00 and gave the company a “market perform” rating in a research note on Wednesday, February 26th. JPMorgan Chase & Co. cut their target price on shares of Maplebear from $50.00 to $44.00 and set an “overweight” rating for the company in a research report on Tuesday, April 8th. FBN Securities began coverage on shares of Maplebear in a report on Friday, March 28th. They issued a “sector perform” rating and a $44.00 price objective on the stock. Cantor Fitzgerald restated an “overweight” rating and issued a $55.00 price target on shares of Maplebear in a research report on Wednesday, February 26th. Finally, Wedbush decreased their price objective on shares of Maplebear from $48.00 to $46.00 and set a “neutral” rating on the stock in a research report on Wednesday, February 26th. Twelve investment analysts have rated the stock with a hold rating, fifteen have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $50.61.

Maplebear Stock Performance

CART opened at $41.17 on Friday. The stock has a market capitalization of $10.81 billion, a PE ratio of 27.63, a price-to-earnings-growth ratio of 1.19 and a beta of 1.20. The stock’s 50 day moving average price is $42.67 and its 200-day moving average price is $43.48. Maplebear has a 52-week low of $29.84 and a 52-week high of $53.44.

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

Insider Buying and Selling

In other news, CAO Alan Ramsay sold 2,314 shares of the firm’s stock in a transaction dated Tuesday, January 21st. The shares were sold at an average price of $46.28, for a total value of $107,091.92. Following the sale, the chief accounting officer now directly owns 85,421 shares in the company, valued at approximately $3,953,283.88. This trade represents a 2.64 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Fidji Simo sold 20,750 shares of Maplebear stock in a transaction on Wednesday, February 26th. The stock was sold at an average price of $43.31, for a total transaction of $898,682.50. Following the completion of the transaction, the chief executive officer now directly owns 1,662,692 shares in the company, valued at $72,011,190.52. This represents a 1.23 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 25,097 shares of company stock valued at $1,087,094 over the last three months. 36.00% of the stock is owned by company insiders.

Institutional Investors Weigh In On Maplebear

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Stifel Financial Corp grew its holdings in shares of Maplebear by 10.3% during the third quarter. Stifel Financial Corp now owns 25,561 shares of the company’s stock valued at $1,041,000 after buying an additional 2,386 shares during the last quarter. State Street Corp raised its position in shares of Maplebear by 48.3% in the third quarter. State Street Corp now owns 2,552,617 shares of the company’s stock worth $103,994,000 after acquiring an additional 831,795 shares during the period. Geode Capital Management LLC boosted its position in Maplebear by 151.7% during the third quarter. Geode Capital Management LLC now owns 2,732,738 shares of the company’s stock worth $111,361,000 after purchasing an additional 1,647,081 shares in the last quarter. Wilmington Savings Fund Society FSB purchased a new position in shares of Maplebear during the 3rd quarter valued at approximately $33,000. Finally, Franklin Resources Inc. grew its position in shares of Maplebear by 182.0% in the third quarter. Franklin Resources Inc. now owns 272,928 shares of the company’s stock valued at $11,692,000 after purchasing an additional 176,137 shares during the period. 63.09% of the stock is currently owned by hedge funds and other 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.