Maplebear (NASDAQ:CART) Price Target Raised to $58.00

Maplebear (NASDAQ:CART) had its target price increased by Piper Sandler from $50.00 to $58.00 in a research note published on Wednesday morning,Benzinga reports. Piper Sandler currently has an overweight rating on the stock.

Several other brokerages have also recently weighed in on CART. Benchmark reissued a “hold” rating on shares of Maplebear in a research report on Wednesday, August 7th. Needham & Company LLC reiterated a “hold” rating on shares of Maplebear in a report on Wednesday. Barclays raised their target price on Maplebear from $48.00 to $56.00 and gave the stock an “overweight” rating in a research note on Wednesday. Wolfe Research began coverage on Maplebear in a research report on Tuesday, July 16th. They set a “peer perform” rating for the company. Finally, Bank of America lifted their price objective on Maplebear from $50.00 to $51.00 and gave the stock a “neutral” rating in a research report on Wednesday. Twelve analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $47.29.

Maplebear Trading Down 2.2 %

NASDAQ CART opened at $42.00 on Wednesday. The firm has a market cap of $10.95 billion, a PE ratio of 28.19, a price-to-earnings-growth ratio of 1.30 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 moving average of $42.17 and a 200-day moving average of $36.61.

Maplebear (NASDAQ:CART) last announced its quarterly earnings data on Tuesday, November 12th. The company reported $0.42 earnings per share for the quarter, beating the consensus estimate of $0.22 by $0.20. The firm 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 13.32% and a net margin of 13.37%. The business’s revenue was up 11.5% on a year-over-year basis. During the same quarter in the previous year, the company posted ($20.86) earnings per share. As a group, equities research analysts forecast that Maplebear will post 1.2 earnings per share for the current fiscal year.

Insider Activity at Maplebear

In related news, CEO Fidji Simo sold 33,000 shares of the company’s stock in a transaction dated Wednesday, August 28th. The stock was sold at an average price of $35.27, for a total value of $1,163,910.00. Following the completion of the transaction, the chief executive officer now owns 1,844,778 shares of the company’s stock, valued at approximately $65,065,320.06. This represents a 1.76 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CAO Alan Ramsay sold 2,486 shares of the stock in a transaction that occurred on Friday, September 20th. The shares were sold at an average price of $41.39, for a total value of $102,895.54. Following the transaction, the chief accounting officer now owns 99,225 shares in the company, valued at $4,106,922.75. This trade represents a 2.44 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 118,710 shares of company stock worth $4,978,164. 36.00% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Maplebear

A number of institutional investors and hedge funds have recently bought and sold shares of CART. CIBC Asset Management Inc increased its holdings in shares of Maplebear by 3.7% in the third quarter. CIBC Asset Management Inc now owns 8,114 shares of the company’s stock valued at $331,000 after purchasing an additional 286 shares during the last quarter. Oppenheimer & Co. Inc. increased its stake in shares of Maplebear by 5.1% in the 3rd quarter. Oppenheimer & Co. Inc. now owns 12,090 shares of the company’s stock worth $493,000 after acquiring an additional 584 shares during the last quarter. Pier Capital LLC raised its holdings in shares of Maplebear by 0.4% during the 3rd quarter. Pier Capital LLC now owns 151,604 shares of the company’s stock worth $6,176,000 after acquiring an additional 616 shares during the period. Creative Planning raised its holdings in shares of Maplebear by 9.5% during the 2nd quarter. Creative Planning now owns 9,566 shares of the company’s stock worth $307,000 after acquiring an additional 831 shares during the period. Finally, Huntington National Bank acquired a new position in shares of Maplebear during the 3rd quarter valued at about $54,000. 63.09% of the stock is currently owned by institutional investors and hedge funds.

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.