Maplebear (NASDAQ:CART) Rating Reiterated by Needham & Company LLC

Needham & Company LLC reiterated their hold rating on shares of Maplebear (NASDAQ:CART) in a report released on Tuesday, Benzinga reports.

Other analysts also recently issued reports about the company. Sanford C. Bernstein raised Maplebear from a market perform rating to an outperform rating and raised their target price for the stock from $30.00 to $43.00 in a research note on Thursday, March 14th. Fox Advisors downgraded Maplebear from an overweight rating to an equal weight rating in a research note on Monday, April 1st. JPMorgan Chase & Co. raised their target price on Maplebear from $35.00 to $45.00 and gave the stock an overweight rating in a research note on Monday, March 25th. Loop Capital assumed coverage on Maplebear in a research note on Friday, April 19th. They issued a buy rating and a $46.00 target price for the company. Finally, Barclays increased their price target on Maplebear from $40.00 to $41.00 and gave the stock an overweight rating in a report on Wednesday, February 14th. Ten investment analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of Moderate Buy and a consensus target price of $38.16.

Maplebear Price Performance

NASDAQ CART opened at $34.69 on Tuesday. The business has a fifty day moving average price of $35.17 and a 200 day moving average price of $28.52. Maplebear has a one year low of $22.13 and a one year high of $42.95.

Maplebear (NASDAQ:CART) last posted its quarterly earnings data on Tuesday, February 13th. The company reported $0.44 EPS for the quarter, beating the consensus estimate of ($0.08) by $0.52. The firm had revenue of $803.00 million during the quarter, compared to analyst estimates of $804.62 million. Maplebear’s quarterly revenue was up 6.1% on a year-over-year basis. On average, equities research analysts expect that Maplebear will post 0.53 earnings per share for the current fiscal year.

Insider Activity

In other news, CAO Alan Ramsay sold 12,113 shares of Maplebear stock in a transaction dated Friday, March 8th. The stock was sold at an average price of $34.33, for a total value of $415,839.29. Following the completion of the transaction, the chief accounting officer now owns 114,205 shares in the company, valued at approximately $3,920,657.65. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other news, CAO Alan Ramsay sold 12,113 shares of the firm’s stock in a transaction dated Friday, March 8th. The stock was sold at an average price of $34.33, for a total transaction of $415,839.29. Following the sale, the chief accounting officer now owns 114,205 shares of the company’s stock, valued at approximately $3,920,657.65. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Fidji Simo sold 82,461 shares of the firm’s stock in a transaction dated Wednesday, March 20th. The stock was sold at an average price of $38.07, for a total value of $3,139,290.27. Following the sale, the chief executive officer now directly owns 926,654 shares in the company, valued at approximately $35,277,717.78. The disclosure for this sale can be found here. In the last quarter, insiders purchased 2,157,745 shares of company stock worth $61,771,955 and sold 1,027,279 shares worth $29,422,416. Company insiders own 4.02% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the company. Renaissance Capital LLC increased its position in Maplebear by 4.3% during the first quarter. Renaissance Capital LLC now owns 14,692 shares of the company’s stock worth $548,000 after buying an additional 607 shares during the period. Parallel Advisors LLC increased its position in Maplebear by 139.3% during the fourth quarter. Parallel Advisors LLC now owns 1,065 shares of the company’s stock worth $25,000 after buying an additional 620 shares during the period. Signaturefd LLC acquired a new position in Maplebear during the third quarter worth approximately $30,000. Cantor Fitzgerald L. P. increased its position in Maplebear by 389.5% during the fourth quarter. Cantor Fitzgerald L. P. now owns 1,850 shares of the company’s stock worth $43,000 after buying an additional 2,489 shares during the period. Finally, Kapitalo Investimentos Ltda acquired a new position in Maplebear during the fourth quarter worth approximately $69,000. Institutional investors and hedge funds own 63.09% of the company’s stock.

Maplebear Company Profile

Maplebear Inc, doing business as Instacart, provides online grocery shopping services to households in North America. It sells and delivers grocery products. The company offers its services through a mobile application and website. It also provides software-as-a-service solutions to retailers. The company was incorporated in 2012 and is based in San Francisco, California.