Maplebear (NASDAQ:CART) Price Target Raised to $56.00

Maplebear (NASDAQ:CART) had its price objective lifted by Barclays from $48.00 to $56.00 in a research report released on Wednesday,Benzinga reports. The brokerage currently has an overweight rating on the stock.

A number of other equities analysts have also recently issued reports on the stock. Needham & Company LLC restated a “hold” rating on shares of Maplebear in a research note on Wednesday. BMO Capital Markets increased their price target on shares of Maplebear from $39.00 to $48.00 and gave the stock a “market perform” rating in a research report on Wednesday. Robert W. Baird lifted their price objective on Maplebear from $44.00 to $51.00 and gave the company an “outperform” rating in a report on Wednesday. Cantor Fitzgerald reissued an “overweight” rating and issued a $45.00 target price on shares of Maplebear in a report on Monday, October 7th. Finally, Benchmark restated a “hold” rating on shares of Maplebear in a research report on Wednesday, August 7th. Twelve investment analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $46.95.

Maplebear Trading Down 3.6 %

CART stock traded down $1.54 during trading on Wednesday, reaching $41.48. 722,635 shares of the stock were exchanged, compared to its average volume of 3,953,060. The stock has a 50 day simple moving average of $41.85 and a 200-day simple moving average of $36.51. The company has a market capitalization of $10.82 billion, a P/E ratio of 28.87, a price-to-earnings-growth ratio of 1.50 and a beta of 1.12. Maplebear has a twelve month low of $22.13 and a twelve month high of $50.01.

Maplebear (NASDAQ:CART) last released its quarterly earnings data on Tuesday, November 12th. The company reported $0.42 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.22 by $0.20. The business had revenue of $852.00 million for the quarter, compared to analysts’ expectations of $844.03 million. Maplebear had a return on equity of 13.32% and a net margin of 13.37%. Maplebear’s quarterly revenue was up 11.5% on a year-over-year basis. During the same period in the previous year, the business posted ($20.86) earnings per share. Equities analysts predict that Maplebear will post 1.17 EPS for the current year.

Insider Activity at Maplebear

In other Maplebear news, CAO Alan Ramsay sold 2,486 shares of the company’s stock in a transaction on Friday, September 20th. The stock was sold at an average price of $41.39, for a total transaction of $102,895.54. Following the transaction, the chief accounting officer now owns 99,225 shares of the company’s stock, valued at approximately $4,106,922.75. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, CAO Alan Ramsay sold 2,486 shares of the business’s stock in a transaction on Friday, September 20th. The stock was sold at an average price of $41.39, for a total transaction of $102,895.54. Following the completion of the sale, the chief accounting officer now owns 99,225 shares in the company, valued at $4,106,922.75. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Fidji Simo sold 33,000 shares of the company’s stock in a transaction on Wednesday, August 28th. The shares were sold at an average price of $35.27, for a total value of $1,163,910.00. Following the transaction, the chief executive officer now directly owns 1,844,778 shares in the company, valued at $65,065,320.06. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 118,710 shares of company stock valued at $4,978,164 over the last quarter. Corporate insiders own 36.00% of the company’s stock.

Institutional Investors Weigh In On Maplebear

Several institutional investors have recently modified their holdings of the business. Pacer Advisors Inc. acquired a new position in Maplebear in the third quarter valued at approximately $158,701,000. Sculptor Capital LP acquired a new position in shares of Maplebear in the 2nd quarter valued at $77,361,000. Charles Schwab Investment Management Inc. boosted its position in shares of Maplebear by 5,191.1% in the 3rd 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 last quarter. Federated Hermes Inc. grew its stake in shares of Maplebear by 102.2% during the second quarter. Federated Hermes Inc. now owns 1,734,264 shares of the company’s stock worth $55,739,000 after purchasing an additional 876,439 shares during the period. Finally, Lord Abbett & CO. LLC bought a new stake in Maplebear in the first quarter valued at about $28,674,000. Institutional investors and hedge funds 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.