Maplebear (NASDAQ:CART) Price Target Raised to $57.00

Maplebear (NASDAQ:CART) had its target price hoisted by Wells Fargo & Company from $55.00 to $57.00 in a report issued on Friday morning,Benzinga reports. Wells Fargo & Company currently has an equal weight rating on the stock.

Several other equities analysts have also recently issued reports on CART. Barclays boosted their price objective on shares of Maplebear from $61.00 to $65.00 and gave the company an “overweight” rating in a research note on Friday, August 8th. Citigroup boosted their price target on shares of Maplebear from $57.00 to $65.00 and gave the stock a “buy” rating in a research note on Friday, August 8th. Benchmark raised shares of Maplebear from a “hold” rating to a “buy” rating and set a $67.00 price target for the company in a report on Friday, August 8th. Wedbush restated an “underperform” rating and issued a $42.00 price objective (down previously from $55.00) on shares of Maplebear in a research report on Thursday, August 21st. Finally, Needham & Company LLC boosted their target price on Maplebear from $56.00 to $66.00 and gave the stock a “buy” rating in a research report on Friday, August 8th. One equities research analyst has rated the stock with a Strong Buy rating, sixteen have given a Buy rating, eight have assigned a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $55.71.

Maplebear Stock Up 1.9%

CART opened at $45.29 on Friday. Maplebear has a 52 week low of $33.17 and a 52 week high of $53.50. The business has a 50 day moving average price of $46.85 and a two-hundred day moving average price of $44.08. The company has a market cap of $11.93 billion, a PE ratio of 26.18, a P/E/G ratio of 1.52 and a beta of 1.22.

Maplebear (NASDAQ:CART) last released its earnings results on Thursday, August 7th. The company reported $0.41 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.39 by $0.02. Maplebear had a return on equity of 15.69% and a net margin of 13.76%.The business had revenue of $914.00 million for the quarter, compared to analyst estimates of $896.55 million. During the same quarter in the previous year, the company posted $0.20 earnings per share. The company’s revenue for the quarter was up 11.1% compared to the same quarter last year. As a group, sell-side analysts expect that Maplebear will post 1.43 EPS for the current fiscal year.

Insider Activity at Maplebear

In related news, CEO Fidji Simo sold 66,560 shares of the firm’s stock in a transaction that occurred on Tuesday, July 22nd. The stock was sold at an average price of $50.01, for a total value of $3,328,665.60. Following the completion of the transaction, the chief executive officer directly owned 1,965,445 shares of the company’s stock, valued at $98,291,904.45. This trade represents a 3.28% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Grosvenor L.P. Gcm sold 4,864,272 shares of Maplebear stock in a transaction on Friday, July 25th. The stock was sold at an average price of $47.75, for a total value of $232,268,988.00. The disclosure for this sale can be found here. In the last ninety days, insiders sold 4,971,102 shares of company stock valued at $237,536,372. 26.00% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in CART. Stifel Financial Corp boosted its position in shares of Maplebear by 8.0% in the 4th quarter. Stifel Financial Corp now owns 27,602 shares of the company’s stock worth $1,143,000 after buying an additional 2,041 shares in the last quarter. The Manufacturers Life Insurance Company raised its position in Maplebear by 2.0% during the fourth quarter. The Manufacturers Life Insurance Company now owns 49,158 shares of the company’s stock worth $2,036,000 after acquiring an additional 954 shares during the last quarter. Northern Trust Corp lifted its holdings in shares of Maplebear by 11.2% in the fourth quarter. Northern Trust Corp now owns 786,296 shares of the company’s stock valued at $32,568,000 after purchasing an additional 78,931 shares in the last quarter. Ameriprise Financial Inc. grew its position in shares of Maplebear by 533.6% in the fourth quarter. Ameriprise Financial Inc. now owns 1,257,676 shares of the company’s stock valued at $52,090,000 after purchasing an additional 1,059,169 shares during the last quarter. Finally, BNP Paribas Financial Markets purchased a new position in shares of Maplebear during the 4th quarter worth approximately $24,762,000. 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.