Maplebear (NASDAQ:CART) Price Target Lowered to $56.00 at Stifel Nicolaus

Maplebear (NASDAQ:CART) had its price objective lowered by Stifel Nicolaus from $64.00 to $56.00 in a research report report published on Wednesday,Benzinga reports. Stifel Nicolaus currently has a buy rating on the stock.

Other equities research analysts have also recently issued research reports about the stock. Barclays raised their price objective on shares of Maplebear from $61.00 to $65.00 and gave the company an “overweight” rating in a research report on Friday, August 8th. Benchmark raised Maplebear from a “hold” rating to a “buy” rating and set a $67.00 target price on the stock in a research note on Friday, August 8th. JMP Securities lifted their price objective on shares of Maplebear from $55.00 to $60.00 and gave the stock a “market outperform” rating in a research note on Friday, August 8th. Wall Street Zen raised shares of Maplebear from a “hold” rating to a “buy” rating in a research note on Sunday. Finally, Robert W. Baird cut their price target on shares of Maplebear from $65.00 to $60.00 and set an “outperform” rating on the stock in a research note on Friday, August 22nd. One equities research analyst has rated the stock with a Strong Buy rating, sixteen have issued a Buy rating, seven have issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $55.25.

Maplebear Stock Up 0.0%

Shares of Maplebear stock opened at $42.45 on Wednesday. The stock has a market capitalization of $11.18 billion, a P/E ratio of 24.54, a price-to-earnings-growth ratio of 1.42 and a beta of 1.21. The company has a 50-day simple moving average of $46.11 and a 200 day simple moving average of $44.25. Maplebear has a 12-month low of $35.14 and a 12-month high of $53.50.

Maplebear (NASDAQ:CART) last announced its earnings results on Thursday, August 7th. The company reported $0.41 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.39 by $0.02. The business had revenue of $914.00 million during the quarter, compared to analysts’ expectations of $896.55 million. Maplebear had a net margin of 13.76% and a return on equity of 15.69%. The firm’s revenue for the quarter was up 11.1% on a year-over-year basis. During the same quarter last year, the company posted $0.20 EPS. On average, equities analysts anticipate that Maplebear will post 1.43 earnings per share for the current year.

Insider Buying and Selling

In related news, General Counsel Morgan Fong sold 3,546 shares of the business’s stock in a transaction on Monday, September 22nd. The shares were sold at an average price of $42.39, for a total transaction of $150,314.94. Following the transaction, the general counsel directly owned 431,069 shares in the company, valued at approximately $18,273,014.91. The trade was a 0.82% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Grosvenor L.P. Gcm sold 4,864,272 shares of the business’s stock in a transaction on Friday, July 25th. The stock was sold at an average price of $47.75, for a total transaction of $232,268,988.00. The disclosure for this sale can be found here. Insiders sold 4,986,367 shares of company stock valued at $238,211,261 over the last ninety days. Insiders own 26.00% of the company’s stock.

Hedge Funds Weigh In On Maplebear

A number of institutional investors have recently added to or reduced their stakes in CART. Viking Global Investors LP acquired a new position in Maplebear during the second quarter worth $169,782,000. William Blair Investment Management LLC acquired a new stake in shares of Maplebear in the second quarter valued at approximately $151,364,000. Victory Capital Management Inc. lifted its position in shares of Maplebear by 62.8% in the first quarter. Victory Capital Management Inc. now owns 7,368,232 shares of the company’s stock valued at $293,919,000 after buying an additional 2,841,559 shares during the last quarter. Norges Bank acquired a new stake in shares of Maplebear in the second quarter valued at approximately $97,351,000. Finally, Boston Partners lifted its position in shares of Maplebear by 93.3% in the second quarter. Boston Partners now owns 3,961,838 shares of the company’s stock valued at $179,261,000 after buying an additional 1,911,771 shares during the last quarter. 63.09% of the stock is currently owned by institutional investors and hedge funds.

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.