Maplebear (NASDAQ:CART) Price Target Lowered to $50.00 at Robert W. Baird

Maplebear (NASDAQ:CART) had its price objective lowered by Robert W. Baird from $60.00 to $50.00 in a research report released on Wednesday, Marketbeat Ratings reports. The brokerage currently has an outperform rating on the stock.

A number of other research firms have also weighed in on CART. Mizuho began coverage on shares of Maplebear in a research report on Tuesday. They set a “neutral” rating and a $45.00 target price for the company. JMP Securities increased their target price on Maplebear from $55.00 to $60.00 and gave the company a “market outperform” rating in a research note on Friday, August 8th. Benchmark raised Maplebear from a “hold” rating to a “buy” rating and set a $67.00 price target on the stock in a research report on Friday, August 8th. Citigroup increased their price objective on Maplebear from $57.00 to $65.00 and gave the company a “buy” rating in a research report on Friday, August 8th. Finally, Needham & Company LLC boosted their target price on shares of Maplebear from $56.00 to $66.00 and gave the stock a “buy” rating in a research report on Friday, August 8th. One analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating, nine have assigned a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $54.54.

Maplebear Stock Performance

CART opened at $37.45 on Wednesday. The firm has a market cap of $9.87 billion, a P/E ratio of 21.65, a price-to-earnings-growth ratio of 1.23 and a beta of 1.11. The business has a 50 day moving average price of $45.12 and a 200 day moving average price of $44.29. Maplebear has a twelve month low of $34.87 and a twelve month high of $53.50.

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

Insider Buying and Selling at Maplebear

In other news, CEO Fidji Simo sold 66,560 shares of the business’s stock in a transaction on Tuesday, July 22nd. The shares were sold at an average price of $50.01, for a total value of $3,328,665.60. Following the sale, the chief executive officer owned 1,965,445 shares in the company, valued at approximately $98,291,904.45. The trade was a 3.28% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Chris Rogers sold 9,259 shares of Maplebear stock in a transaction dated Monday, September 22nd. The shares were sold at an average price of $42.37, for a total transaction of $392,303.83. Following the transaction, the chief executive officer directly owned 739,880 shares of the company’s stock, valued at $31,348,715.60. This represents a 1.24% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 4,986,367 shares of company stock worth $238,211,261 over the last three months. 26.00% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of CART. Viking Global Investors LP acquired a new stake in Maplebear during the 2nd quarter valued at $169,782,000. William Blair Investment Management LLC bought a new stake in Maplebear during the 2nd quarter worth about $151,364,000. Victory Capital Management Inc. increased its position in Maplebear by 62.8% in the 1st quarter. Victory Capital Management Inc. now owns 7,368,232 shares of the company’s stock valued at $293,919,000 after acquiring an additional 2,841,559 shares in the last quarter. Norges Bank bought a new position in shares of Maplebear in the second quarter worth about $97,351,000. Finally, Boston Partners grew its stake in shares of Maplebear by 93.3% during the second quarter. Boston Partners now owns 3,961,838 shares of the company’s stock valued at $179,261,000 after purchasing an additional 1,911,771 shares during the last quarter. 63.09% of the stock is 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.