Maplebear (NASDAQ:CART) Price Target Lowered to $47.00 at Wells Fargo & Company

Maplebear (NASDAQ:CART) had its price objective lowered by Wells Fargo & Company from $57.00 to $47.00 in a research report report published on Friday morning,Benzinga reports. The brokerage currently has an equal weight rating on the stock.

A number of other analysts have also commented on CART. Barclays increased their price objective on Maplebear from $61.00 to $65.00 and gave the company an “overweight” rating in a research note on Friday, August 8th. Citigroup raised 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. BTIG Research reissued a “neutral” rating and issued a $55.00 price objective on shares of Maplebear in a research report on Tuesday. Robert W. Baird reduced their price objective on shares of Maplebear from $60.00 to $50.00 and set an “outperform” rating on the stock in a research note on Wednesday. Finally, Mizuho assumed coverage on Maplebear in a report on Tuesday. They set a “neutral” rating and a $45.00 price objective on the stock. One equities research analyst has rated the stock with a Strong Buy rating, thirteen have given a Buy rating, eleven have assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $53.42.

Maplebear Trading Down 2.8%

Shares of CART opened at $38.18 on Friday. Maplebear has a 12-month low of $34.87 and a 12-month high of $53.50. The firm has a market capitalization of $10.06 billion, a P/E ratio of 22.07, a P/E/G ratio of 1.32 and a beta of 1.10. The firm has a 50-day moving average price of $44.70 and a 200 day moving average price of $44.26.

Maplebear (NASDAQ:CART) last posted its 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. Maplebear had a net margin of 13.76% and a return on equity of 15.69%. The firm had revenue of $914.00 million for the quarter, compared to the consensus estimate of $896.55 million. During the same period last year, the firm posted $0.20 EPS. The company’s revenue was up 11.1% on a year-over-year basis. Equities research analysts predict that Maplebear will post 1.43 earnings per share for the current fiscal year.

Insider Activity at Maplebear

In other news, insider Daniel Danker sold 10,037 shares of the company’s stock in a transaction dated Friday, July 18th. The stock was sold at an average price of $48.82, for a total value of $490,006.34. Following the completion of the sale, the insider owned 470,190 shares of the company’s stock, valued at $22,954,675.80. This represents a 2.09% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, General Counsel Morgan Fong sold 4,680 shares of the firm’s stock in a transaction on Monday, July 21st. The shares were sold at an average price of $49.16, for a total transaction of $230,068.80. Following the sale, the general counsel directly owned 452,000 shares of the company’s stock, valued at approximately $22,220,320. The trade was a 1.02% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 4,986,367 shares of company stock valued at $238,211,261 over the last 90 days. Corporate insiders own 26.00% of the company’s stock.

Institutional Investors Weigh In On Maplebear

Institutional investors have recently modified their holdings of the stock. Proathlete Wealth Management LLC acquired a new position in Maplebear in the first quarter worth about $26,000. Brooklyn Investment Group bought a new position in Maplebear in the 1st quarter worth about $40,000. UMB Bank n.a. increased its position in Maplebear by 914.1% in the 1st quarter. UMB Bank n.a. now owns 1,004 shares of the company’s stock valued at $40,000 after acquiring an additional 905 shares during the period. Spire Wealth Management acquired a new position in shares of Maplebear during the first quarter valued at $41,000. Finally, CWM LLC increased its holdings in shares of Maplebear by 35.1% during the first quarter. CWM LLC now owns 1,058 shares of the company’s stock valued at $42,000 after purchasing an additional 275 shares during the period. 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.