Benchmark Lowers Maplebear (NASDAQ:CART) Price Target to $60.00

Maplebear (NASDAQ:CART) had its price target lowered by investment analysts at Benchmark from $67.00 to $60.00 in a report issued on Tuesday,Benzinga reports. The firm currently has a “buy” rating on the stock. Benchmark’s target price would indicate a potential upside of 52.25% from the stock’s current price.

Other analysts have also issued research reports about the company. Wedbush restated an “underperform” rating and set a $42.00 target price (down previously from $55.00) on shares of Maplebear in a report on Thursday, August 21st. Bank of America upped their price objective on Maplebear from $53.00 to $58.00 and gave the stock a “neutral” rating in a research note on Friday, August 8th. JMP Securities raised their price objective on Maplebear from $55.00 to $60.00 and gave the company a “market outperform” rating in a research report on Friday, August 8th. Wells Fargo & Company reduced their target price on shares of Maplebear from $57.00 to $47.00 and set an “equal weight” rating for the company in a report on Friday, October 3rd. Finally, Guggenheim assumed coverage on shares of Maplebear in a research report on Wednesday, October 15th. They set a “neutral” rating and a $40.00 price target for the company. Two investment analysts have rated the stock with a Strong Buy rating, fourteen have issued a Buy rating, eleven have issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, Maplebear currently has an average rating of “Moderate Buy” and a consensus target price of $51.40.

Maplebear Price Performance

Shares of Maplebear stock opened at $39.41 on Tuesday. The stock has a market cap of $10.35 billion, a price-to-earnings ratio of 21.65, a PEG ratio of 1.28 and a beta of 1.10. The firm’s 50-day moving average is $40.31 and its two-hundred day moving average is $43.91. Maplebear has a 1 year low of $34.78 and a 1 year high of $53.50.

Maplebear (NASDAQ:CART) last announced its quarterly earnings results on Monday, November 10th. The company reported $0.51 earnings per share for the quarter, topping the consensus estimate of $0.50 by $0.01. Maplebear had a net margin of 14.09% and a return on equity of 15.72%. The firm had revenue of $939.00 million during the quarter, compared to analysts’ expectations of $933.76 million. During the same quarter in the prior year, the company earned $0.42 EPS. The company’s revenue was up 10.2% compared to the same quarter last year. On average, equities analysts expect that Maplebear will post 1.43 earnings per share for the current year.

Insider Buying and Selling

In other Maplebear news, General Counsel Morgan Fong sold 3,546 shares of Maplebear stock in a transaction that occurred on Monday, October 20th. The shares were sold at an average price of $38.85, for a total transaction of $137,762.10. Following the completion of the sale, the general counsel directly owned 427,523 shares in the company, valued at approximately $16,609,268.55. The trade was a 0.82% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Director Fidji Simo sold 1,014 shares of the company’s stock in a transaction on Thursday, October 16th. The shares were sold at an average price of $40.00, for a total transaction of $40,560.00. Following the completion of the sale, the director directly owned 569,742 shares in the company, valued at $22,789,680. This trade represents a 0.18% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 27,556 shares of company stock valued at $1,179,482 over the last quarter. 26.00% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Maplebear

Several hedge funds have recently added to or reduced their stakes in CART. Vanguard Group Inc. raised its stake in shares of Maplebear by 3.4% during the 1st quarter. Vanguard Group Inc. now owns 16,514,830 shares of the company’s stock valued at $658,777,000 after buying an additional 546,472 shares during the last quarter. Victory Capital Management Inc. grew its holdings in Maplebear by 62.8% during the first quarter. Victory Capital Management Inc. now owns 7,368,232 shares of the company’s stock worth $293,919,000 after acquiring an additional 2,841,559 shares during the period. T. Rowe Price Investment Management Inc. raised its position in Maplebear by 10.2% during the first quarter. T. Rowe Price Investment Management Inc. now owns 5,226,979 shares of the company’s stock valued at $208,505,000 after acquiring an additional 482,327 shares in the last quarter. State Street Corp boosted its position in Maplebear by 1.3% in the 2nd quarter. State Street Corp now owns 5,101,870 shares of the company’s stock worth $230,809,000 after purchasing an additional 66,588 shares in the last quarter. Finally, Boston Partners grew its stake in shares of Maplebear by 93.3% during the 2nd quarter. Boston Partners now owns 3,961,838 shares of the company’s stock worth $179,261,000 after purchasing an additional 1,911,771 shares during the period. 63.09% of the stock is owned by hedge funds and other institutional investors.

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.