Analysts Set Maplebear Inc. (NASDAQ:CART) PT at $51.40

Maplebear Inc. (NASDAQ:CART) has been given an average recommendation of “Moderate Buy” by the twenty-eight ratings firms that are currently covering the stock, Marketbeat Ratings reports. One equities research analyst has rated the stock with a sell rating, eleven have issued a hold rating, fourteen have given a buy rating and two have assigned a strong buy rating to the company. The average twelve-month price objective among brokerages that have issued ratings on the stock in the last year is $51.40.

A number of analysts recently weighed in on CART shares. JMP Securities boosted their target price on Maplebear from $55.00 to $60.00 and gave the stock a “market outperform” rating in a research report on Friday, August 8th. Robert W. Baird decreased their price target on shares of Maplebear from $60.00 to $50.00 and set an “outperform” rating on the stock in a research note on Wednesday, October 1st. Bank of America boosted their price objective on shares of Maplebear from $53.00 to $58.00 and gave the stock a “neutral” rating in a report on Friday, August 8th. Citigroup cut their price objective on shares of Maplebear from $65.00 to $50.00 and set a “buy” rating for the company in a research note on Tuesday, November 11th. Finally, Wall Street Zen cut shares of Maplebear from a “buy” rating to a “hold” rating in a research report on Monday, September 29th.

Maplebear Stock Up 1.9%

CART opened at $42.79 on Friday. The stock has a market cap of $11.23 billion, a PE ratio of 23.51, a P/E/G ratio of 1.37 and a beta of 1.01. Maplebear has a 52 week low of $34.78 and a 52 week high of $53.50. The business’s fifty day simple moving average is $39.33 and its 200 day simple moving average is $43.72.

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

Insider Transactions at Maplebear

In other news, General Counsel Morgan Fong sold 3,546 shares of the business’s stock in a transaction dated Monday, October 20th. The stock was sold at an average price of $38.85, for a total value of $137,762.10. Following the completion of the sale, the general counsel owned 427,523 shares of the company’s stock, valued at approximately $16,609,268.55. The trade was a 0.82% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Fidji Simo sold 7,140 shares of the stock in a transaction dated Monday, September 15th. The shares were sold at an average price of $47.30, for a total value of $337,722.00. Following the sale, the director owned 573,807 shares of the company’s stock, valued at $27,141,071.10. This represents a 1.23% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last quarter, insiders have sold 27,556 shares of company stock worth $1,179,482. Company insiders own 26.00% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in CART. CWM LLC raised its holdings in Maplebear by 35.1% during the 1st quarter. CWM LLC now owns 1,058 shares of the company’s stock valued at $42,000 after buying an additional 275 shares during the last quarter. Cetera Investment Advisers increased its position in shares of Maplebear by 333.5% in the first quarter. Cetera Investment Advisers now owns 35,305 shares of the company’s stock valued at $1,408,000 after acquiring an additional 27,161 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank raised its stake in shares of Maplebear by 12.3% during the first quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 50,058 shares of the company’s stock valued at $1,997,000 after acquiring an additional 5,500 shares during the last quarter. LPL Financial LLC purchased a new stake in shares of Maplebear during the first quarter worth about $2,161,000. Finally, Norden Group LLC purchased a new stake in shares of Maplebear during the first quarter worth about $232,000. Institutional investors own 63.09% of the company’s stock.

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.