Wells Fargo & Company Issues Positive Forecast for Maplebear (NASDAQ:CART) Stock Price

Maplebear (NASDAQ:CART) had its target price raised by Wells Fargo & Company from $43.00 to $45.00 in a report issued on Monday,Benzinga reports. The brokerage currently has an equal weight rating on the stock.

A number of other analysts also recently weighed in on CART. Benchmark decreased their price target on shares of Maplebear from $60.00 to $53.00 and set a “buy” rating for the company in a research report on Tuesday, February 10th. Cantor Fitzgerald increased their price objective on shares of Maplebear from $45.00 to $54.00 and gave the company an “overweight” rating in a research note on Thursday, January 8th. Needham & Company LLC raised their price objective on shares of Maplebear from $50.00 to $55.00 and gave the stock a “buy” rating in a report on Friday, February 13th. Stifel Nicolaus dropped their target price on shares of Maplebear from $49.00 to $46.00 and set a “buy” rating for the company in a research report on Tuesday, January 27th. Finally, Wall Street Zen upgraded shares of Maplebear from a “hold” rating to a “buy” rating in a research note on Saturday, February 14th. One analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating, nine have given a Hold rating and two have assigned a Sell rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $51.29.

Maplebear Stock Up 4.1%

CART stock opened at $37.19 on Monday. The stock’s 50 day moving average is $36.97 and its two-hundred day moving average is $39.86. Maplebear has a 52-week low of $32.73 and a 52-week high of $53.50. The company has a market capitalization of $8.95 billion, a PE ratio of 23.39, a P/E/G ratio of 0.55 and a beta of 0.98.

Insider Buying and Selling at Maplebear

In related news, General Counsel Morgan Fong sold 126,083 shares of the firm’s stock in a transaction on Wednesday, March 11th. The stock was sold at an average price of $37.09, for a total transaction of $4,676,418.47. Following the transaction, the general counsel directly owned 386,643 shares in the company, valued at $14,340,588.87. This trade represents a 24.59% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CAO Lisa Blackwood-Kapral sold 9,390 shares of Maplebear stock in a transaction on Monday, March 16th. The stock was sold at an average price of $38.74, for a total transaction of $363,768.60. Following the completion of the transaction, the chief accounting officer directly owned 47,510 shares of the company’s stock, valued at approximately $1,840,537.40. This represents a 16.50% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Company insiders own 26.00% of the company’s stock.

Institutional Investors Weigh In On Maplebear

Institutional investors have recently modified their holdings of the business. State Street Corp lifted its holdings in Maplebear by 1.0% in the fourth quarter. State Street Corp now owns 5,461,637 shares of the company’s stock worth $245,664,000 after acquiring an additional 54,872 shares during the last quarter. Dimensional Fund Advisors LP grew its holdings in shares of Maplebear by 114.7% during the fourth quarter. Dimensional Fund Advisors LP now owns 3,792,673 shares of the company’s stock valued at $170,594,000 after purchasing an additional 2,026,567 shares during the last quarter. Viking Global Investors LP acquired a new stake in shares of Maplebear during the 2nd quarter worth approximately $169,782,000. Geode Capital Management LLC raised its position in shares of Maplebear by 1.6% during the 4th quarter. Geode Capital Management LLC now owns 3,526,124 shares of the company’s stock worth $158,640,000 after purchasing an additional 54,010 shares during the period. Finally, Federated Hermes Inc. lifted its holdings in shares of Maplebear by 3.2% in the 4th quarter. Federated Hermes Inc. now owns 3,287,952 shares of the company’s stock worth $147,892,000 after purchasing an additional 101,278 shares during the last quarter. Institutional investors own 63.09% of the company’s stock.

Maplebear Company Profile

Maplebear, Inc, doing business as Instacart, operates a leading online grocery and essentials marketplace that connects consumers, retail partners and personal shoppers through its digital platform. The company enables customers to order groceries, household items and specialty products for same-day or scheduled delivery, as well as in-store pickup. By integrating its technology with retailers’ existing inventory and point-of-sale systems, Maplebear streamlines the shopping experience and provides real-time availability and pricing.

Founded in 2012 and headquartered in San Francisco, Maplebear has grown from a regional startup to a publicly traded company listed on NASDAQ under the ticker CART.