Maplebear (NASDAQ:CART) Price Target Raised to $60.00

Maplebear (NASDAQ:CART) had its target price increased by Oppenheimer from $55.00 to $60.00 in a research report released on Wednesday morning,Benzinga reports. The firm currently has an outperform rating on the stock.

Several other brokerages have also weighed in on CART. Citigroup increased their price objective on Maplebear from $44.00 to $47.00 and gave the company a “buy” rating in a report on Thursday, August 8th. Cantor Fitzgerald reiterated an “overweight” rating and set a $45.00 price target on shares of Maplebear in a research note on Monday, October 7th. BMO Capital Markets boosted their price objective on Maplebear from $39.00 to $48.00 and gave the company a “market perform” rating in a research note on Wednesday. Raymond James assumed coverage on shares of Maplebear in a report on Tuesday, September 24th. They set a “market perform” rating on the stock. Finally, Bank of America lifted their target price on shares of Maplebear from $50.00 to $51.00 and gave the stock a “neutral” rating in a research note on Wednesday. Twelve investment analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $47.29.

Maplebear Price Performance

NASDAQ CART opened at $42.00 on Wednesday. The business’s fifty day moving average is $42.17 and its 200-day moving average is $36.61. The stock has a market capitalization of $10.95 billion, a price-to-earnings ratio of 28.19, a PEG ratio of 1.30 and a beta of 1.12. Maplebear has a one year low of $22.13 and a one year high of $50.01.

Maplebear (NASDAQ:CART) last announced its quarterly earnings data on Tuesday, November 12th. The company reported $0.42 EPS for the quarter, topping the consensus estimate of $0.22 by $0.20. Maplebear had a net margin of 13.37% and a return on equity of 13.32%. The business had revenue of $852.00 million for the quarter, compared to analyst estimates of $844.03 million. During the same quarter in the previous year, the firm posted ($20.86) earnings per share. The company’s revenue for the quarter was up 11.5% on a year-over-year basis. Research analysts expect that Maplebear will post 1.2 EPS for the current fiscal year.

Insider Activity

In other news, General Counsel Morgan Fong sold 8,345 shares of the stock in a transaction on Wednesday, September 18th. The shares were sold at an average price of $40.00, for a total value of $333,800.00. Following the transaction, the general counsel now owns 330,886 shares of the company’s stock, valued at $13,235,440. This represents a 2.46 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CAO Alan Ramsay sold 2,486 shares of the firm’s stock in a transaction on Friday, September 20th. The shares were sold at an average price of $41.39, for a total transaction of $102,895.54. Following the sale, the chief accounting officer now owns 99,225 shares in the company, valued at approximately $4,106,922.75. This trade represents a 2.44 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 118,710 shares of company stock worth $4,978,164. 36.00% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. lifted its stake in Maplebear by 239.1% during the first quarter. Vanguard Group Inc. now owns 213,496 shares of the company’s stock worth $7,961,000 after purchasing an additional 150,544 shares during the last quarter. Assenagon Asset Management S.A. bought a new stake in Maplebear in the 2nd quarter worth approximately $8,293,000. Investment House LLC purchased a new stake in Maplebear in the second quarter worth approximately $750,000. Eos Management L.P. grew its position in Maplebear by 98.1% during the third quarter. Eos Management L.P. now owns 31,508 shares of the company’s stock valued at $1,284,000 after acquiring an additional 15,600 shares during the last quarter. Finally, Diversified Trust Co raised its stake in shares of Maplebear by 141.8% during the third quarter. Diversified Trust Co now owns 24,563 shares of the company’s stock worth $1,001,000 after acquiring an additional 14,404 shares in the last quarter. 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.