Maplebear (NASDAQ:CART) Given “Buy” Rating at Needham & Company LLC

Needham & Company LLC restated their buy rating on shares of Maplebear (NASDAQ:CART) in a research note issued to investors on Wednesday,Benzinga reports. They currently have a $56.00 price objective on the stock.

CART has been the topic of several other reports. JPMorgan Chase & Co. boosted their target price on Maplebear from $47.00 to $52.00 and gave the stock an “overweight” rating in a research note on Wednesday, November 13th. Macquarie boosted their price target on Maplebear from $50.00 to $52.00 and gave the stock an “outperform” rating in a research note on Thursday, November 14th. BTIG Research raised shares of Maplebear from a “neutral” rating to a “buy” rating and set a $58.00 price objective for the company in a research report on Tuesday, January 14th. Deutsche Bank Aktiengesellschaft assumed coverage on shares of Maplebear in a research note on Tuesday, December 3rd. They issued a “hold” rating and a $37.00 target price for the company. Finally, Bank of America upped their price target on shares of Maplebear from $51.00 to $53.00 and gave the company a “neutral” rating in a research note on Tuesday. Thirteen equities research analysts have rated the stock with a hold rating, sixteen have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, Maplebear currently has a consensus rating of “Moderate Buy” and a consensus price target of $49.80.

Maplebear Stock Performance

NASDAQ:CART opened at $42.80 on Wednesday. The company’s 50-day simple moving average is $46.48 and its 200-day simple moving average is $42.68. Maplebear has a fifty-two week low of $29.84 and a fifty-two week high of $53.44. The stock has a market capitalization of $11.00 billion, a P/E ratio of 28.72, a P/E/G ratio of 1.19 and a beta of 1.07.

Maplebear (NASDAQ:CART) last announced its earnings results on Tuesday, February 25th. The company reported $0.53 earnings per share for the quarter, beating the consensus estimate of $0.37 by $0.16. The company had revenue of $883.00 million during the quarter, compared to the consensus estimate of $889.98 million. Maplebear had a net margin of 13.37% and a return on equity of 13.78%. On average, research analysts forecast that Maplebear will post 1.43 EPS for the current year.

Insider Activity at Maplebear

In other Maplebear news, CAO Alan Ramsay sold 2,314 shares of the company’s stock in a transaction dated Tuesday, January 21st. The shares were sold at an average price of $46.28, for a total value of $107,091.92. Following the completion of the transaction, the chief accounting officer now owns 85,421 shares in the company, valued at approximately $3,953,283.88. This represents a 2.64 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Fidji Simo sold 20,750 shares of the stock in a transaction dated Wednesday, December 18th. The stock was sold at an average price of $42.74, for a total transaction of $886,855.00. Following the sale, the chief executive officer now directly owns 1,771,993 shares in the company, valued at approximately $75,734,980.82. The trade was a 1.16 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 25,311 shares of company stock worth $1,088,636 in the last three months. Company insiders own 36.00% of the company’s stock.

Institutional Trading of Maplebear

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Victory Capital Management Inc. lifted its position in shares of Maplebear by 11,501.2% during the 4th quarter. Victory Capital Management Inc. now owns 4,526,673 shares of the company’s stock valued at $187,495,000 after buying an additional 4,487,654 shares in the last quarter. Pacer Advisors Inc. acquired a new position in Maplebear during the third quarter worth $158,701,000. Boston Partners purchased a new position in Maplebear during the fourth quarter valued at $111,506,000. Altimeter Capital Management LP acquired a new stake in shares of Maplebear in the fourth quarter valued at about $105,108,000. Finally, Vanguard Group Inc. increased its stake in shares of Maplebear by 16.8% during the fourth quarter. Vanguard Group Inc. now owns 15,968,358 shares of the company’s stock worth $661,409,000 after purchasing an additional 2,300,288 shares in the last quarter. 63.09% of the stock is currently owned by hedge funds and other institutional investors.

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.