Maplebear (NASDAQ:CART) Price Target Raised to $53.00

Maplebear (NASDAQ:CART) had its target price raised by Bank of America from $51.00 to $53.00 in a research report sent to investors on Tuesday morning,Benzinga reports. Bank of America currently has a neutral rating on the stock.

A number of other research analysts also recently weighed in on CART. Macquarie raised their price target on Maplebear from $50.00 to $52.00 and gave the company an “outperform” rating in a research note on Thursday, November 14th. Oppenheimer lifted their target price on Maplebear from $55.00 to $60.00 and gave the stock an “outperform” rating in a research note on Wednesday, November 13th. Morgan Stanley lifted their target price on Maplebear from $41.00 to $44.00 and gave the stock an “equal weight” rating in a research note on Monday, January 13th. Needham & Company LLC upgraded Maplebear from a “hold” rating to a “buy” rating and set a $56.00 target price for the company in a research note on Monday, January 13th. Finally, BMO Capital Markets boosted their price target on Maplebear from $39.00 to $48.00 and gave the company a “market perform” rating in a research note on Wednesday, November 13th. Thirteen research analysts have rated the stock with a hold rating, sixteen have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $49.92.

Maplebear Trading Down 4.8 %

Shares of CART opened at $40.74 on Tuesday. Maplebear has a 1 year low of $29.84 and a 1 year high of $53.44. The stock has a market cap of $10.47 billion, a P/E ratio of 27.34, a price-to-earnings-growth ratio of 1.19 and a beta of 1.07. The stock’s 50-day moving average price is $46.45 and its two-hundred day moving average price is $42.66.

Maplebear (NASDAQ:CART) last released its quarterly earnings results on Tuesday, February 25th. The company reported $0.53 EPS for the quarter, topping analysts’ consensus estimates of $0.37 by $0.16. The company had revenue of $883.00 million for the quarter, compared to analyst estimates of $889.98 million. Maplebear had a return on equity of 13.78% and a net margin of 13.37%. As a group, equities analysts forecast that Maplebear will post 1.43 EPS for the current year.

Insider Activity

In related news, CAO Alan Ramsay sold 2,247 shares of the business’s stock in a transaction on Friday, December 20th. The shares were sold at an average price of $42.14, for a total transaction of $94,688.58. Following the completion of the transaction, the chief accounting officer now directly owns 87,735 shares in the company, valued at $3,697,152.90. The trade was a 2.50 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Fidji Simo sold 20,750 shares of the company’s 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 completion of the transaction, the chief executive officer now owns 1,771,993 shares of the company’s stock, valued at approximately $75,734,980.82. This trade represents a 1.16 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 25,311 shares of company stock valued at $1,088,636. Corporate insiders own 36.00% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of CART. Victory Capital Management Inc. grew its stake in 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 acquiring an additional 4,487,654 shares in the last quarter. Pacer Advisors Inc. acquired a new stake in shares of Maplebear in the 3rd quarter valued at $158,701,000. Boston Partners acquired a new stake in shares of Maplebear in the 4th quarter valued at $111,506,000. Altimeter Capital Management LP purchased a new position in shares of Maplebear in the 4th quarter valued at $105,108,000. Finally, Vanguard Group Inc. grew its position in shares of Maplebear by 16.8% in the 4th quarter. Vanguard Group Inc. now owns 15,968,358 shares of the company’s stock valued at $661,409,000 after buying an additional 2,300,288 shares during the last quarter. Institutional investors and hedge funds 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.