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

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

A number of other analysts have also weighed in on CART. JMP Securities increased their price objective on shares of Maplebear from $42.00 to $51.00 and gave the stock a “market outperform” rating in a research note on Wednesday, November 13th. Stifel Nicolaus raised their price target on shares of Maplebear from $52.00 to $55.00 and gave the company a “buy” rating in a research report on Monday, October 28th. Robert W. Baird raised their price target on shares of Maplebear from $44.00 to $51.00 and gave the company an “outperform” rating in a research report on Wednesday, November 13th. JPMorgan Chase & Co. raised their price target on shares of Maplebear from $47.00 to $52.00 and gave the company an “overweight” rating in a research report on Wednesday, November 13th. Finally, Piper Sandler raised their price target on shares of Maplebear from $50.00 to $58.00 and gave the company an “overweight” rating in a research report on Wednesday, November 13th. Thirteen analysts have rated the stock with a hold rating, sixteen have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, Maplebear has a consensus rating of “Moderate Buy” and a consensus price target of $49.92.

Maplebear Stock Performance

Shares of CART opened at $40.74 on Tuesday. Maplebear has a fifty-two week low of $29.84 and a fifty-two week high of $53.44. The company has a 50 day moving average price of $46.45 and a 200-day moving average price of $42.66. The stock has a market capitalization of $10.47 billion, a PE ratio of 27.34, a PEG ratio of 1.19 and a beta of 1.07.

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

Insiders Place Their Bets

In related news, CAO Alan Ramsay sold 2,314 shares of the company’s stock in a transaction on Tuesday, January 21st. The stock was 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 directly 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 document filed with the SEC, which is available through this hyperlink. Also, CEO Fidji Simo sold 20,750 shares of the stock in a transaction on Wednesday, December 18th. The stock was sold at an average price of $42.74, for a total value of $886,855.00. Following the transaction, the chief executive officer now owns 1,771,993 shares of the company’s stock, valued at $75,734,980.82. This represents a 1.16 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 25,311 shares of company stock valued at $1,088,636 over the last 90 days. 36.00% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the stock. Portman Ltd acquired a new position in Maplebear during the third quarter worth $3,196,000. State Street Corp grew its holdings in shares of Maplebear by 48.3% during the third quarter. State Street Corp now owns 2,552,617 shares of the company’s stock worth $103,994,000 after purchasing an additional 831,795 shares during the last quarter. Cerity Partners LLC bought a new stake in shares of Maplebear during the third quarter worth $1,442,000. Charles Schwab Investment Management Inc. grew its holdings in shares of Maplebear by 5,191.1% during the third quarter. Charles Schwab Investment Management Inc. now owns 1,489,655 shares of the company’s stock worth $60,689,000 after purchasing an additional 1,461,501 shares during the last quarter. Finally, Zacks Investment Management bought a new position in Maplebear in the third quarter valued at about $4,853,000. 63.09% of the stock is currently owned by institutional investors and hedge funds.

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.