JPMorgan Chase & Co. Cuts Maplebear (NASDAQ:CART) Price Target to $50.00

Maplebear (NASDAQ:CART) had its target price lowered by JPMorgan Chase & Co. from $52.00 to $50.00 in a research note issued to investors on Wednesday morning,Benzinga reports. JPMorgan Chase & Co. currently has an overweight rating on the stock.

Other equities analysts also recently issued reports about the company. Wedbush dropped their target price on Maplebear from $48.00 to $46.00 and set a “neutral” rating for the company in a research report on Wednesday. Barclays raised their price objective on Maplebear from $56.00 to $58.00 and gave the stock an “overweight” rating in a research report on Wednesday. Wells Fargo & Company started coverage on Maplebear in a research report on Friday, January 10th. They set an “equal weight” rating and a $47.00 price objective for the company. Deutsche Bank Aktiengesellschaft started coverage on Maplebear in a research report on Tuesday, December 3rd. They set a “hold” rating and a $37.00 price objective for the company. Finally, Benchmark restated a “hold” rating on shares of Maplebear in a research report on Wednesday. Thirteen 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 company’s stock. According to data from MarketBeat, Maplebear has an average rating of “Moderate Buy” and an average price target of $49.92.

Maplebear Trading Up 0.9 %

Maplebear stock opened at $41.09 on Wednesday. The company has a market capitalization of $10.56 billion, a PE ratio of 27.58, a P/E/G ratio of 1.19 and a beta of 1.07. Maplebear has a 12 month low of $29.84 and a 12 month high of $53.44. The stock has a 50-day moving average price of $46.43 and a two-hundred day moving average price of $42.72.

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

Insider Buying and Selling at Maplebear

In other news, CAO Alan Ramsay sold 2,247 shares of the firm’s stock in a transaction that occurred on Friday, December 20th. The stock was sold at an average price of $42.14, for a total value of $94,688.58. Following the transaction, the chief accounting officer now owns 87,735 shares in the company, valued at $3,697,152.90. This trade represents a 2.50 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Fidji Simo sold 20,750 shares of the firm’s stock in a transaction that occurred on Wednesday, February 26th. The shares were sold at an average price of $43.31, for a total value of $898,682.50. Following the completion of the transaction, the chief executive officer now owns 1,662,692 shares in the company, valued at $72,011,190.52. This represents a 1.23 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 46,061 shares of company stock valued at $1,987,318. Company insiders own 36.00% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of CART. Victory Capital Management Inc. lifted its holdings in shares of Maplebear by 11,501.2% in the fourth quarter. Victory Capital Management Inc. now owns 4,526,673 shares of the company’s stock valued at $187,495,000 after purchasing an additional 4,487,654 shares in the last quarter. Pacer Advisors Inc. bought a new stake in Maplebear during the third quarter worth $158,701,000. Boston Partners bought a new stake in Maplebear during the fourth quarter worth $111,506,000. Altimeter Capital Management LP bought a new stake in Maplebear during the fourth quarter worth $105,108,000. Finally, Vanguard Group Inc. lifted its holdings in 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 acquiring an additional 2,300,288 shares during the period. Institutional investors own 63.09% of the company’s stock.

Maplebear Company Profile

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.