Maplebear (NASDAQ:CART) Given New $58.00 Price Target at Piper Sandler

Maplebear (NASDAQ:CART) had its price objective lifted by Piper Sandler from $50.00 to $58.00 in a research note released on Wednesday morning,Benzinga reports. Piper Sandler currently has an overweight rating on the stock.

CART has been the subject of several other reports. Jefferies Financial Group began coverage on shares of Maplebear in a research report on Wednesday, October 16th. They set a “hold” rating and a $43.00 price objective for the company. Stifel Nicolaus lifted their price target on Maplebear from $52.00 to $55.00 and gave the stock a “buy” rating in a report on Monday, October 28th. Raymond James initiated coverage on Maplebear in a report on Tuesday, September 24th. They issued a “market perform” rating on the stock. BMO Capital Markets raised their target price on Maplebear from $39.00 to $48.00 and gave the stock a “market perform” rating in a research report on Wednesday. Finally, Bank of America upped their price target on Maplebear from $50.00 to $51.00 and gave the company a “neutral” rating in a report on Wednesday. Twelve investment analysts have rated the stock with a hold rating and thirteen have given a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $47.29.

Maplebear Stock Down 2.2 %

NASDAQ:CART opened at $42.00 on Wednesday. Maplebear has a 52 week low of $22.13 and a 52 week high of $50.01. The stock’s fifty day moving average is $42.17 and its two-hundred 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 price-to-earnings-growth ratio of 1.30 and a beta of 1.12.

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

Insider Buying and Selling at Maplebear

In other news, CAO Alan Ramsay sold 2,486 shares of Maplebear stock in a transaction dated Friday, September 20th. The shares were sold at an average price of $41.39, for a total value of $102,895.54. Following the sale, the chief accounting officer now owns 99,225 shares of the company’s stock, valued at $4,106,922.75. The trade was a 2.44 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Fidji Simo sold 33,000 shares of the stock in a transaction dated Wednesday, August 28th. The stock was sold at an average price of $35.27, for a total transaction of $1,163,910.00. Following the transaction, the chief executive officer now directly owns 1,844,778 shares of the company’s stock, valued at $65,065,320.06. This represents a 1.76 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 118,710 shares of company stock valued at $4,978,164. 36.00% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the business. Pacer Advisors Inc. purchased a new stake in shares of Maplebear during the 3rd quarter worth approximately $158,701,000. Sculptor Capital LP purchased a new stake in Maplebear during the second quarter worth $77,361,000. Geode Capital Management LLC grew its holdings in Maplebear by 151.7% in the third quarter. Geode Capital Management LLC now owns 2,732,738 shares of the company’s stock valued at $111,361,000 after purchasing an additional 1,647,081 shares during the last quarter. Charles Schwab Investment Management Inc. increased its position in shares of Maplebear by 5,191.1% in the third quarter. Charles Schwab Investment Management Inc. now owns 1,489,655 shares of the company’s stock valued at $60,689,000 after buying an additional 1,461,501 shares in the last quarter. Finally, Southpoint Capital Advisors LP raised its stake in shares of Maplebear by 56.3% during the 3rd quarter. Southpoint Capital Advisors LP now owns 2,500,000 shares of the company’s stock worth $101,850,000 after buying an additional 900,000 shares during the last quarter. Hedge funds and other 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.