Maplebear (NASDAQ:CART) Price Target Raised to $55.00 at Macquarie

Maplebear (NASDAQ:CART) had its price target lifted by analysts at Macquarie from $52.00 to $55.00 in a research report issued on Thursday,Benzinga reports. The brokerage presently has an “outperform” rating on the stock. Macquarie’s price objective points to a potential upside of 31.72% from the stock’s previous close.

A number of other analysts also recently commented on the stock. Piper Sandler boosted their price objective on shares of Maplebear from $50.00 to $58.00 and gave the stock an “overweight” rating in a report on Wednesday, November 13th. Deutsche Bank Aktiengesellschaft initiated coverage on shares of Maplebear in a research note on Tuesday, December 3rd. They set a “hold” rating and a $37.00 price objective on the stock. JPMorgan Chase & Co. decreased their price target on Maplebear from $52.00 to $50.00 and set an “overweight” rating on the stock in a research note on Wednesday. Seaport Res Ptn upgraded Maplebear to a “strong-buy” rating in a report on Wednesday, February 12th. Finally, Robert W. Baird lifted 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. Thirteen analysts have rated the stock with a hold rating, sixteen have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, Maplebear currently has a consensus rating of “Moderate Buy” and an average price target of $49.92.

Maplebear Stock Performance

Shares of CART stock traded down $1.05 on Thursday, hitting $41.75. 3,130,562 shares of the stock traded hands, compared to its average volume of 4,399,979. Maplebear has a twelve month low of $29.84 and a twelve month high of $53.44. The firm’s 50-day moving average price is $46.48 and its two-hundred day moving average price is $42.68. The stock has a market capitalization of $10.73 billion, a PE ratio of 28.06, a PEG ratio of 1.19 and a beta of 1.07.

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

Insider Activity

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

Hedge Funds Weigh In On Maplebear

A number of hedge funds have recently added to or reduced their stakes in CART. Victory Capital Management Inc. lifted its position in shares of Maplebear by 11,501.2% during 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 shares of Maplebear during the 3rd quarter valued at $158,701,000. Boston Partners bought a new position in shares of Maplebear in the fourth quarter valued at approximately $111,506,000. Altimeter Capital Management LP purchased a new position in Maplebear during the fourth quarter valued at approximately $105,108,000. Finally, Vanguard Group Inc. increased its holdings in Maplebear by 16.8% during the 4th 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 and hedge funds 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.