Morgan Stanley Boosts Maplebear (NASDAQ:CART) Price Target to $40.00

Maplebear (NASDAQ:CART) had its price target lifted by equities research analysts at Morgan Stanley from $28.00 to $40.00 in a report issued on Monday, Benzinga reports. The brokerage presently has an “equal weight” rating on the stock. Morgan Stanley’s target price suggests a potential upside of 10.10% from the stock’s current price.

Several other research analysts also recently weighed in on the stock. Benchmark downgraded shares of Maplebear from a “buy” rating to a “hold” rating in a research note on Tuesday, January 23rd. Macquarie began coverage on Maplebear in a research report on Monday, March 25th. They set an “outperform” rating and a $42.00 target price on the stock. Sanford C. Bernstein raised Maplebear from a “market perform” rating to an “outperform” rating and raised their price target for the stock from $30.00 to $43.00 in a research note on Thursday, March 14th. JPMorgan Chase & Co. upped their price objective on shares of Maplebear from $35.00 to $45.00 and gave the company an “overweight” rating in a research note on Monday, March 25th. Finally, Fox Advisors cut shares of Maplebear from an “overweight” rating to an “equal weight” rating in a research report on Monday, April 1st. Ten analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company’s stock. According to MarketBeat, Maplebear has an average rating of “Moderate Buy” and a consensus target price of $39.42.

Maplebear Trading Down 1.0 %

Shares of CART traded down $0.37 during mid-day trading on Monday, reaching $36.33. 2,788,545 shares of the company’s stock were exchanged, compared to its average volume of 4,022,120. Maplebear has a 52-week low of $22.13 and a 52-week high of $42.95. The company has a 50-day simple moving average of $35.82 and a two-hundred day simple moving average of $28.92.

Maplebear (NASDAQ:CART) last announced its earnings results on Tuesday, February 13th. The company reported $0.44 EPS for the quarter, beating analysts’ consensus estimates of ($0.08) by $0.52. The company had revenue of $803.00 million for the quarter, compared to analyst estimates of $804.62 million. The company’s revenue was up 6.1% on a year-over-year basis. Equities analysts forecast that Maplebear will post 0.53 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, CEO Fidji Simo sold 3,236 shares of the firm’s stock in a transaction on Wednesday, May 1st. The shares were sold at an average price of $35.09, for a total transaction of $113,551.24. Following the completion of the sale, the chief executive officer now directly owns 2,125,301 shares of the company’s stock, valued at approximately $74,576,812.09. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. In other Maplebear news, major shareholder Us (Ttgp) Ltd. Sc acquired 1,036,683 shares of the company’s stock in a transaction on Tuesday, February 20th. The shares were bought at an average cost of $27.90 per share, for a total transaction of $28,923,455.70. Following the acquisition, the insider now directly owns 1,036,683 shares of the company’s stock, valued at $28,923,455.70. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Fidji Simo sold 3,236 shares of the company’s stock in a transaction that occurred on Wednesday, May 1st. The shares were sold at an average price of $35.09, for a total value of $113,551.24. Following the completion of the transaction, the chief executive officer now directly owns 2,125,301 shares in the company, valued at $74,576,812.09. The disclosure for this sale can be found here. In the last 90 days, insiders purchased 2,157,745 shares of company stock worth $61,771,955 and sold 1,055,899 shares worth $30,422,265. 36.00% of the stock is owned by company insiders.

Institutional Trading of Maplebear

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. FMR LLC bought a new position in Maplebear during the 3rd quarter worth approximately $56,424,000. Blackstone Inc. acquired a new position in Maplebear in the third quarter worth $17,369,000. KPCB DGF II Associates LLC bought a new stake in Maplebear during the third quarter valued at $119,544,000. Monashee Investment Management LLC bought a new stake in Maplebear during the third quarter valued at $6,069,000. Finally, Federated Hermes Inc. raised its holdings in shares of Maplebear by 190.2% during the fourth quarter. Federated Hermes Inc. now owns 464,355 shares of the company’s stock worth $10,898,000 after purchasing an additional 304,355 shares during the period. Institutional investors own 63.09% of the company’s stock.

About Maplebear

Maplebear Inc, doing business as Instacart, provides online grocery shopping services to households in North America. It sells and delivers grocery products. The company offers its services through a mobile application and website. It also provides software-as-a-service solutions to retailers. The company was incorporated in 2012 and is based in San Francisco, California.