Maplebear (NASDAQ:CART) Upgraded at Needham & Company LLC

Needham & Company LLC upgraded shares of Maplebear (NASDAQ:CART) from a hold rating to a buy rating in a research note issued to investors on Monday, Marketbeat.com reports. Needham & Company LLC currently has $56.00 price objective on the stock.

A number of other equities research analysts have also recently weighed in on the company. Macquarie raised their price target on Maplebear from $50.00 to $52.00 and gave the company an “outperform” rating in a report on Thursday, November 14th. Raymond James started coverage on Maplebear in a research note on Tuesday, September 24th. They issued a “market perform” rating for the company. Robert W. Baird upped their price target on shares of Maplebear from $44.00 to $51.00 and gave the stock an “outperform” rating in a research report on Wednesday, November 13th. Deutsche Bank Aktiengesellschaft began coverage on shares of Maplebear in a research report on Tuesday, December 3rd. They issued a “hold” rating and a $37.00 price objective for the company. Finally, Bank of America upped their target price on shares of Maplebear from $50.00 to $51.00 and gave the stock a “neutral” rating in a research report on Wednesday, November 13th. Thirteen equities research analysts have rated the stock with a hold rating, fifteen have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $48.31.

Maplebear Stock Performance

Shares of NASDAQ CART opened at $45.11 on Monday. Maplebear has a 52-week low of $22.70 and a 52-week high of $50.01. The business has a fifty day moving average of $43.61 and a two-hundred day moving average of $39.57. The stock has a market cap of $11.59 billion, a PE ratio of 30.28, a PEG ratio of 1.08 and a beta of 1.04.

Maplebear (NASDAQ:CART) last announced its quarterly earnings results on Tuesday, November 12th. The company reported $0.42 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.22 by $0.20. The firm had revenue of $852.00 million during 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 13.78%. The firm’s quarterly revenue was up 11.5% on a year-over-year basis. During the same period last year, the firm posted ($20.86) EPS. Analysts predict that Maplebear will post 1.4 earnings per share for the current year.

Insider Activity

In other Maplebear news, CAO Alan Ramsay sold 2,247 shares of the stock in a transaction dated Wednesday, November 20th. The stock was sold at an average price of $41.06, for a total transaction of $92,261.82. Following the completion of the transaction, the chief accounting officer now owns 89,982 shares in the company, valued at approximately $3,694,660.92. This represents a 2.44 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, General Counsel Morgan Fong sold 11,325 shares of Maplebear stock in a transaction dated Monday, October 21st. The shares were sold at an average price of $42.97, for a total value of $486,635.25. Following the completion of the sale, the general counsel now directly owns 287,659 shares in the company, valued at $12,360,707.23. This represents a 3.79 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 112,128 shares of company stock worth $4,980,404 in the last 90 days. Corporate insiders own 36.00% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of the company. Pacer Advisors Inc. bought a new stake in Maplebear in the 3rd quarter valued at approximately $158,701,000. Geode Capital Management LLC lifted its position in shares of Maplebear by 151.7% in the third quarter. Geode Capital Management LLC now owns 2,732,738 shares of the company’s stock worth $111,361,000 after purchasing an additional 1,647,081 shares in the last quarter. Maverick Capital Ltd. grew its position in Maplebear by 19.7% in the third quarter. Maverick Capital Ltd. now owns 2,684,425 shares of the company’s stock valued at $109,363,000 after purchasing an additional 441,156 shares in the last quarter. State Street Corp grew its position in Maplebear by 48.3% in the third quarter. State Street Corp now owns 2,552,617 shares of the company’s stock valued at $103,994,000 after purchasing an additional 831,795 shares in the last quarter. Finally, Southpoint Capital Advisors LP increased its stake in Maplebear by 56.3% in the 3rd quarter. Southpoint Capital Advisors LP now owns 2,500,000 shares of the company’s stock valued at $101,850,000 after buying an additional 900,000 shares during the last quarter. 63.09% of the stock is currently owned by institutional investors.

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.