Maplebear (NASDAQ:CART) Given New $50.00 Price Target at Needham & Company LLC

Maplebear (NASDAQ:CART) had its target price cut by analysts at Needham & Company LLC from $66.00 to $50.00 in a research report issued on Tuesday,Benzinga reports. The firm presently has a “buy” rating on the stock. Needham & Company LLC’s price objective indicates a potential upside of 33.94% from the company’s previous close.

Several other equities research analysts have also recently issued reports on CART. Bank of America raised their price objective on Maplebear from $53.00 to $58.00 and gave the stock a “neutral” rating in a report on Friday, August 8th. Robert W. Baird lowered their price target on Maplebear from $60.00 to $50.00 and set an “outperform” rating for the company in a report on Wednesday, October 1st. Benchmark upgraded shares of Maplebear from a “hold” rating to a “buy” rating and set a $67.00 price objective on the stock in a report on Friday, August 8th. Sanford C. Bernstein increased their price target on shares of Maplebear from $55.00 to $60.00 and gave the stock an “outperform” rating in a research note on Monday, July 21st. Finally, BMO Capital Markets raised shares of Maplebear from a “market perform” rating to an “outperform” rating and set a $58.00 price objective for the company in a research note on Tuesday. Two research analysts have rated the stock with a Strong Buy rating, fourteen have given a Buy rating, eleven have given a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $51.84.

Maplebear Trading Up 1.6%

Shares of CART stock opened at $37.33 on Tuesday. The company has a market capitalization of $9.83 billion, a price-to-earnings ratio of 21.58, a PEG ratio of 1.13 and a beta of 1.10. The firm has a 50-day moving average price of $40.50 and a 200 day moving average price of $43.96. Maplebear has a twelve month low of $34.78 and a twelve month high of $53.50.

Maplebear (NASDAQ:CART) last posted its quarterly earnings data on Monday, November 10th. The company reported $0.51 earnings per share for the quarter, beating analysts’ consensus estimates of $0.50 by $0.01. Maplebear had a net margin of 13.76% and a return on equity of 15.69%. During the same period last year, the firm earned $0.42 earnings per share. The company’s revenue for the quarter was up 10.2% on a year-over-year basis. As a group, research analysts predict that Maplebear will post 1.43 earnings per share for the current year.

Insider Activity at Maplebear

In other news, General Counsel Morgan Fong sold 3,546 shares of Maplebear stock in a transaction that occurred on Monday, October 20th. The shares were sold at an average price of $38.85, for a total transaction of $137,762.10. Following the sale, the general counsel owned 427,523 shares in the company, valued at $16,609,268.55. This trade represents a 0.82% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Fidji Simo sold 1,014 shares of Maplebear stock in a transaction that occurred on Thursday, October 16th. The shares were sold at an average price of $40.00, for a total transaction of $40,560.00. Following the sale, the director owned 569,742 shares in the company, valued at $22,789,680. This represents a 0.18% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders have sold 27,556 shares of company stock worth $1,179,482. 26.00% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Maplebear

Large investors have recently added to or reduced their stakes in the company. Sentry Investment Management LLC bought a new stake in Maplebear in the second quarter valued at about $391,000. Alpine Woods Capital Investors LLC grew its position in shares of Maplebear by 132.3% in the 2nd quarter. Alpine Woods Capital Investors LLC now owns 47,932 shares of the company’s stock worth $2,168,000 after acquiring an additional 27,297 shares in the last quarter. Generate Investment Management Ltd bought a new stake in shares of Maplebear in the 2nd quarter valued at approximately $14,477,000. McLean Asset Management Corp acquired a new stake in shares of Maplebear during the 2nd quarter valued at approximately $2,434,000. Finally, Robeco Institutional Asset Management B.V. lifted its stake in Maplebear by 36.3% during the second quarter. Robeco Institutional Asset Management B.V. now owns 450,047 shares of the company’s stock worth $20,360,000 after purchasing an additional 119,906 shares during the last quarter. 63.09% of the stock is owned by institutional investors and hedge funds.

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.