Maplebear (NASDAQ:CART) Price Target Raised to $56.00

Maplebear (NASDAQ:CART) had its price objective boosted by Wells Fargo & Company from $54.00 to $56.00 in a research report sent to investors on Monday,Benzinga reports. They currently have an equal weight rating on the stock.

CART has been the subject of several other reports. Weiss Ratings reiterated a “hold (c)” rating on shares of Maplebear in a research report on Friday, August 7th. Wall Street Zen cut shares of Maplebear from a “buy” rating to a “hold” rating in a research report on Saturday, August 8th. Guggenheim raised their price objective on shares of Maplebear from $44.00 to $46.00 and gave the company a “neutral” rating in a research report on Friday, August 7th. Argus lifted their price objective on shares of Maplebear from $50.00 to $58.00 and gave the stock a “buy” rating in a report on Wednesday, September 2nd. Finally, Citizens Jmp reiterated a “market outperform” rating and issued a $60.00 target price on shares of Maplebear in a research report on Monday, June 15th. Fourteen equities research analysts have rated the stock with a Buy rating and six have given a Hold rating to the company. Based on data from MarketBeat.com, Maplebear presently has an average rating of “Moderate Buy” and a consensus target price of $58.24.

Maplebear Stock Down 0.6%

NASDAQ:CART opened at $45.21 on Monday. The business’s 50-day moving average price is $47.55 and its two-hundred day moving average price is $44.17. Maplebear has a twelve month low of $32.73 and a twelve month high of $52.68. The stock has a market cap of $10.47 billion, a P/E ratio of 24.71, a PEG ratio of 0.88 and a beta of 0.87.

Maplebear (NASDAQ:CART) last issued its quarterly earnings results on Thursday, August 6th. The company reported $0.45 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.54 by ($0.09). The business had revenue of $1.04 billion for the quarter, compared to the consensus estimate of $1.03 billion. Maplebear had a net margin of 11.97% and a return on equity of 20.19%. The business’s revenue was up 14.1% compared to the same quarter last year. During the same quarter last year, the business posted $0.41 EPS. On average, equities research analysts expect that Maplebear will post 2.33 EPS for the current fiscal year.

Insider Transactions at Maplebear

In related news, insider Morgan Fong sold 18,390 shares of the stock in a transaction on Tuesday, September 22nd. The shares were sold at an average price of $44.98, for a total transaction of $827,182.20. Following the transaction, the insider owned 529,911 shares of the company’s stock, valued at approximately $23,835,396.78. This trade represents a 3.35% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CAO Lisa Blackwood-Kapral sold 3,017 shares of Maplebear stock in a transaction on Tuesday, September 15th. The stock was sold at an average price of $47.08, for a total transaction of $142,040.36. Following the completion of the transaction, the chief accounting officer owned 37,715 shares in the company, valued at approximately $1,775,622.20. The trade was a 7.41% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last ninety days, insiders sold 189,797 shares of company stock worth $9,479,487. 24.00% of the stock is currently owned by insiders.

Institutional Trading of Maplebear

Hedge funds have recently added to or reduced their stakes in the business. BlackRock Inc. bought a new position in shares of Maplebear during the second quarter valued at about $750,477,000. Dimensional Fund Advisors LP boosted its holdings in Maplebear by 31.4% during the 1st quarter. Dimensional Fund Advisors LP now owns 4,981,960 shares of the company’s stock valued at $186,618,000 after acquiring an additional 1,189,287 shares during the period. William Blair Investment Management LLC purchased a new stake in Maplebear during the 2nd quarter valued at about $86,462,000. Renaissance Technologies LLC grew its position in Maplebear by 10.0% during the 1st quarter. Renaissance Technologies LLC now owns 1,567,054 shares of the company’s stock worth $58,702,000 after acquiring an additional 142,600 shares during the last quarter. Finally, Bank of America Corp DE grew its position in Maplebear by 16.5% during the 1st quarter. Bank of America Corp DE now owns 1,562,097 shares of the company’s stock worth $58,516,000 after acquiring an additional 221,036 shares during the last quarter. 63.09% of the stock is owned by institutional investors.

About Maplebear

Maplebear Inc, doing business as Instacart, operates an online grocery technology and delivery marketplace. Its platform connects consumers with retailers and independent personal shoppers, allowing customers to order groceries and other household products for delivery or pickup through Instacart’s website and mobile applications.

Instacart offers retailers digital storefronts, order fulfillment tools, customer engagement capabilities and other technology designed to support online grocery operations.