Macquarie Increases Maplebear (NASDAQ:CART) Price Target to $52.00

Maplebear (NASDAQ:CART) had its price target boosted by Macquarie from $50.00 to $52.00 in a research report report published on Thursday,Benzinga reports. They currently have an outperform rating on the stock.

A number of other research analysts have also issued reports on CART. Raymond James started coverage on Maplebear in a report on Tuesday, September 24th. They issued a “market perform” rating for the company. Oppenheimer lifted their price objective on Maplebear from $55.00 to $60.00 and gave the company an “outperform” rating in a research note on Wednesday. Barclays upped their target price on shares of Maplebear from $48.00 to $56.00 and gave the stock an “overweight” rating in a research note on Wednesday. Wedbush raised their target price on shares of Maplebear from $35.00 to $38.00 and gave the company a “neutral” rating in a report on Wednesday, August 7th. Finally, Benchmark reiterated a “hold” rating on shares of Maplebear in a report on Wednesday, August 7th. Twelve research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $47.29.

Maplebear Stock Performance

Shares of CART opened at $42.00 on Thursday. The company’s 50-day simple moving average is $42.17 and its 200-day simple moving average is $36.62. Maplebear has a 1 year low of $22.13 and a 1 year high of $50.01. The stock has a market capitalization of $10.95 billion, a PE ratio of 28.19, a P/E/G ratio of 1.30 and a beta of 1.12.

Maplebear (NASDAQ:CART) last released its earnings results on Tuesday, November 12th. The company reported $0.42 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.22 by $0.20. Maplebear had a net margin of 13.37% and a return on equity of 13.32%. The company had revenue of $852.00 million for the quarter, compared to analyst estimates of $844.03 million. During the same period in the prior year, the business earned ($20.86) EPS. The firm’s quarterly revenue was up 11.5% on a year-over-year basis. On average, sell-side analysts predict that Maplebear will post 1.2 earnings per share for the current year.

Insider Buying and Selling at Maplebear

In other Maplebear news, CAO Alan Ramsay sold 2,486 shares of Maplebear stock in a transaction on Friday, September 20th. The shares were sold at an average price of $41.39, for a total value of $102,895.54. Following the transaction, the chief accounting officer now directly owns 99,225 shares in the company, valued at approximately $4,106,922.75. The trade was a 2.44 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, General Counsel Morgan Fong sold 8,345 shares of the stock in a transaction dated Wednesday, September 18th. The stock was sold at an average price of $40.00, for a total transaction of $333,800.00. Following the sale, the general counsel now owns 330,886 shares of the company’s stock, valued at $13,235,440. This trade represents a 2.46 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 118,710 shares of company stock worth $4,978,164. 36.00% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently modified their holdings of CART. Pacer Advisors Inc. acquired a new stake in shares of Maplebear during the third quarter worth $158,701,000. Sculptor Capital LP purchased a new position in Maplebear during the 2nd quarter worth $77,361,000. Geode Capital Management LLC raised its position in Maplebear by 151.7% during the 3rd quarter. Geode Capital Management LLC now owns 2,732,738 shares of the company’s stock worth $111,361,000 after buying an additional 1,647,081 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its stake in shares of Maplebear by 5,191.1% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,489,655 shares of the company’s stock worth $60,689,000 after acquiring an additional 1,461,501 shares during the period. Finally, Southpoint Capital Advisors LP boosted its holdings in shares of Maplebear by 56.3% in the third quarter. Southpoint Capital Advisors LP now owns 2,500,000 shares of the company’s stock valued at $101,850,000 after acquiring an additional 900,000 shares in the last quarter. 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.