Oppenheimer Lowers Maplebear (NASDAQ:CART) Price Target to $60.00

Maplebear (NASDAQ:CART) had its price objective lowered by Oppenheimer from $65.00 to $60.00 in a research note issued on Wednesday,Benzinga reports. The firm currently has an “outperform” rating on the stock. Oppenheimer’s price target indicates a potential upside of 47.28% from the company’s previous close.

CART has been the subject of a number of other research reports. Mizuho began coverage on shares of Maplebear in a report on Tuesday, January 14th. They set an “outperform” rating and a $55.00 target price for the company. Seaport Res Ptn raised shares of Maplebear to a “strong-buy” rating in a report on Wednesday, February 12th. JPMorgan Chase & Co. upped their target price on shares of Maplebear from $47.00 to $52.00 and gave the stock an “overweight” rating in a report on Wednesday, November 13th. Wedbush lowered their price target on shares of Maplebear from $48.00 to $46.00 and set a “neutral” rating on the stock in a research report on Wednesday. Finally, JMP Securities boosted their price target on shares of Maplebear from $42.00 to $51.00 and gave the company a “market outperform” rating in a research report on Wednesday, November 13th. Thirteen analysts have rated the stock with a hold rating, sixteen have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $49.92.

Maplebear Stock Performance

Shares of NASDAQ CART opened at $40.74 on Wednesday. The firm has a market cap of $10.47 billion, a PE ratio of 27.34, a PEG ratio of 1.19 and a beta of 1.07. The firm has a fifty day moving average of $46.45 and a 200 day moving average of $42.66. Maplebear has a one year low of $29.84 and a one year high of $53.44.

Maplebear (NASDAQ:CART) last issued its quarterly earnings results on Tuesday, February 25th. The company reported $0.53 EPS for the quarter, topping the consensus estimate of $0.37 by $0.16. The company had revenue of $883.00 million during the quarter, compared to analyst estimates of $889.98 million. Maplebear had a net margin of 13.37% and a return on equity of 13.78%. On average, equities analysts predict that Maplebear will post 1.43 EPS for the current fiscal year.

Insider Buying and Selling

In other Maplebear news, CAO Alan Ramsay sold 2,247 shares of the firm’s stock in a transaction on Friday, December 20th. The stock was sold at an average price of $42.14, for a total value of $94,688.58. Following the completion of the sale, the chief accounting officer now owns 87,735 shares of the company’s stock, valued at approximately $3,697,152.90. This trade represents a 2.50 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Fidji Simo sold 20,750 shares of the firm’s stock in a transaction on Wednesday, December 18th. The shares were sold at an average price of $42.74, for a total value of $886,855.00. Following the completion of the sale, the chief executive officer now directly owns 1,771,993 shares of the company’s stock, valued at approximately $75,734,980.82. This trade represents a 1.16 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 25,311 shares of company stock valued at $1,088,636 over the last three months. 36.00% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Maplebear

A number of hedge funds and other institutional investors have recently bought and sold shares of CART. Mirae Asset Global Investments Co. Ltd. acquired a new stake in Maplebear in the third quarter valued at $74,000. New York State Teachers Retirement System increased its position in shares of Maplebear by 704.1% in the third quarter. New York State Teachers Retirement System now owns 15,824 shares of the company’s stock valued at $645,000 after buying an additional 13,856 shares in the last quarter. US Bancorp DE increased its position in shares of Maplebear by 429.2% in the third quarter. US Bancorp DE now owns 10,690 shares of the company’s stock valued at $436,000 after buying an additional 8,670 shares in the last quarter. Farther Finance Advisors LLC increased its position in shares of Maplebear by 26.7% in the third quarter. Farther Finance Advisors LLC now owns 13,757 shares of the company’s stock valued at $560,000 after buying an additional 2,901 shares in the last quarter. Finally, Washington University purchased a new position in shares of Maplebear in the third quarter valued at $238,000. Institutional investors and hedge funds own 63.09% of the company’s stock.

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.