Maplebear (NASDAQ:CART) Price Target Raised to $51.00

Maplebear (NASDAQ:CART) had its price objective lifted by research analysts at JMP Securities from $42.00 to $51.00 in a note issued to investors on Wednesday,Benzinga reports. The brokerage currently has a “market outperform” rating on the stock. JMP Securities’ price objective suggests a potential upside of 18.80% from the stock’s previous close.

Several other equities research analysts also recently commented on the company. Morgan Stanley reduced their target price on Maplebear from $45.00 to $41.00 and set an “equal weight” rating for the company in a report on Tuesday, September 24th. Macquarie upped their target price on Maplebear from $44.00 to $45.00 and gave the company an “outperform” rating in a report on Thursday, August 8th. Jefferies Financial Group started coverage on Maplebear in a report on Wednesday, October 16th. They set a “hold” rating and a $43.00 target price for the company. Stifel Nicolaus upped their target price on Maplebear from $52.00 to $55.00 and gave the company a “buy” rating in a report on Monday, October 28th. Finally, Needham & Company LLC reaffirmed a “hold” rating on shares of Maplebear in a report on Wednesday. Twelve equities research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $47.29.

Maplebear Stock Down 0.2 %

Shares of CART stock opened at $42.93 on Wednesday. The stock has a 50-day simple moving average of $41.85 and a 200 day simple moving average of $36.51. Maplebear has a fifty-two week low of $22.13 and a fifty-two week high of $50.01. The stock has a market capitalization of $11.20 billion, a P/E ratio of 28.81, a P/E/G ratio of 1.50 and a beta of 1.12.

Maplebear (NASDAQ:CART) last announced its earnings results on Tuesday, November 12th. The company reported $0.42 earnings per share for the quarter, beating the consensus estimate of $0.22 by $0.20. Maplebear had a return on equity of 13.32% and a net margin of 13.37%. The business had revenue of $852.00 million during the quarter, compared to analysts’ expectations of $844.03 million. During the same quarter last year, the business posted ($20.86) earnings per share. The company’s quarterly revenue was up 11.5% on a year-over-year basis. On average, sell-side analysts anticipate that Maplebear will post 1.17 earnings per share for the current year.

Insider Transactions at Maplebear

In other news, 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 transaction, the general counsel now owns 330,886 shares of the company’s stock, valued at approximately $13,235,440. This represents a 2.46 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Fidji Simo sold 33,000 shares of the stock in a transaction dated Wednesday, August 28th. The shares were sold at an average price of $35.27, for a total value of $1,163,910.00. Following the transaction, the chief executive officer now directly owns 1,844,778 shares in the company, valued at approximately $65,065,320.06. This represents a 1.76 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 118,710 shares of company stock valued at $4,978,164 in the last three months. Corporate insiders own 36.00% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the stock. Simcoe Capital Management LLC increased its holdings in shares of Maplebear by 216.5% during the 3rd quarter. Simcoe Capital Management LLC now owns 1,225,690 shares of the company’s stock valued at $49,935,000 after acquiring an additional 838,470 shares during the last quarter. Maverick Capital Ltd. grew its holdings in Maplebear by 19.7% in the 3rd quarter. Maverick Capital Ltd. now owns 2,684,425 shares of the company’s stock valued at $109,363,000 after buying an additional 441,156 shares during the last quarter. Southpoint Capital Advisors LP grew its holdings 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. Verition Fund Management LLC grew its holdings in Maplebear by 54.0% in the 3rd quarter. Verition Fund Management LLC now owns 630,809 shares of the company’s stock valued at $25,699,000 after buying an additional 221,091 shares during the last quarter. Finally, Vinva Investment Management Ltd acquired a new stake in Maplebear in the 3rd quarter valued at approximately $212,000. 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.