Maplebear (NASDAQ:CART) Given New $60.00 Price Target at Oppenheimer

Maplebear (NASDAQ:CART) had its target price upped by Oppenheimer from $55.00 to $60.00 in a research report sent to investors on Wednesday,Benzinga reports. They currently have an outperform rating on the stock.

Other equities analysts have also issued research reports about the stock. Macquarie upped their price target on shares of Maplebear from $44.00 to $45.00 and gave the stock an “outperform” rating in a research report on Thursday, August 8th. Jefferies Financial Group assumed coverage on shares of Maplebear in a research note on Wednesday, October 16th. They issued a “hold” rating and a $43.00 price target on the stock. Stifel Nicolaus boosted their price objective on Maplebear from $52.00 to $55.00 and gave the stock a “buy” rating in a research report on Monday, October 28th. Piper Sandler raised their target price on Maplebear from $47.00 to $50.00 and gave the company an “overweight” rating in a research report on Wednesday, August 7th. Finally, Wedbush boosted their price target on Maplebear from $35.00 to $38.00 and gave the stock a “neutral” rating in a research report on Wednesday, August 7th. Twelve equities research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $47.29.

Maplebear Stock Performance

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

Maplebear (NASDAQ:CART) last announced its quarterly earnings results on Tuesday, November 12th. The company reported $0.42 earnings per share for the quarter, topping analysts’ consensus estimates 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 for the quarter, compared to analysts’ expectations of $844.03 million. During the same period in the prior year, the firm earned ($20.86) EPS. The business’s quarterly revenue was up 11.5% on a year-over-year basis. As a group, sell-side analysts predict that Maplebear will post 1.2 earnings per share for the current year.

Insider Transactions at Maplebear

In other Maplebear news, CEO Fidji Simo sold 33,000 shares of the business’s stock in a transaction dated Wednesday, August 28th. The stock was sold at an average price of $35.27, for a total transaction of $1,163,910.00. Following the sale, the chief executive officer now owns 1,844,778 shares in the company, valued at approximately $65,065,320.06. The trade was a 1.76 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CAO Alan Ramsay sold 2,486 shares of the firm’s stock in a transaction dated Friday, September 20th. The stock was sold at an average price of $41.39, for a total transaction of $102,895.54. Following the completion of the transaction, the chief accounting officer now owns 99,225 shares of the company’s stock, valued at approximately $4,106,922.75. The trade was a 2.44 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 118,710 shares of company stock valued at $4,978,164 in the last three months. 36.00% of the stock is currently owned by corporate insiders.

Institutional Trading of Maplebear

Hedge funds and other institutional investors have recently modified their holdings of the business. Vanguard Group Inc. boosted its position in Maplebear by 239.1% during the 1st quarter. Vanguard Group Inc. now owns 213,496 shares of the company’s stock worth $7,961,000 after acquiring an additional 150,544 shares during the period. Assenagon Asset Management S.A. acquired a new stake in Maplebear during the second quarter valued at $8,293,000. Investment House LLC bought a new stake in shares of Maplebear in the 2nd quarter valued at approximately $750,000. Eos Management L.P. increased its holdings in Maplebear by 98.1% in the third quarter. Eos Management L.P. now owns 31,508 shares of the company’s stock worth $1,284,000 after buying an additional 15,600 shares during the last quarter. Finally, Diversified Trust Co raised its position in Maplebear by 141.8% during the third quarter. Diversified Trust Co now owns 24,563 shares of the company’s stock valued at $1,001,000 after acquiring an additional 14,404 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.