Piper Sandler Issues Positive Forecast for Maplebear (NASDAQ:CART) Stock Price

Maplebear (NASDAQ:CART) had its target price boosted by Piper Sandler from $50.00 to $58.00 in a report released on Wednesday,Benzinga reports. Piper Sandler currently has an overweight rating on the stock.

CART has been the subject of several other reports. Wolfe Research began coverage on Maplebear in a research note on Tuesday, July 16th. They set a “peer perform” rating for the company. BMO Capital Markets upped their target price on shares of Maplebear from $39.00 to $48.00 and gave the stock a “market perform” rating in a research note on Wednesday. Barclays raised their target price on shares of Maplebear from $48.00 to $56.00 and gave the company an “overweight” rating in a report on Wednesday. Jefferies Financial Group started coverage on shares of Maplebear in a research report on Wednesday, October 16th. They issued a “hold” rating and a $43.00 price objective on the stock. Finally, Cantor Fitzgerald restated an “overweight” rating and issued a $45.00 price objective on shares of Maplebear in a report on Monday, October 7th. Twelve equities research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. According to data from MarketBeat, Maplebear has a consensus rating of “Moderate Buy” and a consensus price target of $47.29.

Maplebear Stock Down 2.2 %

Shares of NASDAQ CART opened at $42.00 on Wednesday. Maplebear has a 52-week low of $22.13 and a 52-week high of $50.01. The business’s 50 day moving average is $42.17 and its two-hundred day moving average is $36.62. The firm has a market cap of $10.95 billion, a price-to-earnings ratio of 28.19, a PEG ratio of 1.30 and a beta of 1.12.

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

Insider Activity

In other Maplebear news, CEO Fidji Simo sold 33,000 shares of Maplebear stock in a transaction that occurred on Wednesday, August 28th. The stock was 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 trade represents a 1.76 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, General Counsel Morgan Fong sold 29,253 shares of the company’s stock in a transaction that occurred on Thursday, November 7th. The stock was sold at an average price of $48.03, for a total value of $1,405,021.59. Following the sale, the general counsel now owns 258,406 shares of the company’s stock, valued at $12,411,240.18. This trade represents a 10.17 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 118,710 shares of company stock valued at $4,978,164. Insiders own 36.00% of the company’s stock.

Institutional Trading of Maplebear

Several hedge funds have recently made changes to their positions in the company. Oppenheimer & Co. Inc. acquired a new position in shares of Maplebear during the first quarter worth about $213,000. Russell Investments Group Ltd. purchased a new stake in Maplebear in the 1st quarter valued at approximately $1,663,000. Mitsubishi UFJ Asset Management Co. Ltd. acquired a new position in Maplebear during the 1st quarter worth approximately $6,462,000. Lord Abbett & CO. LLC acquired a new position in Maplebear during the 1st quarter worth approximately $28,674,000. Finally, Vanguard Group Inc. raised its stake in shares of 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 buying an additional 150,544 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.