Maplebear (NASDAQ:CART) Price Target Raised to $58.00 at Barclays

Maplebear (NASDAQ:CART) had its price objective raised by Barclays from $56.00 to $58.00 in a research note issued to investors on Wednesday morning,Benzinga reports. They currently have an overweight rating on the stock.

Other equities research analysts have also issued research reports about the company. Piper Sandler boosted their target price on Maplebear from $50.00 to $58.00 and gave the company an “overweight” rating in a research note on Wednesday, November 13th. Bank of America boosted their price objective on Maplebear from $51.00 to $53.00 and gave the company a “neutral” rating in a research report on Tuesday. Deutsche Bank Aktiengesellschaft began coverage on shares of Maplebear in a report on Tuesday, December 3rd. They issued a “hold” rating and a $37.00 target price on the stock. Robert W. Baird lifted their target price on shares of Maplebear from $44.00 to $51.00 and gave the stock an “outperform” rating in a research note on Wednesday, November 13th. Finally, Wells Fargo & Company started coverage on shares of Maplebear in a research report on Friday, January 10th. They set an “equal weight” rating and a $47.00 price target for the company. Thirteen analysts have rated the stock with a hold rating, sixteen have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $49.80.

Maplebear Stock Performance

Shares of NASDAQ CART opened at $42.80 on Wednesday. Maplebear has a fifty-two week low of $29.84 and a fifty-two week high of $53.44. The stock has a market cap of $11.00 billion, a PE ratio of 28.72, a price-to-earnings-growth ratio of 1.19 and a beta of 1.07. The stock has a fifty day moving average of $46.48 and a 200-day moving average of $42.68.

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

Insider Activity

In related news, CAO Alan Ramsay sold 2,314 shares of the firm’s stock in a transaction that occurred on Tuesday, January 21st. The stock was sold at an average price of $46.28, for a total transaction of $107,091.92. Following the completion of the transaction, the chief accounting officer now owns 85,421 shares of the company’s stock, valued at $3,953,283.88. This trade represents a 2.64 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Fidji Simo sold 20,750 shares of Maplebear 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 transaction, the chief executive officer now owns 1,771,993 shares of the company’s stock, valued at $75,734,980.82. The trade was a 1.16 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 25,311 shares of company stock worth $1,088,636. Corporate insiders own 36.00% of the company’s stock.

Hedge Funds Weigh In On Maplebear

Institutional investors and hedge funds have recently modified their holdings of the stock. Mackenzie Financial Corp boosted its stake in Maplebear by 559.1% in the 4th quarter. Mackenzie Financial Corp now owns 162,111 shares of the company’s stock worth $6,715,000 after purchasing an additional 137,514 shares in the last quarter. Cache Advisors LLC purchased a new position in Maplebear in the fourth quarter worth about $304,000. WCG Wealth Advisors LLC lifted its stake in shares of Maplebear by 3.3% in the fourth quarter. WCG Wealth Advisors LLC now owns 14,256 shares of the company’s stock worth $590,000 after buying an additional 451 shares in the last quarter. Public Employees Retirement System of Ohio grew its holdings in shares of Maplebear by 69.2% during the fourth quarter. Public Employees Retirement System of Ohio now owns 111,116 shares of the company’s stock valued at $4,602,000 after buying an additional 45,458 shares during the last quarter. Finally, PharVision Advisers LLC bought a new stake in shares of Maplebear during the fourth quarter valued at approximately $232,000. 63.09% of the stock is currently owned by institutional investors.

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.