Wells Fargo & Company Raises Maplebear (NASDAQ:CART) Price Target to $47.00

Maplebear (NASDAQ:CART) had its price target raised by investment analysts at Wells Fargo & Company from $45.00 to $47.00 in a report released on Thursday,Benzinga reports. The firm currently has an “equal weight” rating on the stock. Wells Fargo & Company‘s price target suggests a potential upside of 16.48% from the company’s previous close.

CART has been the topic of several other research reports. Cantor Fitzgerald lifted their price objective on shares of Maplebear from $45.00 to $54.00 and gave the stock an “overweight” rating in a research note on Thursday, January 8th. Stifel Nicolaus reduced their price objective on shares of Maplebear from $49.00 to $46.00 and set a “buy” rating on the stock in a research note on Tuesday, January 27th. Raymond James Financial raised shares of Maplebear from a “hold” rating to a “moderate buy” rating in a research note on Thursday, April 9th. Wall Street Zen lowered shares of Maplebear from a “buy” rating to a “hold” rating in a research note on Saturday, May 2nd. Finally, Benchmark reduced their price objective on shares of Maplebear from $60.00 to $53.00 and set a “buy” rating on the stock in a research note on Tuesday, February 10th. One research analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating, nine have given a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $51.39.

Maplebear Price Performance

Maplebear stock opened at $40.35 on Thursday. The company’s 50 day simple moving average is $39.26 and its 200 day simple moving average is $39.90. Maplebear has a fifty-two week low of $32.73 and a fifty-two week high of $53.50. The firm has a market capitalization of $9.55 billion, a price-to-earnings ratio of 22.54, a PEG ratio of 0.53 and a beta of 0.96.

Maplebear (NASDAQ:CART) last released its quarterly earnings data on Wednesday, May 6th. The company reported $0.57 earnings per share for the quarter, missing the consensus estimate of $0.58 by ($0.01). Maplebear had a return on equity of 18.67% and a net margin of 12.50%.The firm had revenue of $1.02 billion for the quarter, compared to the consensus estimate of $1.01 billion. During the same period in the previous year, the business earned $0.37 EPS. The firm’s revenue was up 13.6% compared to the same quarter last year. As a group, analysts predict that Maplebear will post 2.43 EPS for the current fiscal year.

Insider Activity at Maplebear

In other Maplebear news, General Counsel Morgan Fong sold 126,083 shares of the firm’s stock in a transaction that occurred on Wednesday, March 11th. The shares were sold at an average price of $37.09, for a total transaction of $4,676,418.47. Following the sale, the general counsel directly owned 386,643 shares in the company, valued at approximately $14,340,588.87. This trade represents a 24.59% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, CAO Lisa Blackwood-Kapral sold 9,390 shares of the firm’s stock in a transaction that occurred on Wednesday, April 15th. The stock was sold at an average price of $40.25, for a total transaction of $377,947.50. Following the sale, the chief accounting officer owned 58,971 shares in the company, valued at $2,373,582.75. This trade represents a 13.74% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 144,863 shares of company stock worth $5,418,135 over the last 90 days. Corporate insiders own 24.00% of the company’s stock.

Institutional Trading of Maplebear

Hedge funds and other institutional investors have recently made changes to their positions in the business. Nordea Investment Management AB raised its holdings in shares of Maplebear by 128.4% in the third quarter. Nordea Investment Management AB now owns 119,828 shares of the company’s stock valued at $4,254,000 after purchasing an additional 67,374 shares during the last quarter. Thrivent Financial for Lutherans raised its holdings in shares of Maplebear by 3,054.0% in the third quarter. Thrivent Financial for Lutherans now owns 1,407,993 shares of the company’s stock valued at $51,758,000 after purchasing an additional 1,363,352 shares during the last quarter. JPMorgan Chase & Co. raised its holdings in shares of Maplebear by 27.8% in the third quarter. JPMorgan Chase & Co. now owns 1,328,968 shares of the company’s stock valued at $48,853,000 after purchasing an additional 288,839 shares during the last quarter. Deltec Asset Management LLC acquired a new stake in shares of Maplebear in the third quarter valued at approximately $1,838,000. Finally, Kingdon Capital Management L.L.C. raised its holdings in shares of Maplebear by 40.6% in the third quarter. Kingdon Capital Management L.L.C. now owns 450,000 shares of the company’s stock valued at $16,542,000 after purchasing an additional 130,000 shares during the last quarter. 63.09% of the stock is currently owned by institutional investors and hedge funds.

About Maplebear

Maplebear, Inc, doing business as Instacart, operates a leading online grocery and essentials marketplace that connects consumers, retail partners and personal shoppers through its digital platform. The company enables customers to order groceries, household items and specialty products for same-day or scheduled delivery, as well as in-store pickup. By integrating its technology with retailers’ existing inventory and point-of-sale systems, Maplebear streamlines the shopping experience and provides real-time availability and pricing.

Founded in 2012 and headquartered in San Francisco, Maplebear has grown from a regional startup to a publicly traded company listed on NASDAQ under the ticker CART.