Needham & Company LLC Cuts Maplebear (NASDAQ:CART) Price Target to $50.00

Maplebear (NASDAQ:CART) had its price target decreased by Needham & Company LLC from $66.00 to $50.00 in a research note released on Tuesday morning,Benzinga reports. Needham & Company LLC currently has a buy rating on the stock.

Several other analysts also recently issued reports on CART. Citigroup upped their price target on Maplebear from $57.00 to $65.00 and gave the stock a “buy” rating in a research note on Friday, August 8th. Morgan Stanley upped their target price on Maplebear from $45.00 to $48.00 and gave the stock an “equal weight” rating in a research report on Friday, August 15th. Robert W. Baird dropped their price target on shares of Maplebear from $60.00 to $50.00 and set an “outperform” rating on the stock in a research report on Wednesday, October 1st. Barclays upped their price objective on shares of Maplebear from $61.00 to $65.00 and gave the stock an “overweight” rating in a report on Friday, August 8th. Finally, Benchmark upgraded shares of Maplebear from a “hold” rating to a “buy” rating and set a $67.00 target price on the stock in a research note on Friday, August 8th. Two analysts have rated the stock with a Strong Buy rating, fourteen have given a Buy rating, eleven have given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, Maplebear presently has a consensus rating of “Moderate Buy” and a consensus price target of $51.40.

Maplebear Stock Performance

NASDAQ:CART opened at $40.33 on Tuesday. The stock’s 50 day moving average price is $40.23 and its 200 day moving average price is $43.88. Maplebear has a 52 week low of $34.78 and a 52 week high of $53.50. The company has a market capitalization of $10.59 billion, a P/E ratio of 22.16, a P/E/G ratio of 1.29 and a beta of 1.10.

Maplebear (NASDAQ:CART) last issued its quarterly earnings data on Monday, November 10th. The company reported $0.51 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.50 by $0.01. The firm had revenue of $939.00 million during the quarter, compared to analysts’ expectations of $933.76 million. Maplebear had a net margin of 14.09% and a return on equity of 15.72%. Maplebear’s revenue for the quarter was up 10.2% on a year-over-year basis. During the same period in the prior year, the company posted $0.42 earnings per share. As a group, sell-side analysts forecast that Maplebear will post 1.43 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, CEO Chris Rogers sold 9,259 shares of the business’s stock in a transaction on Monday, September 22nd. The shares were sold at an average price of $42.37, for a total transaction of $392,303.83. Following the transaction, the chief executive officer owned 739,880 shares of the company’s stock, valued at approximately $31,348,715.60. The trade was a 1.24% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, General Counsel Morgan Fong sold 3,546 shares of the stock in a transaction on Monday, October 20th. The shares were sold at an average price of $38.85, for a total transaction of $137,762.10. Following the completion of the sale, the general counsel directly owned 427,523 shares of the company’s stock, valued at approximately $16,609,268.55. This trade represents a 0.82% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders have sold 27,556 shares of company stock valued at $1,179,482. 26.00% of the stock is owned by company insiders.

Institutional Investors Weigh In On Maplebear

A number of institutional investors have recently added to or reduced their stakes in the company. Envestnet Asset Management Inc. raised its holdings in Maplebear by 1,076.5% in the 1st quarter. Envestnet Asset Management Inc. now owns 160,327 shares of the company’s stock valued at $6,395,000 after acquiring an additional 146,699 shares in the last quarter. Cerity Partners LLC increased its position in shares of Maplebear by 2.4% during the first quarter. Cerity Partners LLC now owns 86,774 shares of the company’s stock valued at $3,461,000 after purchasing an additional 2,070 shares during the period. State of Michigan Retirement System acquired a new position in shares of Maplebear in the first quarter valued at $1,544,000. Xponance Inc. raised its stake in shares of Maplebear by 149.7% in the first quarter. Xponance Inc. now owns 19,234 shares of the company’s stock valued at $767,000 after purchasing an additional 11,530 shares in the last quarter. Finally, Arizona State Retirement System lifted its position in Maplebear by 55.2% in the first quarter. Arizona State Retirement System now owns 40,518 shares of the company’s stock worth $1,616,000 after purchasing an additional 14,414 shares during the period. 63.09% of the stock is owned by institutional investors and hedge funds.

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.