Oppenheimer Boosts Maplebear (NASDAQ:CART) Price Target to $48.00

Maplebear (NASDAQ:CART) had its price target increased by equities researchers at Oppenheimer from $36.00 to $48.00 in a research report issued on Monday, Benzinga reports. The firm currently has an “outperform” rating on the stock. Oppenheimer’s target price indicates a potential upside of 40.64% from the stock’s current price.

Other research analysts have also recently issued reports about the company. Needham & Company LLC reaffirmed a “hold” rating on shares of Maplebear in a report on Tuesday, April 23rd. Barclays increased their price target on shares of Maplebear from $40.00 to $41.00 and gave the company an “overweight” rating in a research note on Wednesday, February 14th. Piper Sandler lifted their target price on Maplebear from $36.00 to $45.00 and gave the company an “overweight” rating in a research note on Friday, March 15th. Sanford C. Bernstein upgraded Maplebear from a “market perform” rating to an “outperform” rating and boosted their target price for the stock from $30.00 to $43.00 in a research report on Thursday, March 14th. Finally, Benchmark cut Maplebear from a “buy” rating to a “hold” rating in a report on Tuesday, January 23rd. Ten research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $38.79.

Maplebear Stock Down 1.0 %

CART opened at $34.13 on Monday. Maplebear has a twelve month low of $22.13 and a twelve month high of $42.95. The firm’s 50-day simple moving average is $35.45 and its 200-day simple moving average is $28.68.

Maplebear (NASDAQ:CART) last posted its earnings results on Tuesday, February 13th. The company reported $0.44 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.08) by $0.52. The firm had revenue of $803.00 million during the quarter, compared to the consensus estimate of $804.62 million. The company’s quarterly revenue was up 6.1% compared to the same quarter last year. Equities analysts expect that Maplebear will post 0.53 earnings per share for the current fiscal year.

Insider Buying and Selling at Maplebear

In other news, Director Jeffrey D. Jordan sold 760,479 shares of Maplebear stock in a transaction on Thursday, February 15th. The shares were sold at an average price of $26.01, for a total transaction of $19,780,058.79. Following the transaction, the director now directly owns 20,783 shares of the company’s stock, valued at $540,565.83. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. In other news, Director Jeffrey D. Jordan sold 760,479 shares of the firm’s stock in a transaction dated Thursday, February 15th. The stock was sold at an average price of $26.01, for a total transaction of $19,780,058.79. Following the sale, the director now owns 20,783 shares of the company’s stock, valued at $540,565.83. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, major shareholder Us (Ttgp) Ltd. Sc acquired 1,036,683 shares of the firm’s stock in a transaction that occurred on Tuesday, February 20th. The stock was acquired at an average price of $27.90 per share, with a total value of $28,923,455.70. Following the completion of the transaction, the insider now directly owns 1,036,683 shares in the company, valued at approximately $28,923,455.70. The disclosure for this purchase can be found here. Over the last 90 days, insiders bought 2,157,745 shares of company stock valued at $61,771,955 and sold 1,027,279 shares valued at $29,422,416.

Institutional Investors Weigh In On Maplebear

Several institutional investors have recently added to or reduced their stakes in the stock. FMR LLC acquired a new stake in shares of Maplebear in the 3rd quarter valued at about $56,424,000. Blackstone Inc. bought a new stake in Maplebear in the 3rd quarter valued at approximately $17,369,000. KPCB DGF II Associates LLC acquired a new position in Maplebear during the 3rd quarter worth approximately $119,544,000. Monashee Investment Management LLC bought a new position in shares of Maplebear during the 3rd quarter worth approximately $6,069,000. Finally, Federated Hermes Inc. lifted its position in shares of Maplebear by 190.2% in the fourth quarter. Federated Hermes Inc. now owns 464,355 shares of the company’s stock worth $10,898,000 after purchasing an additional 304,355 shares in the last quarter. 63.09% of the stock is owned by institutional investors.

About Maplebear

Maplebear Inc, doing business as Instacart, provides online grocery shopping services to households in North America. It sells and delivers grocery products. The company offers its services through a mobile application and website. It also provides software-as-a-service solutions to retailers. The company was incorporated in 2012 and is based in San Francisco, California.