Maplebear (NASDAQ:CART) Given New $56.00 Price Target at Barclays

Maplebear (NASDAQ:CART) had its target price hoisted by Barclays from $48.00 to $56.00 in a report released on Wednesday morning,Benzinga reports. The firm currently has an overweight rating on the stock.

Other research analysts have also issued reports about the company. Piper Sandler increased their price objective on Maplebear from $47.00 to $50.00 and gave the company an “overweight” rating in a report on Wednesday, August 7th. JPMorgan Chase & Co. increased their price objective on shares of Maplebear from $47.00 to $52.00 and gave the stock an “overweight” rating in a research note on Wednesday. BMO Capital Markets lifted their price target on Maplebear from $39.00 to $48.00 and gave the company a “market perform” rating in a research report on Wednesday. Benchmark reaffirmed a “hold” rating on shares of Maplebear in a report on Wednesday, August 7th. Finally, Raymond James began coverage on Maplebear in a report on Tuesday, September 24th. They issued a “market perform” rating for the company. Twelve equities research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $47.29.

Maplebear Trading Down 2.2 %

NASDAQ:CART opened at $42.00 on Wednesday. Maplebear has a twelve month low of $22.13 and a twelve month high of $50.01. The company has a market cap of $10.95 billion, a PE ratio of 28.19, a P/E/G ratio of 1.30 and a beta of 1.12. The company’s 50 day moving average is $42.17 and its two-hundred day moving average is $36.61.

Maplebear (NASDAQ:CART) last announced its quarterly earnings data on Tuesday, November 12th. The company reported $0.42 earnings per share for the quarter, beating analysts’ consensus estimates of $0.22 by $0.20. The firm had revenue of $852.00 million for the quarter, compared to analyst estimates of $844.03 million. Maplebear had a net margin of 13.37% and a return on equity of 13.32%. The business’s quarterly revenue was up 11.5% compared to the same quarter last year. During the same period in the previous year, the company earned ($20.86) earnings per share. As a group, analysts expect that Maplebear will post 1.2 EPS for the current fiscal year.

Insiders Place Their Bets

In other Maplebear news, General Counsel Morgan Fong sold 29,253 shares of Maplebear stock in a transaction dated Thursday, November 7th. The shares were sold at an average price of $48.03, for a total transaction of $1,405,021.59. Following the transaction, the general counsel now directly owns 258,406 shares of the company’s stock, valued at $12,411,240.18. The trade was a 10.17 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Fidji Simo sold 33,000 shares of the business’s stock in a transaction dated Wednesday, August 28th. The shares were sold at an average price of $35.27, for a total transaction of $1,163,910.00. Following the completion of the transaction, the chief executive officer now owns 1,844,778 shares in the company, valued at $65,065,320.06. The trade was a 1.76 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 118,710 shares of company stock valued at $4,978,164 in the last ninety days. 36.00% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Maplebear

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Oppenheimer & Co. Inc. acquired a new position in shares of Maplebear in the 1st quarter valued at $213,000. Russell Investments Group Ltd. purchased a new stake in Maplebear in the 1st quarter valued at about $1,663,000. Mitsubishi UFJ Asset Management Co. Ltd. acquired a new position in Maplebear in the first quarter valued at about $6,462,000. Lord Abbett & CO. LLC purchased a new position in Maplebear during the first quarter worth about $28,674,000. Finally, Vanguard Group Inc. increased its position in shares of Maplebear by 239.1% during the first quarter. Vanguard Group Inc. now owns 213,496 shares of the company’s stock valued at $7,961,000 after acquiring an additional 150,544 shares during 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.