Maplebear (NASDAQ:CART) Price Target Raised to $51.00 at Robert W. Baird

Maplebear (NASDAQ:CART) had its target price raised by Robert W. Baird from $44.00 to $51.00 in a research report released on Wednesday morning,Benzinga reports. They currently have an outperform rating on the stock.

Several other equities analysts have also recently issued reports on the company. Jefferies Financial Group began coverage on Maplebear in a report on Wednesday, October 16th. They issued a “hold” rating and a $43.00 price objective for the company. Oppenheimer raised their target price on Maplebear from $48.00 to $55.00 and gave the company an “outperform” rating in a research report on Wednesday, November 6th. Cantor Fitzgerald reissued an “overweight” rating and issued a $45.00 price objective on shares of Maplebear in a research note on Monday, October 7th. Citigroup lifted their target price on shares of Maplebear from $44.00 to $47.00 and gave the stock a “buy” rating in a research note on Thursday, August 8th. Finally, Wolfe Research initiated coverage on shares of Maplebear in a research note on Tuesday, July 16th. They issued a “peer perform” rating on the stock. Twelve investment analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $46.95.

Maplebear Stock Performance

Shares of CART opened at $42.70 on Wednesday. The stock has a 50-day moving average of $41.85 and a two-hundred day moving average of $36.51. The stock has a market cap of $11.14 billion, a P/E ratio of 28.87, a P/E/G ratio of 1.50 and a beta of 1.12. Maplebear has a one year low of $22.13 and a one year high of $50.01.

Maplebear (NASDAQ:CART) last released its earnings results on Tuesday, November 12th. The company reported $0.42 EPS for the quarter, topping analysts’ consensus estimates of $0.22 by $0.20. Maplebear had a return on equity of 13.32% and a net margin of 13.37%. The firm had revenue of $852.00 million during the quarter, compared to the consensus estimate of $844.03 million. During the same quarter in the previous year, the company posted ($20.86) earnings per share. The company’s revenue was up 11.5% compared to the same quarter last year. Analysts predict that Maplebear will post 1.17 EPS for the current fiscal year.

Insiders Place Their Bets

In other Maplebear news, General Counsel Morgan Fong sold 29,253 shares of the firm’s 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 completion of the transaction, the general counsel now directly owns 258,406 shares in the company, valued at approximately $12,411,240.18. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. In other news, General Counsel Morgan Fong sold 29,253 shares of the firm’s stock in a transaction dated Thursday, November 7th. The stock was sold at an average price of $48.03, for a total value of $1,405,021.59. Following the transaction, the general counsel now directly owns 258,406 shares in the company, valued at $12,411,240.18. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Fidji Simo sold 20,750 shares of Maplebear stock in a transaction dated Tuesday, October 29th. The shares were sold at an average price of $44.39, for a total value of $921,092.50. Following the completion of the transaction, the chief executive officer now directly owns 1,803,278 shares in the company, valued at $80,047,510.42. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 118,710 shares of company stock worth $4,978,164. 36.00% of the stock is owned by corporate insiders.

Institutional Trading of Maplebear

A number of hedge funds have recently made changes to their positions in CART. Vanguard Group Inc. increased its stake in Maplebear by 239.1% during the 1st quarter. Vanguard Group Inc. now owns 213,496 shares of the company’s stock worth $7,961,000 after buying an additional 150,544 shares during the period. Assenagon Asset Management S.A. acquired a new stake in shares of Maplebear during the second quarter valued at about $8,293,000. Investment House LLC purchased a new stake in shares of Maplebear during the second quarter worth about $750,000. Eos Management L.P. boosted its holdings in Maplebear by 98.1% in the third quarter. Eos Management L.P. now owns 31,508 shares of the company’s stock valued at $1,284,000 after purchasing an additional 15,600 shares during the last quarter. Finally, Diversified Trust Co increased its stake in shares of Maplebear by 141.8% in the third quarter. Diversified Trust Co now owns 24,563 shares of the company’s stock worth $1,001,000 after buying an additional 14,404 shares during the last quarter. Hedge funds and other institutional investors own 63.09% of the company’s stock.

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.