Sanford C. Bernstein Forecasts Strong Price Appreciation for Maplebear (NASDAQ:CART) Stock

Maplebear (NASDAQ:CART - Get Free Report) had its target price lifted by analysts at Sanford C. Bernstein from $55.00 to $60.00 in a research report issued on Monday,Benzinga reports. The firm currently has an "outperform" rating on the stock. Sanford C. Bernstein's target price points to a potential upside of 22.37% from the stock's previous close.

CART has been the topic of a number of other reports. Jefferies Financial Group boosted their price objective on Maplebear from $48.00 to $50.00 and gave the company a "hold" rating in a research note on Tuesday, May 27th. JMP Securities restated a "market outperform" rating and issued a $55.00 target price on shares of Maplebear in a research note on Thursday, June 12th. FBN Securities started coverage on Maplebear in a report on Friday, March 28th. They issued a "sector perform" rating and a $44.00 price objective for the company. Stifel Nicolaus cut their price objective on Maplebear from $57.00 to $54.00 and set a "buy" rating for the company in a report on Wednesday, April 23rd. Finally, Wall Street Zen cut Maplebear from a "buy" rating to a "hold" rating in a report on Friday, May 30th. Eleven equities research analysts have rated the stock with a hold rating, fifteen have given a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $52.30.

Maplebear Trading Down 0.2%

CART stock traded down $0.08 during mid-day trading on Monday, reaching $49.03. The company's stock had a trading volume of 2,820,218 shares, compared to its average volume of 3,958,727. The company has a market cap of $12.87 billion, a price-to-earnings ratio of 32.26, a price-to-earnings-growth ratio of 2.07 and a beta of 1.21. The business's 50 day moving average price is $45.93 and its 200 day moving average price is $44.33. Maplebear has a 12 month low of $29.84 and a 12 month high of $53.44.

Maplebear (NASDAQ:CART - Get Free Report) last announced its earnings results on Thursday, May 1st. The company reported $0.37 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.38 by ($0.01). The company had revenue of $897.00 million for the quarter, compared to analysts' expectations of $896.86 million. Maplebear had a net margin of 12.45% and a return on equity of 14.12%. The firm's quarterly revenue was up 9.4% on a year-over-year basis. During the same period in the previous year, the firm earned $0.43 EPS. As a group, equities analysts expect that Maplebear will post 1.43 EPS for the current fiscal year.

Insider Transactions at Maplebear

In other news, CEO Fidji Simo sold 14,233 shares of the business's stock in a transaction that occurred on Monday, July 14th. The shares were sold at an average price of $47.86, for a total transaction of $681,191.38. Following the sale, the chief executive officer owned 2,032,005 shares in the company, valued at $97,251,759.30. The trade was a 0.70% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Levien Meredith A. Kopit sold 4,225 shares of the business's stock in a transaction that occurred on Thursday, June 5th. The shares were sold at an average price of $47.45, for a total transaction of $200,476.25. Following the sale, the director owned 20,829 shares in the company, valued at $988,336.05. This represents a 16.86% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 23,138 shares of company stock valued at $1,087,120. Company insiders own 26.00% of the company's stock.

Institutional Trading of Maplebear

Several large investors have recently modified their holdings of CART. Raymond James Financial Inc. acquired a new position in shares of Maplebear in the 4th quarter valued at $3,861,000. PNC Financial Services Group Inc. boosted its stake in shares of Maplebear by 243.3% in the 4th quarter. PNC Financial Services Group Inc. now owns 3,399 shares of the company's stock valued at $141,000 after purchasing an additional 2,409 shares during the last quarter. Commonwealth Equity Services LLC bought a new position in shares of Maplebear in the 4th quarter valued at about $234,000. Xponance Inc. boosted its stake in shares of Maplebear by 18.5% in the 4th quarter. Xponance Inc. now owns 7,704 shares of the company's stock valued at $319,000 after purchasing an additional 1,205 shares during the last quarter. Finally, Teacher Retirement System of Texas acquired a new stake in shares of Maplebear in the 4th quarter valued at approximately $1,587,000. 63.09% of the stock is owned by institutional investors.

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.