Maplebear (NASDAQ:CART) Stock Rating Lowered by Piper Sandler

Key Points

• Maplebear's stock rating was downgraded from "overweight" to "neutral" by Piper Sandler, with a revised price target of $41.00, indicating a potential upside of just 4.33% from its previous close.
• Despite the downgrade from Piper Sandler, other analysts such as JMP Securities and Sanford C. Bernstein have set higher target prices for the stock, ranging from $60.00 to $67.00, reflecting mixed opinions among analysts.
• Maplebear recently reported earnings of $0.41 per share, surpassing analyst expectations and showing an 11.1% increase in revenue year-over-year, signaling strong performance despite stock market fluctuations.

Maplebear (NASDAQ:CART - Get Free Report) was downgraded by stock analysts at Piper Sandler from an "overweight" rating to a "neutral" rating in a report released on Friday,Finviz reports. They presently have a $41.00 price objective on the stock. Piper Sandler's price target would indicate a potential upside of 4.33% from the stock's previous close.

Other equities analysts also recently issued reports about the stock. JMP Securities boosted their target price on shares of Maplebear from $55.00 to $60.00 and gave the stock a "market outperform" rating in a research note on Friday, August 8th. Sanford C. Bernstein boosted their target price on shares of Maplebear from $55.00 to $60.00 and gave the stock an "outperform" rating in a research note on Monday, July 21st. Wall Street Zen downgraded shares of Maplebear from a "buy" rating to a "hold" rating in a research note on Monday. Benchmark raised shares of Maplebear from a "hold" rating to a "buy" rating and set a $67.00 target price for the company in a research note on Friday, August 8th. Finally, Morgan Stanley lifted their price target on shares of Maplebear from $45.00 to $48.00 and gave the stock an "equal weight" rating in a research report on Friday, August 15th. One investment analyst has rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating, ten have assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, Maplebear currently has a consensus rating of "Moderate Buy" and an average target price of $53.83.

Maplebear Trading Up 4.9%

Shares of NASDAQ CART opened at $39.30 on Friday. Maplebear has a 1-year low of $34.87 and a 1-year high of $53.50. The company has a market cap of $10.35 billion, a PE ratio of 22.72, a P/E/G ratio of 1.25 and a beta of 1.10. The company has a 50-day moving average of $44.91 and a two-hundred day moving average of $44.28.

Maplebear (NASDAQ:CART - Get Free Report) last announced its earnings results on Thursday, August 7th. The company reported $0.41 earnings per share for the quarter, topping analysts' consensus estimates of $0.39 by $0.02. Maplebear had a net margin of 13.76% and a return on equity of 15.69%. The company had revenue of $914.00 million during the quarter, compared to the consensus estimate of $896.55 million. During the same period in the previous year, the firm posted $0.20 earnings per share. The company's revenue was up 11.1% on a year-over-year basis. As a group, equities research analysts forecast that Maplebear will post 1.43 earnings per share for the current year.

Insider Activity at Maplebear

In related news, Director Fidji Simo sold 7,140 shares of the business's stock in a transaction that occurred on Monday, September 15th. The shares were sold at an average price of $47.30, for a total transaction of $337,722.00. Following the completion of the transaction, the director owned 573,807 shares in the company, valued at approximately $27,141,071.10. The trade was a 1.23% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Chris Rogers sold 9,259 shares of the business's stock in a transaction that occurred 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. This represents a 1.24% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 4,986,367 shares of company stock worth $238,211,261 over the last 90 days. Insiders own 26.00% of the company's stock.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of the company. Shorepoint Capital Partners LLC acquired a new position in Maplebear during the third quarter valued at approximately $273,000. Texas Permanent School Fund Corp grew its holdings in Maplebear by 7.6% during the second quarter. Texas Permanent School Fund Corp now owns 106,669 shares of the company's stock valued at $4,826,000 after purchasing an additional 7,578 shares during the period. Osaic Holdings Inc. grew its holdings in Maplebear by 485.0% during the second quarter. Osaic Holdings Inc. now owns 96,871 shares of the company's stock valued at $4,382,000 after purchasing an additional 80,312 shares during the period. Thrivent Financial for Lutherans grew its holdings in Maplebear by 1.7% during the second quarter. Thrivent Financial for Lutherans now owns 44,641 shares of the company's stock valued at $2,020,000 after purchasing an additional 730 shares during the period. Finally, Stance Capital LLC acquired a new position in shares of Maplebear in the second quarter valued at approximately $1,342,000. Institutional investors and hedge funds 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.

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