Maplebear's (CART) "Buy" Rating Reiterated at Needham & Company LLC

Maplebear (NASDAQ:CART - Get Free Report)'s stock had its "buy" rating reaffirmed by equities research analysts at Needham & Company LLC in a research note issued to investors on Friday,Benzinga reports. They presently have a $56.00 target price on the stock. Needham & Company LLC's price target indicates a potential upside of 40.70% from the stock's previous close.

CART has been the subject of a number of other research reports. FBN Securities assumed coverage on Maplebear in a report on Friday, March 28th. They set a "sector perform" rating and a $44.00 price objective for the company. Seaport Res Ptn raised Maplebear to a "strong-buy" rating in a research report on Wednesday, February 12th. JMP Securities reissued a "market outperform" rating and issued a $55.00 price objective on shares of Maplebear in a research note on Friday, April 11th. Mizuho dropped their target price on Maplebear from $55.00 to $52.00 and set an "outperform" rating on the stock in a research report on Wednesday, February 26th. Finally, Barclays raised their price target on shares of Maplebear from $56.00 to $58.00 and gave the company an "overweight" rating in a report on Wednesday, February 26th. Twelve investment 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. According to MarketBeat.com, Maplebear currently has an average rating of "Moderate Buy" and an average target price of $50.48.

Maplebear Stock Performance

NASDAQ:CART opened at $39.80 on Friday. The stock's fifty day moving average is $40.17 and its 200 day moving average is $43.44. The firm has a market capitalization of $10.45 billion, a PE ratio of 26.71, a PEG ratio of 1.19 and a beta of 1.20. Maplebear has a fifty-two week low of $29.84 and a fifty-two week 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 for the quarter, missing the consensus estimate of $0.38 by ($0.01). Maplebear had a net margin of 13.37% and a return on equity of 13.78%. The firm had revenue of $897.00 million during the quarter, compared to analysts' expectations of $896.86 million. During the same period in the prior year, the company posted $0.43 EPS. The company's revenue was up 9.4% compared to the same quarter last year. Equities analysts forecast that Maplebear will post 1.43 EPS for the current year.

Insiders Place Their Bets

In related news, CEO Fidji Simo sold 20,750 shares of Maplebear stock in a transaction dated Wednesday, February 26th. The stock was sold at an average price of $43.31, for a total value of $898,682.50. Following the sale, the chief executive officer now directly owns 1,662,692 shares in the company, valued at approximately $72,011,190.52. The trade was a 1.23 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, General Counsel Morgan Fong sold 5,249 shares of the stock in a transaction on Monday, April 21st. The shares were sold at an average price of $42.57, for a total value of $223,449.93. Following the completion of the transaction, the general counsel now directly owns 484,292 shares of the company's stock, valued at approximately $20,616,310.44. This represents a 1.07 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 36,165 shares of company stock worth $1,541,785. 26.00% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in CART. Vanguard Group Inc. lifted its position in Maplebear by 16.8% during the fourth quarter. Vanguard Group Inc. now owns 15,968,358 shares of the company's stock worth $661,409,000 after buying an additional 2,300,288 shares in the last quarter. T. Rowe Price Investment Management Inc. increased its stake in shares of Maplebear by 15.5% in the 4th quarter. T. Rowe Price Investment Management Inc. now owns 4,744,652 shares of the company's stock worth $196,524,000 after acquiring an additional 635,930 shares during the last quarter. Victory Capital Management Inc. raised its holdings in shares of Maplebear by 11,501.2% during the 4th quarter. Victory Capital Management Inc. now owns 4,526,673 shares of the company's stock worth $187,495,000 after acquiring an additional 4,487,654 shares during the period. Jacobs Levy Equity Management Inc. boosted its position in shares of Maplebear by 85.0% during the 4th quarter. Jacobs Levy Equity Management Inc. now owns 3,081,847 shares of the company's stock valued at $127,650,000 after acquiring an additional 1,416,426 shares during the last quarter. Finally, Boston Partners purchased a new stake in shares of Maplebear in the fourth quarter valued at about $111,506,000. 63.09% of the stock is currently owned by institutional investors and hedge funds.

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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