Maplebear (NASDAQ:CART) Price Target Raised to $40.00

Maplebear (NASDAQ:CART - Get Free Report) had its price objective boosted by analysts at Morgan Stanley from $28.00 to $40.00 in a research report issued to clients and investors on Monday, Benzinga reports. The firm currently has an "equal weight" rating on the stock. Morgan Stanley's price target points to a potential upside of 9.50% from the company's current price.

CART has been the topic of several other research reports. Needham & Company LLC reiterated a "hold" rating on shares of Maplebear in a research note on Tuesday, April 23rd. Benchmark cut shares of Maplebear from a "buy" rating to a "hold" rating in a report on Tuesday, January 23rd. Barclays raised their price objective on Maplebear from $40.00 to $41.00 and gave the stock an "overweight" rating in a research report on Wednesday, February 14th. Fox Advisors downgraded shares of Maplebear from an "overweight" rating to an "equal weight" rating in a research report on Monday, April 1st. Finally, BMO Capital Markets started coverage on shares of Maplebear in a research note on Tuesday, January 9th. They issued a "market perform" rating and a $26.00 price target on the stock. Ten equities research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $39.42.

Maplebear Price Performance

CART traded down $0.17 during trading on Monday, reaching $36.53. The company's stock had a trading volume of 5,353,996 shares, compared to its average volume of 4,053,889. The company's fifty day moving average price is $35.93 and its 200-day moving average price is $29.00. Maplebear has a 52-week low of $22.13 and a 52-week high of $42.95.

Maplebear (NASDAQ:CART - Get Free Report) last released its earnings results on Tuesday, February 13th. The company reported $0.44 EPS for the quarter, topping the consensus estimate of ($0.08) by $0.52. The firm had revenue of $803.00 million during the quarter, compared to analysts' expectations of $804.62 million. The firm's quarterly revenue was up 6.1% on a year-over-year basis. Research analysts anticipate that Maplebear will post 0.53 earnings per share for the current year.

Insider Buying and Selling at Maplebear

In related news, CAO Alan Ramsay sold 12,113 shares of Maplebear stock in a transaction dated Friday, March 8th. The stock was sold at an average price of $34.33, for a total value of $415,839.29. Following the completion of the sale, the chief accounting officer now directly owns 114,205 shares in the company, valued at approximately $3,920,657.65. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In other news, CEO Fidji Simo sold 3,236 shares of the stock in a transaction that occurred on Wednesday, May 1st. The stock was sold at an average price of $35.09, for a total value of $113,551.24. Following the sale, the chief executive officer now directly owns 2,125,301 shares in the company, valued at $74,576,812.09. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, CAO Alan Ramsay sold 12,113 shares of the company's stock in a transaction dated Friday, March 8th. The stock was sold at an average price of $34.33, for a total transaction of $415,839.29. Following the completion of the transaction, the chief accounting officer now owns 114,205 shares in the company, valued at $3,920,657.65. The disclosure for this sale can be found here. In the last ninety days, insiders have purchased 2,157,745 shares of company stock valued at $61,771,955 and have sold 1,055,899 shares valued at $30,422,265. Insiders own 36.00% of the company's stock.

Hedge Funds Weigh In On Maplebear

A number of large investors have recently added to or reduced their stakes in the company. Renaissance Capital LLC boosted its stake in Maplebear by 4.3% during the 1st quarter. Renaissance Capital LLC now owns 14,692 shares of the company's stock worth $548,000 after purchasing an additional 607 shares during the last quarter. Parallel Advisors LLC lifted its position in Maplebear by 139.3% in the fourth quarter. Parallel Advisors LLC now owns 1,065 shares of the company's stock valued at $25,000 after buying an additional 620 shares during the last quarter. Signaturefd LLC purchased a new position in shares of Maplebear during the 3rd quarter worth approximately $30,000. Cantor Fitzgerald L. P. grew its stake in shares of Maplebear by 389.5% in the fourth quarter. Cantor Fitzgerald L. P. now owns 1,850 shares of the company's stock worth $43,000 after acquiring an additional 2,489 shares in the last quarter. Finally, Kapitalo Investimentos Ltda purchased a new stake in shares of Maplebear during the fourth quarter worth approximately $69,000. 63.09% of the stock is currently owned by institutional investors.

About Maplebear

Maplebear Inc, doing business as Instacart, provides online grocery shopping services to households in North America. It sells and delivers grocery products. The company offers its services through a mobile application and website. It also provides software-as-a-service solutions to retailers. The company was incorporated in 2012 and is based in San Francisco, California.