Needham & Company LLC Reaffirms Hold Rating for Maplebear (NASDAQ:CART)

Needham & Company LLC reaffirmed their hold rating on shares of Maplebear (NASDAQ:CART - Free Report) in a report issued on Tuesday, Benzinga reports.

Other equities analysts also recently issued research reports about the stock. Benchmark reissued a hold rating on shares of Maplebear in a research note on Tuesday. Wolfe Research increased their price objective on shares of Maplebear from $35.00 to $39.00 and gave the company an outperform rating in a research note on Tuesday, March 5th. JPMorgan Chase & Co. upped their price target on shares of Maplebear from $35.00 to $45.00 and gave the company an overweight rating in a research report on Monday, March 25th. Morgan Stanley upped their price target on shares of Maplebear from $28.00 to $40.00 and gave the company an equal weight rating in a research report on Monday. Finally, Sanford C. Bernstein upgraded shares of Maplebear from a market perform rating to an outperform rating and upped their price target for the company from $30.00 to $43.00 in a research report on Thursday, March 14th. Ten investment analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of Moderate Buy and an average target price of $39.42.

Maplebear Stock Performance

Shares of Maplebear stock traded up $0.99 on Tuesday, reaching $37.52. 4,971,529 shares of the stock were exchanged, compared to its average volume of 4,067,256. The firm's 50 day moving average is $35.93 and its 200-day moving average is $29.00. Maplebear has a one year low of $22.13 and a one year high of $42.95.

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

Insiders Place Their Bets

In related news, major shareholder Us (Ttgp) Ltd. Sc purchased 1,036,683 shares of Maplebear stock in a transaction on Tuesday, February 20th. The stock was acquired at an average cost of $27.90 per share, for a total transaction of $28,923,455.70. Following the completion of the acquisition, the insider now owns 1,036,683 shares of the company's stock, valued at approximately $28,923,455.70. The purchase was disclosed in a filing with the SEC, which is available at this hyperlink. In related news, major shareholder Us (Ttgp) Ltd. Sc purchased 1,036,683 shares of Maplebear stock in a transaction on Tuesday, February 20th. The stock was acquired at an average cost of $27.90 per share, for a total transaction of $28,923,455.70. Following the completion of the acquisition, the insider now owns 1,036,683 shares of the company's stock, valued at approximately $28,923,455.70. The purchase was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CEO Fidji Simo sold 82,461 shares of the firm's stock in a transaction on Wednesday, March 20th. The stock was sold at an average price of $38.07, for a total transaction of $3,139,290.27. Following the completion of the sale, the chief executive officer now owns 926,654 shares of the company's stock, valued at $35,277,717.78. The disclosure for this sale can be found here. Over the last ninety days, insiders purchased 2,157,745 shares of company stock worth $61,771,955 and sold 1,055,899 shares worth $30,422,265. Corporate insiders own 36.00% of the company's stock.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in the business. Signaturefd LLC bought a new stake in Maplebear in the third quarter worth about $30,000. Parallel Advisors LLC raised its position in Maplebear by 139.3% in the fourth quarter. Parallel Advisors LLC now owns 1,065 shares of the company's stock worth $25,000 after acquiring an additional 620 shares during the period. Cantor Fitzgerald L. P. raised its position in 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 during the period. Kapitalo Investimentos Ltda bought a new stake in Maplebear in the fourth quarter worth about $69,000. Finally, Amalgamated Bank purchased a new position in shares of Maplebear in the fourth quarter worth about $94,000. 63.09% of the stock is 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.