Needham & Company LLC Increases Maplebear (NASDAQ:CART) Price Target to $66.00

Key Points

• Needham & Company LLC has raised its price target for Maplebear (NASDAQ:CART) from $56.00 to $66.00, highlighting a potential upside of 33.63% from the company's previous close.
• Following the earnings report on August 7th, Maplebear reported a quarterly earnings per share of $0.41, surpassing estimates and indicating a 11.1% revenue increase year-over-year.
• Currently, 63.09% of Maplebear's stock is held by institutional investors, with the company displaying a consensus rating of "Moderate Buy" from analysts.

Maplebear (NASDAQ:CART - Get Free Report) had its price objective lifted by equities researchers at Needham & Company LLC from $56.00 to $66.00 in a report released on Friday,Benzinga reports. The brokerage presently has a "buy" rating on the stock. Needham & Company LLC's price target points to a potential upside of 33.63% from the company's previous close.

A number of other research analysts have also recently weighed in on the stock. Stifel Nicolaus boosted their price objective on shares of Maplebear from $54.00 to $55.00 and gave the company a "buy" rating in a research report on Tuesday, July 29th. Bank of America upped their price target on shares of Maplebear from $53.00 to $58.00 and gave the company a "neutral" rating in a report on Friday. Benchmark raised shares of Maplebear from a "hold" rating to a "buy" rating and set a $67.00 price objective for the company in a research note on Friday. Wall Street Zen cut Maplebear from a "buy" rating to a "hold" rating in a research note on Friday, May 30th. Finally, Citigroup raised their price target on Maplebear from $55.00 to $57.00 and gave the stock a "buy" rating in a research note on Tuesday, May 13th. Ten analysts have rated the stock with a hold rating, sixteen have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, Maplebear has a consensus rating of "Moderate Buy" and a consensus price target of $53.58.

Maplebear Stock Up 3.5%

Maplebear stock opened at $49.39 on Friday. Maplebear has a twelve month low of $31.15 and a twelve month high of $53.44. The company's 50-day moving average price is $46.59 and its 200-day moving average price is $44.66. The company has a market cap of $12.97 billion, a PE ratio of 32.49, a price-to-earnings-growth ratio of 1.85 and a beta of 1.21.

Maplebear (NASDAQ:CART - Get Free Report) last released its earnings results on Thursday, August 7th. The company reported $0.41 earnings per share for the quarter, beating the consensus estimate of $0.39 by $0.02. Maplebear had a return on equity of 14.12% and a net margin of 12.45%. The firm had revenue of $914.00 million for the quarter, compared to the consensus estimate of $896.55 million. During the same quarter in the previous year, the company posted $0.20 EPS. The company's revenue for the quarter was up 11.1% compared to the same quarter last year. As a group, sell-side analysts expect that Maplebear will post 1.43 earnings per share for the current fiscal year.

Insider Activity at Maplebear

In other news, Director Levien Meredith A. Kopit sold 4,225 shares of the business's stock in a transaction on Thursday, June 5th. The stock was sold at an average price of $47.45, for a total value of $200,476.25. Following the completion of the transaction, the director directly owned 20,829 shares of the company's stock, valued at approximately $988,336.05. The trade was a 16.86% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, General Counsel Morgan Fong sold 4,680 shares of the stock in a transaction dated Monday, July 21st. The shares were sold at an average price of $49.16, for a total transaction of $230,068.80. Following the sale, the general counsel directly owned 452,000 shares of the company's stock, valued at approximately $22,220,320. The trade was a 1.02% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 4,975,327 shares of company stock valued at $237,736,848 over the last quarter. 26.00% of the stock is owned by insiders.

Hedge Funds Weigh In On Maplebear

Institutional investors and hedge funds have recently bought and sold shares of the company. Securian Asset Management Inc. grew its stake in Maplebear by 2.1% during the 2nd quarter. Securian Asset Management Inc. now owns 12,509 shares of the company's stock worth $566,000 after buying an additional 252 shares during the last quarter. CWM LLC boosted its holdings in Maplebear by 35.1% in the first quarter. CWM LLC now owns 1,058 shares of the company's stock worth $42,000 after acquiring an additional 275 shares in the last quarter. Signaturefd LLC boosted its holdings in Maplebear by 27.1% in the first quarter. Signaturefd LLC now owns 1,335 shares of the company's stock worth $53,000 after acquiring an additional 285 shares in the last quarter. Wealth Enhancement Advisory Services LLC grew its stake in shares of Maplebear by 0.4% during the second quarter. Wealth Enhancement Advisory Services LLC now owns 75,161 shares of the company's stock worth $3,546,000 after acquiring an additional 315 shares during the last quarter. Finally, Parallel Advisors LLC increased its holdings in shares of Maplebear by 1.3% during the second quarter. Parallel Advisors LLC now owns 25,845 shares of the company's stock valued at $1,169,000 after acquiring an additional 321 shares in the last quarter. 63.09% of the stock is owned by hedge funds and other 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.

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