Maplebear (NASDAQ:CART) Price Target Raised to $52.00

Maplebear (NASDAQ:CART - Free Report) had its price objective lifted by Robert W. Baird from $47.00 to $52.00 in a report released on Thursday morning,Benzinga reports. They currently have an outperform rating on the stock.

A number of other research firms also recently commented on CART. JPMorgan Chase & Co. decreased their price target on Maplebear from $50.00 to $44.00 and set an "overweight" rating for the company in a research note on Tuesday, April 8th. Wells Fargo & Company lowered their price target on Maplebear from $47.00 to $44.00 and set an "equal weight" rating for the company in a report on Thursday, April 3rd. Loop Capital raised their price objective on Maplebear from $52.00 to $58.00 and gave the stock a "buy" rating in a research note on Monday, May 19th. Citigroup boosted their target price on shares of Maplebear from $55.00 to $57.00 and gave the company a "buy" rating in a research note on Tuesday, May 13th. Finally, Needham & Company LLC reissued a "buy" rating and set a $56.00 target price on shares of Maplebear in a report on Friday, May 2nd. Eleven analysts have rated the stock with a hold rating, fourteen have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $51.95.

Maplebear Trading Up 1.5%

NASDAQ:CART traded up $0.74 on Thursday, hitting $49.11. 3,356,560 shares of the stock were exchanged, compared to its average volume of 3,958,422. The stock has a fifty day moving average of $45.93 and a 200-day moving average of $44.30. The stock has a market cap of $12.89 billion, a PE ratio of 32.31, a PEG ratio of 2.03 and a beta of 1.21. 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 posted its quarterly earnings data on Thursday, May 1st. The company reported $0.37 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.38 by ($0.01). Maplebear had a net margin of 12.45% and a return on equity of 14.12%. The firm had revenue of $897.00 million for the quarter, compared to analysts' expectations of $896.86 million. During the same quarter in the prior year, the business earned $0.43 EPS. The company's revenue for the quarter was up 9.4% on a year-over-year basis. As a group, analysts predict that Maplebear will post 1.43 earnings per share for the current year.

Insider Transactions at Maplebear

In other news, Director Levien Meredith A. Kopit sold 4,225 shares of Maplebear stock in a transaction on Thursday, June 5th. The stock was sold at an average price of $47.45, for a total transaction of $200,476.25. Following the transaction, the director owned 20,829 shares in the company, valued at approximately $988,336.05. The trade was a 16.86% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, General Counsel Morgan Fong sold 5,249 shares of Maplebear stock in a transaction dated Monday, April 21st. The shares were sold at an average price of $42.57, for a total value of $223,449.93. Following the transaction, the general counsel directly owned 484,292 shares in the company, valued at approximately $20,616,310.44. This trade represents a 1.07% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 28,387 shares of company stock valued at $1,310,570 over the last ninety days. Corporate insiders own 26.00% of the company's stock.

Hedge Funds Weigh In On Maplebear

A number of hedge funds have recently added to or reduced their stakes in the company. Vanguard Group Inc. grew its holdings in Maplebear by 3.4% during the first quarter. Vanguard Group Inc. now owns 16,514,830 shares of the company's stock valued at $658,777,000 after purchasing an additional 546,472 shares during the last quarter. Victory Capital Management Inc. lifted its position in Maplebear by 62.8% during the 1st quarter. Victory Capital Management Inc. now owns 7,368,232 shares of the company's stock worth $293,919,000 after acquiring an additional 2,841,559 shares during the last quarter. T. Rowe Price Investment Management Inc. boosted its holdings in Maplebear by 10.2% during the first quarter. T. Rowe Price Investment Management Inc. now owns 5,226,979 shares of the company's stock valued at $208,505,000 after acquiring an additional 482,327 shares during the period. Altimeter Capital Management LP grew its position in shares of Maplebear by 31.9% in the first quarter. Altimeter Capital Management LP now owns 3,348,128 shares of the company's stock valued at $133,557,000 after purchasing an additional 810,510 shares during the last quarter. Finally, Jacobs Levy Equity Management Inc. increased its stake in shares of Maplebear by 85.0% in the fourth quarter. Jacobs Levy Equity Management Inc. now owns 3,081,847 shares of the company's stock worth $127,650,000 after purchasing an additional 1,416,426 shares during the period. 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.