Brokerages Set Maplebear Inc. (NASDAQ:CART) Price Target at $47.14

Maplebear Inc. (NASDAQ:CART) has received an average recommendation of “Moderate Buy” from the twenty-six brokerages that are currently covering the stock, Marketbeat reports. Thirteen analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company. The average 1 year price target among brokers that have updated their coverage on the stock in the last year is $47.14.

Several equities research analysts recently commented on the stock. Stifel Nicolaus boosted their price objective on shares of Maplebear from $52.00 to $55.00 and gave the stock a “buy” rating in a research note on Monday, October 28th. BMO Capital Markets lifted their target price on shares of Maplebear from $39.00 to $48.00 and gave the stock a “market perform” rating in a report on Wednesday, November 13th. Morgan Stanley decreased their target price on shares of Maplebear from $45.00 to $41.00 and set an “equal weight” rating for the company in a report on Tuesday, September 24th. Jefferies Financial Group started coverage on shares of Maplebear in a report on Wednesday, October 16th. They issued a “hold” rating and a $43.00 target price for the company. Finally, Robert W. Baird lifted their target price on shares of Maplebear from $44.00 to $51.00 and gave the stock an “outperform” rating in a report on Wednesday, November 13th.

Insider Activity at Maplebear

In other Maplebear news, General Counsel Morgan Fong sold 8,345 shares of the company’s stock in a transaction that occurred on Wednesday, September 18th. The shares were sold at an average price of $40.00, for a total value of $333,800.00. Following the completion of the transaction, the general counsel now directly owns 330,886 shares in the company, valued at $13,235,440. This represents a 2.46 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CAO Alan Ramsay sold 2,486 shares of the company’s stock in a transaction that occurred on Friday, September 20th. The stock was sold at an average price of $41.39, for a total transaction of $102,895.54. Following the completion of the transaction, the chief accounting officer now owns 99,225 shares of the company’s stock, valued at approximately $4,106,922.75. The trade was a 2.44 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 110,954 shares of company stock worth $4,890,405. 36.00% of the stock is owned by company insiders.

Hedge Funds Weigh In On Maplebear

A number of hedge funds have recently modified their holdings of the company. Lord Abbett & CO. LLC boosted its position in shares of Maplebear by 370.9% in the third quarter. Lord Abbett & CO. LLC now owns 859,006 shares of the company’s stock worth $34,996,000 after purchasing an additional 676,605 shares during the period. Franklin Resources Inc. boosted its position in shares of Maplebear by 182.0% during the third quarter. Franklin Resources Inc. now owns 272,928 shares of the company’s stock worth $11,692,000 after acquiring an additional 176,137 shares during the last quarter. Wilmington Savings Fund Society FSB bought a new position in shares of Maplebear during the third quarter worth $33,000. Neo Ivy Capital Management bought a new position in shares of Maplebear during the third quarter worth $1,922,000. Finally, Coldstream Capital Management Inc. boosted its position in shares of Maplebear by 1.6% during the third quarter. Coldstream Capital Management Inc. now owns 31,745 shares of the company’s stock worth $1,294,000 after acquiring an additional 490 shares during the last quarter. 63.09% of the stock is currently owned by institutional investors.

Maplebear Price Performance

NASDAQ:CART opened at $42.58 on Friday. Maplebear has a one year low of $22.13 and a one year high of $50.01. The company’s 50-day simple moving average is $43.81 and its 200 day simple moving average is $37.96. The firm has a market capitalization of $10.94 billion, a P/E ratio of 28.58, a PEG ratio of 1.08 and a beta of 0.94.

Maplebear (NASDAQ:CART) last posted its quarterly earnings data on Tuesday, November 12th. The company reported $0.42 EPS for the quarter, topping the consensus estimate of $0.22 by $0.20. Maplebear had a net margin of 13.37% and a return on equity of 13.78%. The business had revenue of $852.00 million for the quarter, compared to analyst estimates of $844.03 million. During the same quarter in the previous year, the firm posted ($20.86) earnings per share. Maplebear’s quarterly revenue was up 11.5% on a year-over-year basis. On average, equities research analysts expect that Maplebear will post 1.4 earnings per share for the current fiscal year.

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.