Wells Fargo & Company Begins Coverage on Maplebear (NASDAQ:CART)

Investment analysts at Wells Fargo & Company began coverage on shares of Maplebear (NASDAQ:CART) in a research report issued to clients and investors on Friday, MarketBeat reports. The firm set an “equal weight” rating and a $47.00 price target on the stock. Wells Fargo & Company‘s price objective would indicate a potential upside of 6.26% from the stock’s previous close.

Several other equities analysts have also recently issued reports on the company. Deutsche Bank Aktiengesellschaft started coverage on Maplebear in a research note on Tuesday, December 3rd. They set a “hold” rating and a $37.00 target price on the stock. BMO Capital Markets raised their price objective on Maplebear from $39.00 to $48.00 and gave the company a “market perform” rating in a research report on Wednesday, November 13th. Stifel Nicolaus upped their price objective on shares of Maplebear from $52.00 to $55.00 and gave the stock a “buy” rating in a report on Monday, October 28th. Oppenheimer lifted their price objective on Maplebear from $55.00 to $60.00 and gave the company an “outperform” rating in a research note on Wednesday, November 13th. Finally, Jefferies Financial Group assumed coverage on shares of Maplebear in a research report on Wednesday, October 16th. They set a “hold” rating and a $43.00 price objective on the stock. Fourteen equities research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $47.13.

Maplebear Trading Down 1.3 %

Shares of Maplebear stock opened at $44.23 on Friday. The firm has a market capitalization of $11.36 billion, a PE ratio of 29.68, a price-to-earnings-growth ratio of 1.08 and a beta of 1.04. Maplebear has a 12 month low of $22.60 and a 12 month high of $50.01. The business’s 50-day moving average price is $43.59 and its 200-day moving average price is $39.33.

Maplebear (NASDAQ:CART) last released its earnings results on Tuesday, November 12th. The company reported $0.42 EPS for the quarter, beating 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 company had revenue of $852.00 million for the quarter, compared to analyst estimates of $844.03 million. During the same quarter last year, the firm earned ($20.86) EPS. The firm’s quarterly revenue was up 11.5% compared to the same quarter last year. As a group, analysts predict that Maplebear will post 1.4 earnings per share for the current fiscal year.

Insider Transactions at Maplebear

In other news, CAO Alan Ramsay sold 2,247 shares of the company’s stock in a transaction on Friday, December 20th. The stock was sold at an average price of $42.14, for a total transaction of $94,688.58. Following the transaction, the chief accounting officer now directly owns 87,735 shares of the company’s stock, valued at approximately $3,697,152.90. This represents a 2.50 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, General Counsel Morgan Fong sold 11,325 shares of the firm’s stock in a transaction dated Monday, October 21st. The stock was sold at an average price of $42.97, for a total value of $486,635.25. Following the completion of the sale, the general counsel now directly owns 287,659 shares of the company’s stock, valued at approximately $12,360,707.23. This represents a 3.79 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 112,128 shares of company stock valued at $4,980,404. Corporate insiders own 36.00% of the company’s stock.

Institutional Trading of Maplebear

Several large investors have recently bought and sold shares of CART. Portman Ltd acquired a new position in shares of Maplebear in the 3rd quarter valued at $3,196,000. State Street Corp raised its holdings in shares of Maplebear by 48.3% during the third quarter. State Street Corp now owns 2,552,617 shares of the company’s stock worth $103,994,000 after purchasing an additional 831,795 shares during the last quarter. Cerity Partners LLC purchased a new stake in Maplebear in the third quarter valued at $1,442,000. Charles Schwab Investment Management Inc. boosted its holdings in Maplebear by 5,191.1% in the third quarter. Charles Schwab Investment Management Inc. now owns 1,489,655 shares of the company’s stock valued at $60,689,000 after purchasing an additional 1,461,501 shares during the last quarter. Finally, Zacks Investment Management acquired a new stake in Maplebear during the 3rd quarter worth about $4,853,000. Hedge funds and other institutional investors own 63.09% of the company’s stock.

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.