FBN Securities Initiates Coverage on Maplebear (NASDAQ:CART)

Analysts at FBN Securities began coverage on shares of Maplebear (NASDAQ:CART) in a research note issued to investors on Friday, MarketBeat Ratings reports. The firm set a “sector perform” rating and a $44.00 price target on the stock. FBN Securities’ price target would suggest a potential upside of 10.75% from the stock’s previous close.

Other equities analysts have also issued research reports about the company. Wedbush lowered their price target on Maplebear from $48.00 to $46.00 and set a “neutral” rating on the stock in a report on Wednesday, February 26th. Barclays lifted their target price on Maplebear from $56.00 to $58.00 and gave the company an “overweight” rating in a research note on Wednesday, February 26th. Needham & Company LLC reissued a “buy” rating and issued a $56.00 target price on shares of Maplebear in a report on Wednesday, February 26th. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $55.00 price target on shares of Maplebear in a report on Wednesday, February 26th. Finally, Loop Capital lowered their price objective on shares of Maplebear from $56.00 to $52.00 and set a “buy” rating on the stock in a research report on Thursday, March 6th. Fourteen investment analysts have rated the stock with a hold rating, fifteen have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, Maplebear presently has an average rating of “Moderate Buy” and a consensus target price of $50.25.

Maplebear Trading Down 1.9 %

Shares of NASDAQ CART opened at $39.73 on Friday. The stock has a market cap of $10.51 billion, a P/E ratio of 26.66, a P/E/G ratio of 1.19 and a beta of 1.34. The stock has a 50 day moving average of $44.59 and a two-hundred day moving average of $43.48. Maplebear has a twelve month low of $29.84 and a twelve month high of $53.44.

Maplebear (NASDAQ:CART) last released its quarterly earnings results on Tuesday, February 25th. The company reported $0.53 EPS for the quarter, beating the consensus estimate of $0.37 by $0.16. Maplebear had a net margin of 13.37% and a return on equity of 13.78%. The firm had revenue of $883.00 million during the quarter, compared to the consensus estimate of $889.98 million. As a group, research analysts predict that Maplebear will post 1.43 earnings per share for the current year.

Insider Transactions at Maplebear

In other news, CAO Alan Ramsay sold 2,314 shares of Maplebear stock in a transaction on Tuesday, January 21st. The stock was sold at an average price of $46.28, for a total value of $107,091.92. Following the completion of the sale, the chief accounting officer now owns 85,421 shares of the company’s stock, valued at $3,953,283.88. The trade was a 2.64 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Fidji Simo sold 20,750 shares of the company’s stock in a transaction dated Wednesday, February 26th. The shares were sold at an average price of $43.31, for a total transaction of $898,682.50. Following the transaction, the chief executive officer now directly owns 1,662,692 shares of the company’s stock, valued at approximately $72,011,190.52. This represents a 1.23 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 25,097 shares of company stock valued at $1,087,094 in the last ninety days. Corporate insiders own 36.00% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of CART. State Street Corp increased its position in shares of Maplebear by 48.3% in the third quarter. State Street Corp now owns 2,552,617 shares of the company’s stock worth $103,994,000 after acquiring an additional 831,795 shares in the last quarter. Cerity Partners LLC purchased a new stake in Maplebear during the 3rd quarter worth $1,442,000. Charles Schwab Investment Management Inc. boosted its position in Maplebear by 5,191.1% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,489,655 shares of the company’s stock worth $60,689,000 after purchasing an additional 1,461,501 shares during the period. Zacks Investment Management acquired a new stake in Maplebear in the 3rd quarter valued at $4,853,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank raised its position in Maplebear by 95.1% in the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 30,258 shares of the company’s stock valued at $1,233,000 after purchasing an additional 14,750 shares during the period. 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.