Maplebear (NASDAQ:CART) Price Target Raised to $51.00

Maplebear (NASDAQ:CART - Free Report) had its target price upped by Robert W. Baird from $44.00 to $51.00 in a research note issued to investors on Wednesday morning,Benzinga reports. Robert W. Baird currently has an outperform rating on the stock.

CART has been the subject of a number of other reports. Needham & Company LLC restated a "hold" rating on shares of Maplebear in a research report on Wednesday, August 7th. Citigroup boosted their price objective on shares of Maplebear from $44.00 to $47.00 and gave the stock a "buy" rating in a report on Thursday, August 8th. Raymond James started coverage on shares of Maplebear in a research note on Tuesday, September 24th. They issued a "market perform" rating on the stock. Benchmark reaffirmed a "hold" rating on shares of Maplebear in a research note on Wednesday, August 7th. Finally, Jefferies Financial Group started coverage on shares of Maplebear in a research note on Wednesday, October 16th. They issued a "hold" rating and a $43.00 target price on the stock. Twelve equities research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company's stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $46.95.

Maplebear Price Performance

Shares of CART traded down $5.87 during trading hours on Wednesday, hitting $42.47. The company's stock had a trading volume of 9,245,057 shares, compared to its average volume of 3,954,540. The company has a market cap of $11.08 billion, a price-to-earnings ratio of 28.35, a PEG ratio of 1.50 and a beta of 1.12. The business has a 50 day simple moving average of $41.66 and a two-hundred day simple moving average of $36.46. Maplebear has a 52-week low of $22.13 and a 52-week high of $50.01.

Maplebear (NASDAQ:CART - Get Free Report) last posted its earnings results on Tuesday, November 12th. The company reported $0.42 earnings per share for the quarter, topping the consensus estimate of $0.22 by $0.20. The firm had revenue of $852.00 million during the quarter, compared to the consensus estimate of $844.03 million. Maplebear had a net margin of 13.37% and a return on equity of 13.32%. The company's revenue was up 11.5% on a year-over-year basis. During the same quarter last year, the company earned ($20.86) earnings per share. Research analysts predict that Maplebear will post 1.17 earnings per share for the current year.

Insider Buying and Selling

In other news, CAO Alan Ramsay sold 2,486 shares of Maplebear stock in a transaction that occurred on Friday, September 20th. The shares were sold at an average price of $41.39, for a total transaction of $102,895.54. Following the sale, 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 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In other news, CEO Fidji Simo sold 33,000 shares of the stock in a transaction on Wednesday, August 28th. The stock was sold at an average price of $35.27, for a total value of $1,163,910.00. Following the sale, the chief executive officer now directly owns 1,844,778 shares in the company, valued at approximately $65,065,320.06. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CAO Alan Ramsay sold 2,486 shares of the stock in a transaction on Friday, September 20th. The shares were sold at an average price of $41.39, for a total value of $102,895.54. Following the completion of the sale, the chief accounting officer now owns 99,225 shares in the company, valued at approximately $4,106,922.75. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 118,710 shares of company stock valued at $4,978,164 over the last quarter. 36.00% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Maplebear

Several large investors have recently bought and sold shares of the business. CIBC Asset Management Inc increased its holdings in Maplebear by 3.7% in the third quarter. CIBC Asset Management Inc now owns 8,114 shares of the company's stock valued at $331,000 after buying an additional 286 shares during the last quarter. Oppenheimer & Co. Inc. increased its holdings in Maplebear by 5.1% in the third quarter. Oppenheimer & Co. Inc. now owns 12,090 shares of the company's stock valued at $493,000 after buying an additional 584 shares during the last quarter. Creative Planning increased its holdings in Maplebear by 9.5% in the second quarter. Creative Planning now owns 9,566 shares of the company's stock valued at $307,000 after buying an additional 831 shares during the last quarter. Huntington National Bank purchased a new position in Maplebear in the third quarter valued at $54,000. Finally, nVerses Capital LLC grew its holdings in shares of Maplebear by 1,600.0% during the second quarter. nVerses Capital LLC now owns 1,700 shares of the company's stock worth $55,000 after purchasing an additional 1,600 shares during the last quarter. Hedge funds and other institutional investors 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.