Maplebear (NASDAQ:CART) Given New $56.00 Price Target at Barclays

Maplebear (NASDAQ:CART) had its price objective upped by Barclays from $48.00 to $56.00 in a research report released on Wednesday morning,Benzinga reports. Barclays currently has an overweight rating on the stock.

A number of other equities analysts have also commented on the stock. JPMorgan Chase & Co. raised their price objective on shares of Maplebear from $47.00 to $52.00 and gave the stock an “overweight” rating in a research note on Wednesday. Robert W. Baird raised their target price on Maplebear from $44.00 to $51.00 and gave the stock an “outperform” rating in a research report on Wednesday. Needham & Company LLC reiterated a “hold” rating on shares of Maplebear in a report on Wednesday. BMO Capital Markets increased their price objective on Maplebear from $39.00 to $48.00 and gave the stock a “market perform” rating in a research note on Wednesday. Finally, Benchmark restated a “hold” rating on shares of Maplebear in a research report on Wednesday, August 7th. Twelve research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $46.95.

Maplebear Trading Down 3.6 %

Shares of Maplebear stock traded down $1.54 on Wednesday, reaching $41.48. 722,635 shares of the company were exchanged, compared to its average volume of 3,953,060. Maplebear has a fifty-two week low of $22.13 and a fifty-two week high of $50.01. The firm has a market capitalization of $10.82 billion, a price-to-earnings ratio of 28.87, a price-to-earnings-growth ratio of 1.50 and a beta of 1.12. The stock has a fifty day moving average price of $41.85 and a 200-day moving average price of $36.51.

Maplebear (NASDAQ:CART) last posted its quarterly earnings data on Tuesday, November 12th. The company reported $0.42 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.22 by $0.20. Maplebear had a return on equity of 13.32% and a net margin of 13.37%. The firm had revenue of $852.00 million for the quarter, compared to the consensus estimate of $844.03 million. During the same quarter in the previous year, the company earned ($20.86) EPS. The business’s revenue for the quarter was up 11.5% compared to the same quarter last year. On average, equities analysts anticipate that Maplebear will post 1.17 earnings per share for the current fiscal year.

Insiders Place Their Bets

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

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of the company. Pacer Advisors Inc. acquired a new stake in shares of Maplebear in the third quarter valued at about $158,701,000. Sculptor Capital LP bought a new stake in Maplebear during the 2nd quarter valued at approximately $77,361,000. Federated Hermes Inc. grew its holdings in Maplebear by 102.2% in the 2nd quarter. Federated Hermes Inc. now owns 1,734,264 shares of the company’s stock valued at $55,739,000 after buying an additional 876,439 shares during the last quarter. Charles Schwab Investment Management Inc. increased its position in Maplebear by 5,191.1% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,489,655 shares of the company’s stock worth $60,689,000 after buying an additional 1,461,501 shares during the period. Finally, Industry Ventures L.L.C. lifted its holdings in shares of Maplebear by 3.3% during the second quarter. Industry Ventures L.L.C. now owns 980,458 shares of the company’s stock worth $31,512,000 after buying an additional 31,175 shares during the last quarter. 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.