Stifel Nicolaus Raises Maplebear (NASDAQ:CART) Price Target to $57.00

Maplebear (NASDAQ:CART) had its price objective increased by research analysts at Stifel Nicolaus from $56.00 to $57.00 in a report released on Wednesday,Benzinga reports. The firm currently has a “buy” rating on the stock. Stifel Nicolaus’ price target would indicate a potential upside of 30.80% from the company’s current price.

A number of other analysts have also issued reports on the company. BTIG Research upgraded Maplebear from a “neutral” rating to a “buy” rating and set a $58.00 price target for the company in a research report on Tuesday, January 14th. JMP Securities lifted their target price on shares of Maplebear from $42.00 to $51.00 and gave the stock a “market outperform” rating in a research note on Wednesday, November 13th. Piper Sandler increased their target price on shares of Maplebear from $50.00 to $58.00 and gave the company an “overweight” rating in a research report on Wednesday, November 13th. Deutsche Bank Aktiengesellschaft began coverage on shares of Maplebear in a research note on Tuesday, December 3rd. They issued a “hold” rating and a $37.00 price target on the stock. Finally, Needham & Company LLC reaffirmed a “buy” rating and set a $56.00 price objective on shares of Maplebear in a research note on Wednesday. Thirteen research analysts have rated the stock with a hold rating, fifteen have given a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $49.60.

Maplebear Price Performance

NASDAQ CART opened at $43.58 on Wednesday. The company has a market cap of $11.19 billion, a price-to-earnings ratio of 29.25, a PEG ratio of 1.19 and a beta of 1.07. The stock’s fifty day moving average price is $46.46 and its 200 day moving average price is $42.68. Maplebear has a 1 year low of $29.84 and a 1 year high of $53.44.

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

Insider Activity

In other Maplebear news, CAO Alan Ramsay sold 2,247 shares of the stock in a transaction dated Friday, December 20th. The shares were sold at an average price of $42.14, for a total value of $94,688.58. Following the completion of 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 trade represents a 2.50 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO Fidji Simo sold 20,750 shares of Maplebear stock in a transaction that occurred on Wednesday, December 18th. The shares were sold at an average price of $42.74, for a total transaction of $886,855.00. Following the sale, the chief executive officer now owns 1,771,993 shares of the company’s stock, valued at approximately $75,734,980.82. The trade was a 1.16 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 25,311 shares of company stock valued at $1,088,636 in the last three months. 36.00% of the stock is currently owned by company insiders.

Institutional Trading of Maplebear

A number of institutional investors have recently bought and sold shares of the company. Mirae Asset Global Investments Co. Ltd. purchased a new stake in shares of Maplebear in the third quarter valued at $74,000. New York State Teachers Retirement System increased its stake in shares of Maplebear by 704.1% during the 3rd quarter. New York State Teachers Retirement System now owns 15,824 shares of the company’s stock valued at $645,000 after acquiring an additional 13,856 shares during the last quarter. US Bancorp DE lifted its holdings in shares of Maplebear by 429.2% during the 3rd quarter. US Bancorp DE now owns 10,690 shares of the company’s stock worth $436,000 after acquiring an additional 8,670 shares during the period. Farther Finance Advisors LLC grew its holdings in Maplebear by 26.7% in the third quarter. Farther Finance Advisors LLC now owns 13,757 shares of the company’s stock valued at $560,000 after purchasing an additional 2,901 shares during the period. Finally, Washington University purchased a new stake in Maplebear in the third quarter valued at approximately $238,000. 63.09% of the stock is currently owned by hedge funds and other institutional investors.

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.