Oppenheimer Cuts Maplebear (NASDAQ:CART) Price Target to $60.00

Maplebear (NASDAQ:CART) had its price target reduced by Oppenheimer from $65.00 to $60.00 in a research report sent to investors on Wednesday,Benzinga reports. They currently have an outperform rating on the stock.

Several other research firms have also recently weighed in on CART. Bank of America lifted their price target on Maplebear from $51.00 to $53.00 and gave the stock a “neutral” rating in a report on Tuesday. Morgan Stanley lifted their price objective on Maplebear from $44.00 to $45.00 and gave the company an “equal weight” rating in a report on Wednesday. JPMorgan Chase & Co. lifted their price objective on Maplebear from $47.00 to $52.00 and gave the company an “overweight” rating in a report on Wednesday, November 13th. Macquarie lifted their price objective on Maplebear from $50.00 to $52.00 and gave the company an “outperform” rating in a report on Thursday, November 14th. Finally, BMO Capital Markets lifted their price objective on Maplebear from $48.00 to $49.00 and gave the company a “market perform” rating in a report on Wednesday. Thirteen research analysts have rated the stock with a hold rating, sixteen have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $49.92.

Maplebear Trading Up 0.9 %

NASDAQ:CART opened at $41.09 on Wednesday. The stock has a market cap of $10.56 billion, a P/E ratio of 27.58, a PEG ratio of 1.19 and a beta of 1.07. The stock has a 50 day simple moving average of $46.43 and a 200 day simple moving average of $42.72. Maplebear has a 1-year low of $29.84 and a 1-year high of $53.44.

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

Insider Buying and Selling

In other Maplebear news, CEO Fidji Simo sold 20,750 shares of the company’s stock in a transaction dated Wednesday, February 26th. The stock was sold at an average price of $43.31, for a total value of $898,682.50. Following the sale, the chief executive officer now owns 1,662,692 shares in the company, valued at approximately $72,011,190.52. The trade was a 1.23 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, CAO Alan Ramsay sold 2,247 shares of the company’s 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 sale, the chief accounting officer now owns 87,735 shares in the company, valued at $3,697,152.90. This trade represents a 2.50 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 46,061 shares of company stock worth $1,987,318 in the last 90 days. Insiders own 36.00% of the company’s stock.

Institutional Investors Weigh In On Maplebear

Institutional investors have recently made changes to their positions in the stock. Victory Capital Management Inc. lifted its stake in shares of Maplebear by 11,501.2% in the 4th quarter. Victory Capital Management Inc. now owns 4,526,673 shares of the company’s stock valued at $187,495,000 after purchasing an additional 4,487,654 shares during the period. Pacer Advisors Inc. acquired a new position in shares of Maplebear in the 3rd quarter valued at about $158,701,000. Boston Partners acquired a new position in shares of Maplebear in the 4th quarter valued at about $111,506,000. Altimeter Capital Management LP acquired a new position in shares of Maplebear in the 4th quarter valued at about $105,108,000. Finally, Vanguard Group Inc. lifted its stake in shares of Maplebear by 16.8% in the 4th quarter. Vanguard Group Inc. now owns 15,968,358 shares of the company’s stock valued at $661,409,000 after purchasing an additional 2,300,288 shares during the period. 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.