Wells Fargo & Company Cuts Maplebear (NASDAQ:CART) Price Target to $44.00

Maplebear (NASDAQ:CART) had its target price cut by Wells Fargo & Company from $47.00 to $44.00 in a report published on Thursday,Benzinga reports. They currently have an equal weight rating on the stock.

A number of other brokerages have also issued reports on CART. Barclays upped their price objective on shares of Maplebear from $56.00 to $58.00 and gave the company an “overweight” rating in a report on Wednesday, February 26th. Loop Capital dropped their price target on shares of Maplebear from $56.00 to $52.00 and set a “buy” rating for the company in a research note on Thursday, March 6th. Bank of America lifted their price target on shares of Maplebear from $51.00 to $53.00 and gave the company a “neutral” rating in a research report on Tuesday, February 25th. Benchmark reiterated a “hold” rating on shares of Maplebear in a research report on Wednesday, February 26th. Finally, Mizuho reduced their target price on Maplebear from $55.00 to $52.00 and set an “outperform” rating on the stock in a research report on Wednesday, February 26th. Thirteen equities research analysts have rated the stock with a hold rating, fifteen have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $50.13.

Maplebear Price Performance

CART opened at $40.02 on Thursday. The firm has a market capitalization of $10.59 billion, a price-to-earnings ratio of 26.86, a price-to-earnings-growth ratio of 1.19 and a beta of 1.19. The company’s 50 day simple moving average is $44.15 and its two-hundred day simple moving average is $43.54. Maplebear has a 1-year low of $29.84 and a 1-year high of $53.44.

Maplebear (NASDAQ:CART) last announced its quarterly earnings data 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%. On average, equities analysts anticipate that Maplebear will post 1.43 earnings per share for the current fiscal year.

Insider Activity

In related news, CAO Alan Ramsay sold 2,314 shares of the firm’s stock in a transaction that occurred on Tuesday, January 21st. The shares were sold at an average price of $46.28, for a total value of $107,091.92. Following the sale, the chief accounting officer now owns 85,421 shares of the company’s stock, valued at $3,953,283.88. This trade represents a 2.64 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Fidji Simo sold 2,033 shares of Maplebear stock in a transaction that occurred on Monday, March 17th. The stock was sold at an average price of $40.00, for a total transaction of $81,320.00. Following the completion of the transaction, the chief executive officer now owns 1,654,559 shares of the company’s stock, valued at $66,182,360. This represents a 0.12 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 25,097 shares of company stock worth $1,087,094. 36.00% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Maplebear

A number of institutional investors and hedge funds have recently modified their holdings of the company. Vanguard Group Inc. lifted its holdings in Maplebear by 16.8% during the 4th quarter. Vanguard Group Inc. now owns 15,968,358 shares of the company’s stock worth $661,409,000 after buying an additional 2,300,288 shares during the last quarter. T. Rowe Price Investment Management Inc. lifted its stake in Maplebear by 15.5% during the fourth quarter. T. Rowe Price Investment Management Inc. now owns 4,744,652 shares of the company’s stock worth $196,524,000 after purchasing an additional 635,930 shares during the last quarter. Victory Capital Management Inc. boosted its holdings in Maplebear by 11,501.2% in the fourth 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 in the last quarter. Jacobs Levy Equity Management Inc. increased its stake in Maplebear by 85.0% in the fourth quarter. Jacobs Levy Equity Management Inc. now owns 3,081,847 shares of the company’s stock valued at $127,650,000 after purchasing an additional 1,416,426 shares during the last quarter. Finally, Geode Capital Management LLC raised its holdings in Maplebear by 151.7% during the third quarter. Geode Capital Management LLC now owns 2,732,738 shares of the company’s stock worth $111,361,000 after purchasing an additional 1,647,081 shares in the last quarter. Institutional investors and hedge funds 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.