Citigroup Boosts Maplebear (NASDAQ:CART) Price Target to $57.00

Maplebear (NASDAQ:CART) had its price target upped by Citigroup from $55.00 to $57.00 in a research report report published on Tuesday,Benzinga reports. They currently have a buy rating on the stock.

CART has been the subject of several other research reports. Loop Capital dropped their price objective on shares of Maplebear from $56.00 to $52.00 and set a “buy” rating for the company in a research report on Thursday, March 6th. Morgan Stanley boosted their price objective on shares of Maplebear from $44.00 to $45.00 and gave the stock an “equal weight” rating in a research report on Wednesday, February 26th. Oppenheimer dropped their price objective on shares of Maplebear from $65.00 to $60.00 and set an “outperform” rating for the company in a research report on Wednesday, February 26th. JPMorgan Chase & Co. dropped their price objective on shares of Maplebear from $50.00 to $44.00 and set an “overweight” rating for the company in a research report on Tuesday, April 8th. Finally, Benchmark reiterated a “hold” rating on shares of Maplebear in a research report on Wednesday, February 26th. Twelve research analysts have rated the stock with a hold rating, fifteen have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $51.04.

Maplebear Trading Down 2.4%

NASDAQ:CART opened at $44.12 on Tuesday. Maplebear has a 1 year low of $29.84 and a 1 year high of $53.44. The firm has a 50 day moving average of $41.01 and a 200-day moving average of $43.53. The stock has a market capitalization of $11.58 billion, a P/E ratio of 29.61, a price-to-earnings-growth ratio of 1.19 and a beta of 1.19.

Maplebear (NASDAQ:CART) last posted its quarterly earnings data on Thursday, May 1st. The company reported $0.37 earnings per share for the quarter, missing the consensus estimate of $0.38 by ($0.01). Maplebear had a return on equity of 13.78% and a net margin of 13.37%. The company had revenue of $897.00 million during the quarter, compared to the consensus estimate of $896.86 million. During the same quarter last year, the firm earned $0.43 EPS. The business’s revenue for the quarter was up 9.4% on a year-over-year basis. As a group, analysts forecast that Maplebear will post 1.43 EPS for the current fiscal year.

Insider Activity

In related news, CEO Fidji Simo sold 20,750 shares of the company’s stock in a transaction on Wednesday, February 26th. The shares were sold at an average price of $43.31, for a total value of $898,682.50. Following the completion of the transaction, the chief executive officer now directly owns 1,662,692 shares of the company’s stock, valued at approximately $72,011,190.52. This represents a 1.23% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, General Counsel Morgan Fong sold 5,249 shares of the stock in a transaction dated Monday, April 21st. The stock was sold at an average price of $42.57, for a total value of $223,449.93. Following the transaction, the general counsel now owns 484,292 shares of the company’s stock, valued at approximately $20,616,310.44. This trade represents a 1.07% decrease in their position. The disclosure for this sale can be found here. Insiders sold 36,165 shares of company stock valued at $1,541,785 in the last quarter. Company insiders own 26.00% of the company’s stock.

Hedge Funds Weigh In On Maplebear

Large investors have recently added to or reduced their stakes in the company. Jones Financial Companies Lllp lifted its stake in Maplebear by 46.6% in the 4th quarter. Jones Financial Companies Lllp now owns 698 shares of the company’s stock valued at $29,000 after acquiring an additional 222 shares in the last quarter. CWM LLC lifted its stake in Maplebear by 35.1% in the 1st quarter. CWM LLC now owns 1,058 shares of the company’s stock valued at $42,000 after acquiring an additional 275 shares in the last quarter. Signaturefd LLC lifted its stake in Maplebear by 27.1% in the 1st quarter. Signaturefd LLC now owns 1,335 shares of the company’s stock valued at $53,000 after acquiring an additional 285 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. lifted its stake in Maplebear by 18.6% in the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,056 shares of the company’s stock valued at $82,000 after acquiring an additional 322 shares in the last quarter. Finally, Wealthspire Advisors LLC lifted its stake in Maplebear by 0.5% in the 1st quarter. Wealthspire Advisors LLC now owns 70,951 shares of the company’s stock valued at $2,830,000 after acquiring an additional 334 shares in the last quarter. 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.