Maplebear (NASDAQ:CART) Stock Gets Price Target Bump from Wells Fargo & Company

Maplebear (NASDAQ:CART) had its price objective upped by stock analysts at Wells Fargo & Company from $54.00 to $56.00 in a research report issued on Monday, Benzinga reports. The firm currently has an “equal weight” rating on the stock. Wells Fargo & Company‘s price target would suggest a potential upside of 23.16% from the stock’s previous close.

Several other equities analysts also recently weighed in on the stock. BNP Paribas Exane raised shares of Maplebear from an “underperform” rating to a “neutral” rating and set a $56.00 price target on the stock in a research note on Friday, August 7th. Guggenheim boosted their target price on Maplebear from $44.00 to $46.00 and gave the stock a “neutral” rating in a report on Friday, August 7th. Citigroup upped their price target on Maplebear from $50.00 to $58.00 and gave the company a “buy” rating in a research report on Monday, August 10th. Citizens Jmp reaffirmed a “market outperform” rating and issued a $60.00 price target on shares of Maplebear in a report on Monday, June 15th. Finally, Wedbush started coverage on Maplebear in a research note on Thursday, July 16th. They set an “outperform” rating and a $59.00 price objective on the stock. Fourteen investment analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the stock. According to MarketBeat, Maplebear presently has an average rating of “Moderate Buy” and an average target price of $58.24.

Maplebear Price Performance

Shares of NASDAQ:CART opened at $45.47 on Monday. The business’s 50 day moving average price is $47.55 and its 200-day moving average price is $44.11. The firm has a market capitalization of $10.53 billion, a PE ratio of 24.85, a P/E/G ratio of 0.89 and a beta of 0.87. Maplebear has a 1 year low of $32.73 and a 1 year high of $52.68.

Maplebear (NASDAQ:CART) last posted its quarterly earnings data on Thursday, August 6th. The company reported $0.45 EPS for the quarter, missing the consensus estimate of $0.54 by ($0.09). The firm had revenue of $1.04 billion during the quarter, compared to analyst estimates of $1.03 billion. Maplebear had a net margin of 11.97% and a return on equity of 20.19%. The firm’s revenue for the quarter was up 14.1% compared to the same quarter last year. During the same period in the prior year, the company posted $0.41 earnings per share. As a group, analysts expect that Maplebear will post 2.33 earnings per share for the current year.

Insider Activity

In related news, CAO Lisa Blackwood-Kapral sold 3,017 shares of the firm’s stock in a transaction dated Tuesday, September 15th. The stock was sold at an average price of $47.08, for a total transaction of $142,040.36. Following the completion of the sale, the chief accounting officer directly owned 37,715 shares of the company’s stock, valued at approximately $1,775,622.20. This trade represents a 7.41% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Ravi Gupta sold 150,000 shares of the business’s stock in a transaction dated Wednesday, August 19th. The shares were sold at an average price of $50.61, for a total transaction of $7,591,500.00. Following the completion of the sale, the director owned 591,523 shares in the company, valued at approximately $29,936,979.03. This trade represents a 20.23% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 189,797 shares of company stock valued at $9,479,487 in the last quarter. Insiders own 24.00% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of the stock. CX Institutional increased its position in shares of Maplebear by 91.5% during the third quarter. CX Institutional now owns 944 shares of the company’s stock valued at $41,000 after acquiring an additional 451 shares during the last quarter. Private Client Services LLC lifted its holdings in shares of Maplebear by 7.3% in the 3rd quarter. Private Client Services LLC now owns 21,698 shares of the company’s stock worth $936,000 after acquiring an additional 1,473 shares during the last quarter. Sequoia Financial Advisors LLC purchased a new position in shares of Maplebear during the 2nd quarter worth approximately $333,000. WINTON GROUP Ltd boosted its position in shares of Maplebear by 368.1% during the 2nd quarter. WINTON GROUP Ltd now owns 136,409 shares of the company’s stock worth $6,459,000 after purchasing an additional 107,271 shares during the period. Finally, Engineers Gate Manager LP increased its holdings in Maplebear by 13.9% in the 2nd quarter. Engineers Gate Manager LP now owns 53,353 shares of the company’s stock valued at $2,526,000 after purchasing an additional 6,509 shares during the last quarter. Hedge funds and other institutional investors own 63.09% of the company’s stock.

Maplebear Company Profile

Maplebear Inc, doing business as Instacart, operates an online grocery technology and delivery marketplace. Its platform connects consumers with retailers and independent personal shoppers, allowing customers to order groceries and other household products for delivery or pickup through Instacart’s website and mobile applications.

Instacart offers retailers digital storefronts, order fulfillment tools, customer engagement capabilities and other technology designed to support online grocery operations.