Seaport Res Ptn Upgrades Maplebear (NASDAQ:CART) to Strong-Buy

Maplebear (NASDAQ:CART) was upgraded by equities research analysts at Seaport Res Ptn to a “strong-buy” rating in a research report issued to clients and investors on Wednesday,Zacks.com reports.

A number of other brokerages have also issued reports on CART. Stifel Nicolaus boosted their target price on Maplebear from $52.00 to $55.00 and gave the stock a “buy” rating in a research report on Monday, October 28th. Deutsche Bank Aktiengesellschaft began coverage on Maplebear in a report on Tuesday, December 3rd. They set a “hold” rating and a $37.00 price objective on the stock. Morgan Stanley raised their target price on shares of Maplebear from $41.00 to $44.00 and gave the stock an “equal weight” rating in a report on Monday, January 13th. JMP Securities boosted their price target on shares of Maplebear from $42.00 to $51.00 and gave the company a “market outperform” rating in a report on Wednesday, November 13th. Finally, Oppenheimer upped their price target on shares of Maplebear from $55.00 to $60.00 and gave the company an “outperform” rating in a research report on Wednesday, November 13th. Thirteen equities research analysts have rated the stock with a hold rating, fifteen have assigned a buy rating and two have assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, Maplebear has an average rating of “Moderate Buy” and a consensus target price of $48.96.

Maplebear Price Performance

Shares of CART opened at $50.25 on Wednesday. The firm’s 50 day moving average is $44.96 and its 200-day moving average is $41.46. Maplebear has a 12-month low of $24.52 and a 12-month high of $50.91. The stock has a market capitalization of $12.91 billion, a P/E ratio of 33.72, a P/E/G ratio of 1.09 and a beta of 1.07.

Maplebear (NASDAQ:CART) last posted its quarterly earnings results on Tuesday, November 12th. The company reported $0.42 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.22 by $0.20. Maplebear had a net margin of 13.37% and a return on equity of 13.78%. The firm had revenue of $852.00 million for the quarter, compared to analyst estimates of $844.03 million. During the same quarter in the previous year, the business posted ($20.86) earnings per share. The firm’s quarterly revenue was up 11.5% compared to the same quarter last year. As a group, equities research analysts forecast that Maplebear will post 1.43 EPS for the current fiscal year.

Insider Activity at Maplebear

In related news, CEO Fidji Simo sold 20,750 shares of the business’s stock in a transaction that occurred on Monday, November 25th. The stock was sold at an average price of $42.97, for a total value of $891,627.50. Following the completion of the sale, the chief executive officer now directly owns 1,804,243 shares in the company, valued at approximately $77,528,321.71. The trade was a 1.14 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CAO Alan Ramsay sold 2,247 shares of the stock in a transaction that occurred on Wednesday, November 20th. The shares were sold at an average price of $41.06, for a total value of $92,261.82. Following the transaction, the chief accounting officer now owns 89,982 shares in the company, valued at approximately $3,694,660.92. This trade represents a 2.44 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 50,555 shares of company stock valued at $2,164,787. Insiders own 36.00% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of the company. Vanguard Group Inc. increased its stake in shares of Maplebear by 16.8% in the fourth quarter. Vanguard Group Inc. now owns 15,968,358 shares of the company’s stock worth $661,409,000 after purchasing an additional 2,300,288 shares during the period. Victory Capital Management Inc. increased its position in Maplebear by 11,501.2% in the 4th quarter. Victory Capital Management Inc. now owns 4,526,673 shares of the company’s stock worth $187,495,000 after buying an additional 4,487,654 shares during the period. Pacer Advisors Inc. acquired a new position in shares of Maplebear during the third quarter worth approximately $158,701,000. Geode Capital Management LLC lifted its holdings in shares of 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 buying an additional 1,647,081 shares during the last quarter. Finally, Boston Partners bought a new stake in shares of Maplebear in the fourth quarter valued at approximately $111,506,000. Institutional investors and hedge funds 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.