Needham & Company LLC Reaffirms Buy Rating for Maplebear (NASDAQ:CART)

Maplebear (NASDAQ:CART)‘s stock had its “buy” rating reiterated by analysts at Needham & Company LLC in a report issued on Wednesday,Benzinga reports. They currently have a $56.00 price target on the stock. Needham & Company LLC’s price target would indicate a potential upside of 14.80% from the company’s current price.

Several other research analysts have also recently issued reports on CART. Barclays lifted their target price on shares of Maplebear from $56.00 to $58.00 and gave the stock an “overweight” rating in a report on Wednesday. Wells Fargo & Company assumed coverage on Maplebear in a research report on Friday, January 10th. They issued an “equal weight” rating and a $47.00 price objective on the stock. Seaport Res Ptn raised Maplebear to a “strong-buy” rating in a report on Wednesday, February 12th. BMO Capital Markets boosted their price target on Maplebear from $39.00 to $48.00 and gave the stock a “market perform” rating in a research note on Wednesday, November 13th. Finally, Robert W. Baird increased their price objective on Maplebear from $44.00 to $51.00 and gave the company an “outperform” rating in a research report on Wednesday, November 13th. Thirteen research analysts have rated the stock with a hold rating, fifteen have issued a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $49.12.

Maplebear Stock Performance

CART stock opened at $48.78 on Wednesday. The firm has a 50 day moving average price of $46.46 and a 200-day moving average price of $42.68. Maplebear has a 52-week low of $29.72 and a 52-week high of $53.44. The firm has a market capitalization of $12.53 billion, a price-to-earnings ratio of 32.74, a PEG ratio of 1.19 and a beta of 1.07.

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

Insider Buying and Selling

In related news, CEO Fidji Simo sold 20,750 shares of Maplebear stock in a transaction on Wednesday, December 18th. The shares were sold at an average price of $42.74, for a total transaction of $886,855.00. Following the transaction, the chief executive officer now owns 1,771,993 shares in the company, valued at approximately $75,734,980.82. The trade was a 1.16 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CAO Alan Ramsay sold 2,314 shares of the stock in a transaction on Tuesday, January 21st. The stock was sold at an average price of $46.28, for a total value of $107,091.92. Following the completion of the sale, the chief accounting officer now owns 85,421 shares of the company’s stock, valued at $3,953,283.88. The trade was a 2.64 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 25,311 shares of company stock valued at $1,088,636. 36.00% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Maplebear

Hedge funds have recently made changes to their positions in the business. Jones Financial Companies Lllp raised its stake in Maplebear by 46.6% during the 4th quarter. Jones Financial Companies Lllp now owns 698 shares of the company’s stock valued at $29,000 after purchasing an additional 222 shares during the period. Wilmington Savings Fund Society FSB purchased a new stake in Maplebear during the 3rd quarter valued at approximately $33,000. Allworth Financial LP raised its position in shares of Maplebear by 101.4% during the fourth quarter. Allworth Financial LP now owns 834 shares of the company’s stock valued at $37,000 after buying an additional 420 shares during the last quarter. NewEdge Advisors LLC lifted its holdings in shares of Maplebear by 277.9% in the fourth quarter. NewEdge Advisors LLC now owns 975 shares of the company’s stock worth $40,000 after buying an additional 717 shares in the last quarter. Finally, Anderson Financial Strategies LLC bought a new position in shares of Maplebear during the fourth quarter worth $46,000. 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.