Maplebear Inc. (NASDAQ:CART) Receives $48.96 Consensus Price Target from Brokerages

Shares of Maplebear Inc. (NASDAQ:CART) have earned an average recommendation of “Moderate Buy” from the twenty-nine analysts that are covering the firm, Marketbeat Ratings reports. Thirteen investment analysts have rated the stock with a hold recommendation, fifteen have assigned a buy recommendation and one has given a strong buy recommendation to the company. The average 12-month price target among brokers that have issued a report on the stock in the last year is $48.96.

CART has been the subject of a number of analyst reports. Morgan Stanley increased 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 lifted their price objective on Maplebear from $42.00 to $51.00 and gave the stock a “market outperform” rating in a research report on Wednesday, November 13th. Macquarie boosted their target price on Maplebear from $50.00 to $52.00 and gave the company an “outperform” rating in a research note on Thursday, November 14th. Oppenheimer raised their price target on Maplebear from $55.00 to $60.00 and gave the stock an “outperform” rating in a research note on Wednesday, November 13th. Finally, Needham & Company LLC upgraded shares of Maplebear from a “hold” rating to a “buy” rating and set a $56.00 price objective for the company in a report on Monday, January 13th.

Maplebear Stock Performance

Shares of CART stock opened at $48.88 on Friday. The company has a market capitalization of $12.56 billion, a P/E ratio of 32.81, a PEG ratio of 1.09 and a beta of 1.07. Maplebear has a fifty-two week low of $23.59 and a fifty-two week high of $50.01. The stock has a 50 day moving average price of $44.19 and a two-hundred day moving average price of $40.78.

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

Insider Activity at Maplebear

In other news, CAO Alan Ramsay sold 2,247 shares of the firm’s stock in a transaction on Wednesday, November 20th. The stock was sold at an average price of $41.06, for a total value of $92,261.82. Following the transaction, the chief accounting officer now directly owns 89,982 shares in the company, valued at $3,694,660.92. This trade represents a 2.44 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, General Counsel Morgan Fong sold 29,253 shares of the company’s stock in a transaction on Thursday, November 7th. The shares were sold at an average price of $48.03, for a total value of $1,405,021.59. Following the sale, the general counsel now owns 258,406 shares of the company’s stock, valued at approximately $12,411,240.18. This trade represents a 10.17 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 79,808 shares of company stock valued at $3,569,808 over the last ninety days. Insiders own 36.00% of the company’s stock.

Institutional Investors Weigh In On Maplebear

A number of large investors have recently made changes to their positions in CART. CIBC Asset Management Inc lifted its stake in shares of Maplebear by 3.7% in the 3rd quarter. CIBC Asset Management Inc now owns 8,114 shares of the company’s stock worth $331,000 after purchasing an additional 286 shares during the period. Allworth Financial LP raised its position in Maplebear by 101.4% in the fourth quarter. Allworth Financial LP now owns 834 shares of the company’s stock worth $37,000 after acquiring an additional 420 shares during the period. Coldstream Capital Management Inc. raised its position in Maplebear by 1.6% in the third quarter. Coldstream Capital Management Inc. now owns 31,745 shares of the company’s stock worth $1,294,000 after acquiring an additional 490 shares during the period. Oppenheimer & Co. Inc. boosted its stake in shares of Maplebear by 5.1% during the 3rd quarter. Oppenheimer & Co. Inc. now owns 12,090 shares of the company’s stock worth $493,000 after acquiring an additional 584 shares during the last quarter. Finally, Pier Capital LLC grew its position in shares of Maplebear by 0.4% during the 3rd quarter. Pier Capital LLC now owns 151,604 shares of the company’s stock valued at $6,176,000 after acquiring an additional 616 shares during the period. 63.09% of the stock is currently owned by institutional investors.

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.