Maplebear (NASDAQ:CART) Price Target Lowered to $50.00 at JPMorgan Chase & Co.

Maplebear (NASDAQ:CART) had its price target decreased by JPMorgan Chase & Co. from $52.00 to $50.00 in a report published on Wednesday,Benzinga reports. JPMorgan Chase & Co. currently has an overweight rating on the stock.

Several other equities analysts have also weighed in on CART. Benchmark restated a “hold” rating on shares of Maplebear in a research report on Wednesday. Cantor Fitzgerald reiterated an “overweight” rating and issued a $55.00 price target on shares of Maplebear in a research report on Wednesday. Mizuho cut their price objective on Maplebear from $55.00 to $52.00 and set an “outperform” rating on the stock in a report on Wednesday. Robert W. Baird upped their price objective on shares of Maplebear from $44.00 to $51.00 and gave the company an “outperform” rating in a research note on Wednesday, November 13th. Finally, BTIG Research raised shares of Maplebear from a “neutral” rating to a “buy” rating and set a $58.00 target price on the stock in a research report on Tuesday, January 14th. Thirteen equities research analysts have rated the stock with a hold rating, sixteen have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $49.80.

Maplebear Price Performance

CART opened at $42.80 on Wednesday. Maplebear has a 12 month low of $29.84 and a 12 month high of $53.44. The stock’s 50 day moving average price is $46.48 and its 200 day moving average price is $42.68. The stock has a market cap of $11.00 billion, a P/E ratio of 28.72, a P/E/G ratio of 1.19 and a beta of 1.07.

Maplebear (NASDAQ:CART) last released its quarterly earnings results on Tuesday, February 25th. The company reported $0.53 EPS for the quarter, topping analysts’ consensus estimates of $0.37 by $0.16. Maplebear had a net margin of 13.37% and a return on equity of 13.78%. The company had revenue of $883.00 million for the quarter, compared to the consensus estimate of $889.98 million. Equities analysts anticipate that Maplebear will post 1.43 EPS for the current year.

Insider Activity

In related news, CEO Fidji Simo sold 20,750 shares of the company’s 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 completion of the sale, the chief executive officer now directly owns 1,771,993 shares of the company’s stock, valued at approximately $75,734,980.82. This represents a 1.16 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CAO Alan Ramsay sold 2,247 shares of Maplebear stock in a transaction on Friday, December 20th. The stock was sold at an average price of $42.14, for a total transaction of $94,688.58. Following the completion of the transaction, the chief accounting officer now owns 87,735 shares in the company, valued at $3,697,152.90. This trade represents a 2.50 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 25,311 shares of company stock valued at $1,088,636. Insiders own 36.00% of the company’s stock.

Institutional Investors Weigh In On Maplebear

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Victory Capital Management Inc. boosted its stake in Maplebear by 11,501.2% during the 4th quarter. Victory Capital Management Inc. now owns 4,526,673 shares of the company’s stock valued at $187,495,000 after purchasing an additional 4,487,654 shares during the period. Pacer Advisors Inc. bought a new stake in shares of Maplebear in the third quarter valued at approximately $158,701,000. Boston Partners acquired a new stake in shares of Maplebear in the fourth quarter worth $111,506,000. Altimeter Capital Management LP acquired a new position in Maplebear during the 4th quarter valued at $105,108,000. Finally, Vanguard Group Inc. grew its position in Maplebear by 16.8% in the 4th 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 last quarter. 63.09% of the stock is owned by institutional investors and hedge funds.

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.