Maplebear (NASDAQ:CART) Given New $44.00 Price Target at Wells Fargo & Company

Maplebear (NASDAQ:CART) had its price objective lowered by Wells Fargo & Company from $47.00 to $44.00 in a report released on Thursday,Benzinga reports. The firm presently has an “equal weight” rating on the stock. Wells Fargo & Company‘s target price indicates a potential upside of 11.06% from the company’s previous close.

A number of other analysts also recently issued reports on CART. Needham & Company LLC reiterated a “buy” rating and set a $56.00 price target on shares of Maplebear in a research report on Wednesday, February 26th. Seaport Res Ptn upgraded shares of Maplebear to a “strong-buy” rating in a report on Wednesday, February 12th. BMO Capital Markets lifted their target price on shares of Maplebear from $48.00 to $49.00 and gave the company a “market perform” rating in a research note on Wednesday, February 26th. Benchmark reiterated a “hold” rating on shares of Maplebear in a report on Wednesday, February 26th. Finally, Mizuho dropped their price target on Maplebear from $55.00 to $52.00 and set an “outperform” rating on the stock in a research note on Wednesday, February 26th. Thirteen equities research analysts have rated the stock with a hold rating, fifteen have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $50.13.

Maplebear Stock Down 2.2 %

Shares of CART stock traded down $0.88 during trading hours on Thursday, reaching $39.62. The company’s stock had a trading volume of 2,203,950 shares, compared to its average volume of 4,402,179. Maplebear has a fifty-two week low of $29.84 and a fifty-two week high of $53.44. The company has a market capitalization of $10.49 billion, a price-to-earnings ratio of 26.59, a PEG ratio of 1.19 and a beta of 1.19. The firm’s 50 day simple moving average is $44.26 and its 200-day simple moving average is $43.57.

Maplebear (NASDAQ:CART) last announced its quarterly earnings results on Tuesday, February 25th. The company reported $0.53 earnings per share (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 during the quarter, compared to the consensus estimate of $889.98 million. Sell-side analysts predict that Maplebear will post 1.43 earnings per share for the current year.

Insider Buying and Selling

In other news, CAO Alan Ramsay sold 2,314 shares of Maplebear stock in a transaction on Tuesday, January 21st. The stock was sold at an average price of $46.28, for a total transaction of $107,091.92. Following the transaction, the chief accounting officer now owns 85,421 shares in the company, valued at $3,953,283.88. The trade was a 2.64 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Fidji Simo sold 20,750 shares of the company’s stock in a transaction on Wednesday, February 26th. The shares were sold at an average price of $43.31, for a total value of $898,682.50. Following the completion of the transaction, the chief executive officer now directly owns 1,662,692 shares in the company, valued at approximately $72,011,190.52. This trade represents a 1.23 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 25,097 shares of company stock worth $1,087,094. 36.00% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Maplebear

A number of hedge funds and other institutional investors have recently modified their holdings of CART. Zurcher Kantonalbank Zurich Cantonalbank lifted its stake in Maplebear by 95.1% during the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 30,258 shares of the company’s stock worth $1,233,000 after purchasing an additional 14,750 shares during the last quarter. Motley Fool Asset Management LLC acquired a new position in Maplebear in the third quarter valued at $217,000. Stifel Financial Corp grew its holdings in shares of Maplebear by 10.3% during the third quarter. Stifel Financial Corp now owns 25,561 shares of the company’s stock worth $1,041,000 after purchasing an additional 2,386 shares during the last quarter. State Street Corp increased its position in shares of Maplebear by 48.3% during the third quarter. State Street Corp now owns 2,552,617 shares of the company’s stock worth $103,994,000 after purchasing an additional 831,795 shares in the last quarter. Finally, Two Sigma Advisers LP boosted its position in shares of Maplebear by 27.4% in the 3rd quarter. Two Sigma Advisers LP now owns 1,657,800 shares of the company’s stock valued at $67,539,000 after purchasing an additional 356,700 shares during the period. 63.09% of the stock is currently 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.