Maplebear (NASDAQ:CART) Price Target Increased to $45.00 by Analysts at Morgan Stanley

Maplebear (NASDAQ:CART) had its price objective raised by Morgan Stanley from $43.00 to $45.00 in a research report released on Tuesday morning, Benzinga reports. The brokerage currently has an equal weight rating on the stock.

Several other analysts have also commented on the company. Oppenheimer raised their target price on Maplebear from $36.00 to $48.00 and gave the stock an outperform rating in a report on Monday, April 29th. Moffett Nathanson reaffirmed a neutral rating and set a $37.00 target price (up from $36.00) on shares of Maplebear in a report on Thursday, April 11th. Stifel Nicolaus raised their target price on Maplebear from $44.00 to $45.00 and gave the stock a buy rating in a report on Thursday, May 9th. Macquarie assumed coverage on Maplebear in a report on Monday, March 25th. They set an outperform rating and a $42.00 target price on the stock. Finally, JPMorgan Chase & Co. raised their target price on Maplebear from $35.00 to $45.00 and gave the stock an overweight rating in a report on Monday, March 25th. Eleven analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of Moderate Buy and an average target price of $41.60.

Maplebear Price Performance

Shares of CART stock opened at $34.32 on Tuesday. The stock’s 50-day simple moving average is $33.18 and its 200-day simple moving average is $32.49. Maplebear has a fifty-two week low of $22.13 and a fifty-two week high of $42.95.

Maplebear (NASDAQ:CART) last announced its quarterly earnings data on Wednesday, May 8th. The company reported $0.43 earnings per share for the quarter, beating analysts’ consensus estimates of $0.04 by $0.39. The firm had revenue of $820.00 million during the quarter, compared to analyst estimates of $794.08 million. Maplebear’s revenue was up 8.0% compared to the same quarter last year. As a group, equities analysts predict that Maplebear will post 1.02 earnings per share for the current fiscal year.

Insider Activity at Maplebear

In related news, General Counsel Morgan Fong sold 9,228 shares of the stock in a transaction that occurred on Monday, May 20th. The stock was sold at an average price of $33.20, for a total value of $306,369.60. Following the completion of the sale, the general counsel now owns 391,069 shares of the company’s stock, valued at $12,983,490.80. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. In related news, CEO Fidji Simo sold 13,206 shares of the stock in a transaction that occurred on Monday, April 29th. The stock was sold at an average price of $34.93, for a total value of $461,285.58. Following the completion of the sale, the chief executive officer now owns 2,132,845 shares of the company’s stock, valued at $74,500,275.85. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, General Counsel Morgan Fong sold 9,228 shares of the firm’s stock in a transaction on Monday, May 20th. The stock was sold at an average price of $33.20, for a total value of $306,369.60. Following the sale, the general counsel now directly owns 391,069 shares of the company’s stock, valued at approximately $12,983,490.80. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 82,008 shares of company stock valued at $2,795,362. 36.00% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Maplebear

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Renaissance Capital LLC increased its stake in Maplebear by 4.3% during the first quarter. Renaissance Capital LLC now owns 14,692 shares of the company’s stock worth $548,000 after acquiring an additional 607 shares during the last quarter. Parallel Advisors LLC increased its stake in Maplebear by 139.3% during the fourth quarter. Parallel Advisors LLC now owns 1,065 shares of the company’s stock worth $25,000 after acquiring an additional 620 shares during the last quarter. Cantor Fitzgerald L. P. increased its stake in Maplebear by 389.5% during the fourth quarter. Cantor Fitzgerald L. P. now owns 1,850 shares of the company’s stock worth $43,000 after acquiring an additional 2,489 shares during the last quarter. Great Valley Advisor Group Inc. increased its stake in Maplebear by 32.1% during the second quarter. Great Valley Advisor Group Inc. now owns 10,300 shares of the company’s stock worth $331,000 after acquiring an additional 2,500 shares during the last quarter. Finally, Kapitalo Investimentos Ltda acquired a new stake in Maplebear during the fourth quarter worth $69,000. Institutional investors and hedge funds own 63.09% of the company’s stock.

Maplebear Company Profile

Maplebear Inc, doing business as Instacart, provides online grocery shopping services to households in North America. It sells and delivers grocery products. The company offers its services through a mobile application and website. It also provides software-as-a-service solutions to retailers. The company was incorporated in 2012 and is based in San Francisco, California.