JMP Securities Boosts Maplebear (NASDAQ:CART) Price Target to $51.00

Maplebear (NASDAQ:CART) had its price objective upped by equities research analysts at JMP Securities from $42.00 to $51.00 in a report released on Wednesday,Benzinga reports. The firm currently has a “market outperform” rating on the stock. JMP Securities’ price objective would suggest a potential upside of 18.80% from the company’s previous close.

A number of other equities analysts have also recently weighed in on the company. Wedbush upped their price target on Maplebear from $35.00 to $38.00 and gave the stock a “neutral” rating in a report on Wednesday, August 7th. Cantor Fitzgerald restated an “overweight” rating and issued a $45.00 price target on shares of Maplebear in a report on Monday, October 7th. Robert W. Baird upped their price target on Maplebear from $44.00 to $51.00 and gave the stock an “outperform” rating in a report on Wednesday. BMO Capital Markets upped their price target on Maplebear from $39.00 to $48.00 and gave the stock a “market perform” rating in a report on Wednesday. Finally, Barclays upped their price target on Maplebear from $48.00 to $56.00 and gave the stock an “overweight” rating in a report on Wednesday. Twelve analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $47.29.

Maplebear Price Performance

NASDAQ CART opened at $42.93 on Wednesday. The firm has a market capitalization of $11.20 billion, a P/E ratio of 28.81, a P/E/G ratio of 1.50 and a beta of 1.12. Maplebear has a 1-year low of $22.13 and a 1-year high of $50.01. The business’s 50-day simple moving average is $41.85 and its 200-day simple moving average is $36.51.

Maplebear (NASDAQ:CART) last released its quarterly earnings data on Tuesday, November 12th. The company reported $0.42 earnings per share for the quarter, beating the consensus estimate of $0.22 by $0.20. The business had revenue of $852.00 million for the quarter, compared to analyst estimates of $844.03 million. Maplebear had a return on equity of 13.32% and a net margin of 13.37%. The company’s revenue was up 11.5% compared to the same quarter last year. During the same period in the previous year, the company posted ($20.86) EPS. On average, equities research analysts expect that Maplebear will post 1.17 EPS for the current fiscal year.

Insider Activity at Maplebear

In other Maplebear news, General Counsel Morgan Fong sold 8,345 shares of the stock in a transaction on Wednesday, September 18th. The stock was sold at an average price of $40.00, for a total value of $333,800.00. Following the sale, the general counsel now directly owns 330,886 shares of the company’s stock, valued at $13,235,440. This trade represents a 2.46 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CAO Alan Ramsay sold 2,486 shares of the stock in a transaction on Friday, September 20th. The stock was sold at an average price of $41.39, for a total value of $102,895.54. Following the completion of the sale, the chief accounting officer now directly owns 99,225 shares in the company, valued at $4,106,922.75. This represents a 2.44 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 118,710 shares of company stock valued at $4,978,164. Corporate insiders own 36.00% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of CART. Pacer Advisors Inc. bought a new position in shares of Maplebear in the third quarter worth $158,701,000. Sculptor Capital LP bought a new position in shares of Maplebear in the second quarter worth $77,361,000. Charles Schwab Investment Management Inc. grew its stake in shares of Maplebear by 5,191.1% in the third quarter. Charles Schwab Investment Management Inc. now owns 1,489,655 shares of the company’s stock worth $60,689,000 after purchasing an additional 1,461,501 shares in the last quarter. Southpoint Capital Advisors LP grew its stake in shares of Maplebear by 56.3% in the third quarter. Southpoint Capital Advisors LP now owns 2,500,000 shares of the company’s stock worth $101,850,000 after purchasing an additional 900,000 shares in the last quarter. Finally, Federated Hermes Inc. grew its stake in shares of Maplebear by 102.2% in the second quarter. Federated Hermes Inc. now owns 1,734,264 shares of the company’s stock worth $55,739,000 after purchasing an additional 876,439 shares in the last quarter. Institutional investors own 63.09% of the company’s stock.

About Maplebear

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.