Oppenheimer Cuts Maplebear (NASDAQ:CART) Price Target to $60.00

Maplebear (NASDAQ:CART) had its price target lowered by Oppenheimer from $65.00 to $60.00 in a research note issued to investors on Wednesday morning,Benzinga reports. The firm currently has an outperform rating on the stock.

Several other analysts have also recently commented on CART. Morgan Stanley increased their target price on Maplebear from $44.00 to $45.00 and gave the stock an “equal weight” rating in a report on Wednesday. BMO Capital Markets upped their price target on Maplebear from $48.00 to $49.00 and gave the company a “market perform” rating in a research note on Wednesday. Benchmark reaffirmed a “hold” rating on shares of Maplebear in a research note on Wednesday. Mizuho initiated coverage on Maplebear in a research note on Tuesday, January 14th. They set an “outperform” rating and a $55.00 price target on the stock. Finally, Deutsche Bank Aktiengesellschaft initiated coverage on Maplebear in a research note on Tuesday, December 3rd. They set a “hold” rating and a $37.00 price target on the stock. Thirteen 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 MarketBeat.com, Maplebear presently has an average rating of “Moderate Buy” and a consensus price target of $49.92.

Maplebear Stock Performance

Shares of CART stock opened at $41.09 on Wednesday. The stock’s fifty day moving average is $46.43 and its 200-day moving average is $42.72. The stock has a market capitalization of $10.56 billion, a PE ratio of 27.58, a PEG ratio of 1.19 and a beta of 1.07. Maplebear has a 52 week low of $29.84 and a 52 week high of $53.44.

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

Insider Buying and Selling

In other Maplebear news, CAO Alan Ramsay sold 2,314 shares of the firm’s stock in a transaction that occurred on Tuesday, January 21st. The stock was sold at an average price of $46.28, for a total value of $107,091.92. Following the completion of the transaction, the chief accounting officer now directly owns 85,421 shares in the company, valued at $3,953,283.88. This trade represents a 2.64 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Fidji Simo sold 20,750 shares of the firm’s stock in a transaction that occurred on Wednesday, December 18th. The shares were sold at an average price of $42.74, for a total value of $886,855.00. Following the completion of the transaction, the chief executive officer now 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 ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 46,061 shares of company stock worth $1,987,318. 36.00% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of CART. Mirae Asset Global Investments Co. Ltd. bought a new position in Maplebear in the third quarter valued at approximately $74,000. New York State Teachers Retirement System boosted its stake in shares of Maplebear by 704.1% during the 3rd quarter. New York State Teachers Retirement System now owns 15,824 shares of the company’s stock worth $645,000 after acquiring an additional 13,856 shares during the period. US Bancorp DE boosted its stake in shares of Maplebear by 429.2% during the 3rd quarter. US Bancorp DE now owns 10,690 shares of the company’s stock worth $436,000 after acquiring an additional 8,670 shares during the period. Farther Finance Advisors LLC boosted its stake in shares of Maplebear by 26.7% during the 3rd quarter. Farther Finance Advisors LLC now owns 13,757 shares of the company’s stock worth $560,000 after acquiring an additional 2,901 shares during the period. Finally, Washington University bought a new position in shares of Maplebear during the 3rd quarter worth approximately $238,000. 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.