Maplebear (NASDAQ:CART) PT Raised to $45.00 at Piper Sandler

Maplebear (NASDAQ:CART) had its price objective hoisted by analysts at Piper Sandler from $36.00 to $45.00 in a research report issued to clients and investors on Friday, Benzinga reports. The brokerage currently has an “overweight” rating on the stock. Piper Sandler’s price objective indicates a potential upside of 20.81% from the company’s current price.

Other analysts have also issued research reports about the stock. Benchmark lowered shares of Maplebear from a “buy” rating to a “hold” rating in a research report on Tuesday, January 23rd. Barclays lifted their target price on shares of Maplebear from $40.00 to $41.00 and gave the company an “overweight” rating in a research report on Wednesday, February 14th. Sanford C. Bernstein upgraded shares of Maplebear from a “market perform” rating to an “outperform” rating and lifted their target price for the company from $30.00 to $43.00 in a research report on Thursday. Wedbush dropped their target price on shares of Maplebear from $30.00 to $26.00 and set a “neutral” rating on the stock in a research report on Wednesday, December 27th. Finally, Wolfe Research lifted their target price on shares of Maplebear from $35.00 to $39.00 and gave the company an “outperform” rating in a research report on Tuesday, March 5th. Nine equities research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $35.59.

Maplebear Trading Up 4.1 %

Shares of NASDAQ CART traded up $1.45 during midday trading on Friday, reaching $37.25. The company had a trading volume of 4,261,043 shares, compared to its average volume of 4,440,103. The company’s 50-day moving average is $28.38. Maplebear has a 1 year low of $22.13 and a 1 year high of $42.95.

Maplebear (NASDAQ:CART) last issued its earnings results on Tuesday, February 13th. The company reported $0.44 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.08) by $0.52. The business had revenue of $803.00 million for the quarter, compared to analysts’ expectations of $804.62 million. Maplebear’s revenue was up 6.1% compared to the same quarter last year. As a group, sell-side analysts forecast that Maplebear will post 0.5 earnings per share for the current year.

Insider Activity

In other news, Director Jeffrey D. Jordan sold 760,479 shares of the company’s stock in a transaction on Thursday, February 15th. The shares were sold at an average price of $26.01, for a total value of $19,780,058.79. Following the completion of the transaction, the director now owns 20,783 shares in the company, valued at approximately $540,565.83. The sale was disclosed in a document filed with the SEC, which is available at this link. In related news, Director Jeffrey D. Jordan sold 760,479 shares of the company’s stock in a transaction on Thursday, February 15th. The shares were sold at an average price of $26.01, for a total value of $19,780,058.79. Following the completion of the sale, the director now owns 20,783 shares in the company, valued at approximately $540,565.83. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CAO Alan Ramsay sold 12,113 shares of the company’s stock in a transaction on Friday, March 8th. The shares were sold at an average price of $34.33, for a total transaction of $415,839.29. Following the completion of the sale, the chief accounting officer now owns 114,205 shares of the company’s stock, valued at approximately $3,920,657.65. The disclosure for this sale can be found here. In the last quarter, insiders purchased 2,157,745 shares of company stock worth $61,771,955 and sold 876,692 shares worth $23,769,172. Company insiders own 4.02% of the company’s stock.

Hedge Funds Weigh In On Maplebear

A number of large investors have recently bought and sold shares of CART. Vanguard Group Inc. grew its stake in shares of Maplebear by 151.8% during the 4th quarter. Vanguard Group Inc. now owns 62,952 shares of the company’s stock worth $1,477,000 after purchasing an additional 37,952 shares during the period. Public Employees Retirement System of Ohio acquired a new stake in Maplebear in the 4th quarter valued at about $206,000. Nuveen Asset Management LLC acquired a new stake in shares of Maplebear during the 4th quarter worth about $982,000. Gotham Asset Management LLC acquired a new stake in shares of Maplebear during the 4th quarter worth about $3,344,000. Finally, Bayesian Capital Management LP purchased a new position in shares of Maplebear during the 4th quarter worth about $222,000.

About Maplebear

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.