BMO Capital Markets Raises Maplebear (NASDAQ:CART) Price Target to $36.00

Maplebear (NASDAQ:CART) had its price objective lifted by BMO Capital Markets from $26.00 to $36.00 in a research note issued to investors on Thursday, Benzinga reports. The brokerage currently has a “market perform” rating on the stock. BMO Capital Markets’ price target suggests a potential downside of 3.04% from the stock’s current price.

Several other equities research analysts have also recently commented on CART. Morgan Stanley boosted their price target on shares of Maplebear from $28.00 to $40.00 and gave the stock an “equal weight” rating in a research report on Monday. Sanford C. Bernstein raised shares of Maplebear from a “market perform” rating to an “outperform” rating and boosted their price target for the stock from $30.00 to $43.00 in a research report on Thursday, March 14th. Barclays upped their target price on shares of Maplebear from $40.00 to $41.00 and gave the company an “overweight” rating in a report on Wednesday, February 14th. Oppenheimer upped their price target on shares of Maplebear from $36.00 to $48.00 and gave the company an “outperform” rating in a research note on Monday, April 29th. Finally, Macquarie initiated coverage on shares of Maplebear in a research note on Monday, March 25th. They issued an “outperform” rating and a $42.00 price target on the stock. Ten investment 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 company currently has an average rating of “Moderate Buy” and an average price target of $39.89.

Maplebear Trading Down 0.9 %

Shares of CART traded down $0.35 during midday trading on Thursday, reaching $37.13. 3,852,579 shares of the company were exchanged, compared to its average volume of 4,092,941. Maplebear has a 1-year low of $22.13 and a 1-year high of $42.95. The stock has a 50-day moving average price of $36.05 and a 200-day moving average price of $29.09.

Maplebear (NASDAQ:CART) last posted its quarterly earnings data on Wednesday, May 8th. The company reported $0.43 EPS for the quarter, beating the consensus estimate of $0.04 by $0.39. The company had revenue of $820.00 million during the quarter, compared to the consensus estimate of $794.08 million. The firm’s quarterly revenue was up 8.0% on a year-over-year basis. Equities analysts forecast that Maplebear will post 0.53 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, CAO Alan Ramsay sold 12,113 shares of the company’s stock in a transaction on Friday, March 8th. The stock was 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 in the company, valued at $3,920,657.65. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In other Maplebear news, CAO Alan Ramsay sold 12,113 shares of the company’s stock in a transaction on Friday, March 8th. The stock was sold at an average price of $34.33, for a total value of $415,839.29. Following the completion of the transaction, the chief accounting officer now owns 114,205 shares in the company, valued at approximately $3,920,657.65. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, 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 of the company’s stock, valued at approximately $540,565.83. The disclosure for this sale can be found here. Over the last 90 days, insiders purchased 2,157,745 shares of company stock worth $61,771,955 and sold 1,055,899 shares worth $30,422,265. 36.00% of the stock is currently owned by corporate insiders.

Institutional Trading of Maplebear

A number of institutional investors have recently added to or reduced their stakes in CART. SC US Ttgp LTD. purchased a new stake in Maplebear during the 3rd quarter worth about $1,180,490,000. KPCB DGF II Associates LLC bought a new position in shares of Maplebear during the 3rd quarter valued at about $119,544,000. Canaan Partners IX LLC bought a new position in shares of Maplebear during the 4th quarter valued at about $87,508,000. Norges Bank bought a new position in shares of Maplebear during the 4th quarter valued at about $78,674,000. Finally, Technology Crossover Management XI Ltd. bought a new position in shares of Maplebear during the 3rd quarter valued at about $80,163,000. Hedge funds and other institutional investors 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.