Maplebear (NASDAQ:CART) Given New $60.00 Price Target at Oppenheimer

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

A number of other equities research analysts also recently weighed in on CART. Seaport Res Ptn raised shares of Maplebear to a “strong-buy” rating in a report on Wednesday, February 12th. BTIG Research raised shares of Maplebear from a “neutral” rating to a “buy” rating and set a $58.00 target price for the company in a research note on Tuesday, January 14th. Wedbush decreased their price target on shares of Maplebear from $48.00 to $46.00 and set a “neutral” rating on the stock in a research report on Wednesday. Cantor Fitzgerald reiterated an “overweight” rating and set a $55.00 price objective on shares of Maplebear in a research report on Wednesday. Finally, Benchmark reissued a “hold” rating on shares of Maplebear in a research note on Wednesday. Thirteen research analysts have rated the stock with a hold rating, sixteen have given a buy rating and one has given a strong 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 $49.80.

Maplebear Price Performance

Shares of NASDAQ:CART opened at $42.80 on Wednesday. The stock has a market cap of $11.00 billion, a price-to-earnings ratio of 28.72, a PEG ratio of 1.19 and a beta of 1.07. Maplebear has a 12 month low of $29.84 and a 12 month high of $53.44. The stock’s 50 day moving average price is $46.48 and its 200 day moving average price is $42.68.

Maplebear (NASDAQ:CART) last posted its quarterly earnings data on Tuesday, February 25th. The company reported $0.53 EPS for the quarter, topping analysts’ consensus estimates of $0.37 by $0.16. The company had revenue of $883.00 million for the quarter, compared to the consensus estimate of $889.98 million. Maplebear had a return on equity of 13.78% and a net margin of 13.37%. On average, sell-side analysts expect that Maplebear will post 1.43 EPS for the current year.

Insider Buying and Selling

In other Maplebear news, CAO Alan Ramsay sold 2,247 shares of the company’s stock in a transaction dated Friday, December 20th. The stock was sold at an average price of $42.14, for a total value of $94,688.58. Following the transaction, the chief accounting officer now directly owns 87,735 shares of the company’s stock, valued at $3,697,152.90. This represents a 2.50 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Fidji Simo sold 20,750 shares of Maplebear stock in a transaction dated Wednesday, December 18th. The shares were sold at an average price of $42.74, for a total value of $886,855.00. Following the sale, 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 ninety days, insiders sold 25,311 shares of company stock worth $1,088,636. Corporate insiders own 36.00% of the company’s stock.

Institutional Investors Weigh In On Maplebear

A number of large investors have recently bought and sold shares of CART. Mackenzie Financial Corp lifted its position in shares of Maplebear by 559.1% in the fourth quarter. Mackenzie Financial Corp now owns 162,111 shares of the company’s stock worth $6,715,000 after buying an additional 137,514 shares during the last quarter. Cache Advisors LLC bought a new position in shares of Maplebear in the 4th quarter valued at approximately $304,000. WCG Wealth Advisors LLC lifted its holdings in Maplebear by 3.3% in the 4th quarter. WCG Wealth Advisors LLC now owns 14,256 shares of the company’s stock worth $590,000 after purchasing an additional 451 shares during the last quarter. Public Employees Retirement System of Ohio boosted its position in Maplebear by 69.2% during the fourth quarter. Public Employees Retirement System of Ohio now owns 111,116 shares of the company’s stock worth $4,602,000 after purchasing an additional 45,458 shares during the period. Finally, PharVision Advisers LLC acquired a new position in Maplebear during the fourth quarter valued at approximately $232,000. 63.09% of the stock is currently owned by institutional investors.

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.