Maplebear (NASDAQ:CART) Price Target Lowered to $50.00 at Needham & Company LLC

Maplebear (NASDAQ:CART) had its price objective trimmed by Needham & Company LLC from $66.00 to $50.00 in a research note released on Tuesday,Benzinga reports. The brokerage currently has a buy rating on the stock.

Several other brokerages have also weighed in on CART. Wall Street Zen lowered shares of Maplebear from a “buy” rating to a “hold” rating in a research report on Monday, September 29th. Guggenheim started coverage on shares of Maplebear in a report on Wednesday, October 15th. They set a “neutral” rating and a $40.00 price target on the stock. Fox Advisors raised shares of Maplebear from a “hold” rating to a “strong-buy” rating in a research note on Friday, October 3rd. Morgan Stanley increased their target price on shares of Maplebear from $45.00 to $48.00 and gave the stock an “equal weight” rating in a research report on Friday, August 15th. Finally, Robert W. Baird cut their target price on Maplebear from $60.00 to $50.00 and set an “outperform” rating on the stock in a report on Wednesday, October 1st. Two equities research analysts have rated the stock with a Strong Buy rating, fourteen have issued a Buy rating, eleven have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, Maplebear has an average rating of “Moderate Buy” and an average price target of $51.40.

Maplebear Trading Up 5.0%

CART opened at $39.20 on Tuesday. The stock has a fifty day moving average price of $40.41 and a 200 day moving average price of $43.94. Maplebear has a 1 year low of $34.78 and a 1 year high of $53.50. The stock has a market cap of $10.33 billion, a price-to-earnings ratio of 21.54, a PEG ratio of 1.15 and a beta of 1.10.

Maplebear (NASDAQ:CART) last posted its quarterly earnings results on Monday, November 10th. The company reported $0.51 earnings per share for the quarter, topping analysts’ consensus estimates of $0.50 by $0.01. The company had revenue of $939.00 million during the quarter, compared to the consensus estimate of $933.76 million. Maplebear had a return on equity of 15.72% and a net margin of 14.09%.The business’s quarterly revenue was up 10.2% on a year-over-year basis. During the same period last year, the business earned $0.42 EPS. As a group, sell-side analysts forecast that Maplebear will post 1.43 earnings per share for the current fiscal year.

Insider Buying and Selling at Maplebear

In other news, Director Fidji Simo sold 1,014 shares of the stock in a transaction that occurred on Thursday, October 16th. The stock was sold at an average price of $40.00, for a total value of $40,560.00. Following the completion of the sale, the director directly owned 569,742 shares of the company’s stock, valued at approximately $22,789,680. This represents a 0.18% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Chris Rogers sold 9,259 shares of the firm’s stock in a transaction on Monday, September 22nd. The stock was sold at an average price of $42.37, for a total transaction of $392,303.83. Following the completion of the sale, the chief executive officer owned 739,880 shares in the company, valued at approximately $31,348,715.60. The trade was a 1.24% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 27,556 shares of company stock valued at $1,179,482 in the last 90 days. 26.00% of the stock is currently owned by insiders.

Institutional Trading of Maplebear

Hedge funds have recently bought and sold shares of the stock. Securian Asset Management Inc. grew its position in Maplebear by 2.1% in the 2nd quarter. Securian Asset Management Inc. now owns 12,509 shares of the company’s stock worth $566,000 after purchasing an additional 252 shares during the last quarter. Smartleaf Asset Management LLC lifted its stake in shares of Maplebear by 9.6% in the second quarter. Smartleaf Asset Management LLC now owns 2,978 shares of the company’s stock valued at $134,000 after buying an additional 261 shares during the period. Rafferty Asset Management LLC grew its position in Maplebear by 2.5% during the second quarter. Rafferty Asset Management LLC now owns 11,000 shares of the company’s stock worth $498,000 after buying an additional 273 shares in the last quarter. CWM LLC grew its position in Maplebear by 35.1% during the first quarter. CWM LLC now owns 1,058 shares of the company’s stock worth $42,000 after buying an additional 275 shares in the last quarter. Finally, Signaturefd LLC increased its stake in Maplebear by 27.1% during the first quarter. Signaturefd LLC now owns 1,335 shares of the company’s stock valued at $53,000 after acquiring an additional 285 shares during the period. 63.09% of the stock is 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.