Stifel Nicolaus Cuts Maplebear (NASDAQ:CART) Price Target to $46.00

Maplebear (NASDAQ:CART) had its price target trimmed by Stifel Nicolaus from $49.00 to $46.00 in a research note published on Tuesday,Benzinga reports. The firm currently has a buy rating on the stock.

Several other analysts have also recently commented on CART. Argus initiated coverage on Maplebear in a report on Wednesday, January 7th. They issued a “buy” rating and a $52.00 price target for the company. Wall Street Zen downgraded Maplebear from a “buy” rating to a “hold” rating in a report on Sunday, January 18th. Benchmark decreased their target price on shares of Maplebear from $67.00 to $60.00 and set a “buy” rating on the stock in a research report on Tuesday, November 11th. Guggenheim assumed coverage on shares of Maplebear in a report on Wednesday, October 15th. They issued a “neutral” rating and a $40.00 price target for the company. Finally, Exane BNP Paribas raised shares of Maplebear to a “strong sell” rating in a report on Wednesday, January 14th. Fifteen investment analysts have rated the stock with a Buy rating, eleven have assigned a Hold rating and three have assigned a Sell rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $51.62.

Maplebear Stock Down 2.0%

Shares of NASDAQ:CART opened at $37.08 on Tuesday. The company has a market cap of $9.73 billion, a price-to-earnings ratio of 20.37, a PEG ratio of 0.97 and a beta of 0.97. The firm’s 50-day simple moving average is $42.68 and its 200-day simple moving average is $42.87. Maplebear has a fifty-two week low of $34.78 and a fifty-two week high of $53.50.

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

Insider Activity

In other Maplebear news, General Counsel Morgan Fong sold 4,914 shares of the company’s stock in a transaction dated Monday, December 22nd. The shares were sold at an average price of $45.21, for a total value of $222,161.94. Following the sale, the general counsel owned 404,940 shares of the company’s stock, valued at $18,307,337.40. This represents a 1.20% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 26.00% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the stock. Royal Bank of Canada grew its holdings in Maplebear by 51.2% during the 1st quarter. Royal Bank of Canada now owns 131,789 shares of the company’s stock valued at $5,256,000 after buying an additional 44,642 shares during the last quarter. NewEdge Advisors LLC lifted its position in shares of Maplebear by 71.6% in the first quarter. NewEdge Advisors LLC now owns 1,673 shares of the company’s stock valued at $67,000 after acquiring an additional 698 shares in the last quarter. Jones Financial Companies Lllp boosted its stake in shares of Maplebear by 358.5% during the first quarter. Jones Financial Companies Lllp now owns 3,200 shares of the company’s stock valued at $128,000 after acquiring an additional 2,502 shares during the last quarter. Goldman Sachs Group Inc. increased its position in Maplebear by 17.4% during the 1st quarter. Goldman Sachs Group Inc. now owns 390,711 shares of the company’s stock worth $15,585,000 after purchasing an additional 57,879 shares in the last quarter. Finally, Empowered Funds LLC acquired a new position in Maplebear in the 1st quarter valued at about $268,000. 63.09% of the stock is currently owned by institutional investors and hedge funds.

About Maplebear

Maplebear, Inc, doing business as Instacart, operates a leading online grocery and essentials marketplace that connects consumers, retail partners and personal shoppers through its digital platform. The company enables customers to order groceries, household items and specialty products for same-day or scheduled delivery, as well as in-store pickup. By integrating its technology with retailers’ existing inventory and point-of-sale systems, Maplebear streamlines the shopping experience and provides real-time availability and pricing.

Founded in 2012 and headquartered in San Francisco, Maplebear has grown from a regional startup to a publicly traded company listed on NASDAQ under the ticker CART.