Oppenheimer Boosts Maplebear (NASDAQ:CART) Price Target to $48.00

Maplebear (NASDAQ:CART) had its price objective upped by Oppenheimer from $36.00 to $48.00 in a research note published on Monday, Benzinga reports. They currently have an outperform rating on the stock.

Several other equities analysts have also recently commented on CART. JPMorgan Chase & Co. boosted their price objective on shares of Maplebear from $35.00 to $45.00 and gave the company an overweight rating in a research note on Monday, March 25th. Loop Capital began coverage on Maplebear in a research report on Friday, April 19th. They issued a buy rating and a $46.00 price objective on the stock. Benchmark cut Maplebear from a buy rating to a hold rating in a research report on Tuesday, January 23rd. BMO Capital Markets assumed coverage on Maplebear in a report on Tuesday, January 9th. They issued a market perform rating and a $26.00 price target on the stock. Finally, Morgan Stanley began coverage on Maplebear in a research report on Tuesday, January 30th. They set an equal weight rating and a $28.00 price target for the company. Ten investment analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of Moderate Buy and a consensus target price of $38.79.

Maplebear Stock Performance

NASDAQ:CART opened at $35.46 on Monday. Maplebear has a 1 year low of $22.13 and a 1 year high of $42.95. The stock’s fifty day moving average price is $35.59 and its two-hundred day moving average price is $28.73.

Maplebear (NASDAQ:CART) last issued its quarterly earnings data on Tuesday, February 13th. The company reported $0.44 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.08) by $0.52. The company had revenue of $803.00 million for the quarter, compared to analysts’ expectations of $804.62 million. Maplebear’s revenue for the quarter was up 6.1% on a year-over-year basis. On average, analysts expect that Maplebear will post 0.53 EPS for the current year.

Insider Activity

In other news, CAO Alan Ramsay sold 12,113 shares of the business’s stock in a transaction dated 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 sale, the chief accounting officer now owns 114,205 shares of the company’s stock, valued at approximately $3,920,657.65. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. In other Maplebear news, CAO Alan Ramsay sold 12,113 shares of Maplebear stock in a transaction that occurred 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 transaction, the chief accounting officer now directly owns 114,205 shares of the company’s stock, valued at approximately $3,920,657.65. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, major shareholder Us (Ttgp) Ltd. Sc acquired 1,036,683 shares of the stock in a transaction on Tuesday, February 20th. The stock was bought at an average price of $27.90 per share, with a total value of $28,923,455.70. Following the transaction, the insider now directly owns 1,036,683 shares of the company’s stock, valued at approximately $28,923,455.70. The disclosure for this purchase can be found here. Over the last three months, insiders have purchased 2,157,745 shares of company stock valued at $61,771,955 and have sold 1,055,899 shares valued at $30,422,265.

Institutional Investors Weigh In On Maplebear

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