Maplebear (NASDAQ:CART) Price Target Raised to $48.00 at BMO Capital Markets

Maplebear (NASDAQ:CART) had its target price upped by equities research analysts at BMO Capital Markets from $39.00 to $48.00 in a research note issued to investors on Wednesday,Benzinga reports. The firm currently has a “market perform” rating on the stock. BMO Capital Markets’ price objective points to a potential downside of 0.70% from the stock’s previous close.

A number of other research firms have also commented on CART. Cantor Fitzgerald restated an “overweight” rating and issued a $45.00 price objective on shares of Maplebear in a research note on Monday, October 7th. Morgan Stanley lowered their target price on shares of Maplebear from $45.00 to $41.00 and set an “equal weight” rating on the stock in a research report on Tuesday, September 24th. Robert W. Baird upped their target price on shares of Maplebear from $44.00 to $51.00 and gave the stock an “outperform” rating in a research report on Wednesday. Jefferies Financial Group initiated coverage on shares of Maplebear in a research report on Wednesday, October 16th. They set a “hold” rating and a $43.00 target price on the stock. Finally, Bank of America upped their target price on shares of Maplebear from $50.00 to $51.00 and gave the stock a “neutral” rating in a research report on Wednesday. Twelve equities research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $44.95.

Maplebear Stock Performance

NASDAQ CART opened at $48.34 on Wednesday. The firm has a market cap of $12.61 billion, a PE ratio of -2.44, a P/E/G ratio of 1.48 and a beta of 1.12. Maplebear has a one year low of $22.13 and a one year high of $50.01. The firm’s fifty day moving average is $41.66 and its two-hundred day moving average is $36.46.

Insiders Place Their Bets

In other Maplebear news, General Counsel Morgan Fong sold 29,253 shares of the stock in a transaction that occurred on Thursday, November 7th. The shares were sold at an average price of $48.03, for a total transaction of $1,405,021.59. Following the transaction, the general counsel now owns 258,406 shares of the company’s stock, valued at $12,411,240.18. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In other news, CEO Fidji Simo sold 33,000 shares of the stock in a transaction on Wednesday, August 28th. The shares were sold at an average price of $35.27, for a total value of $1,163,910.00. Following the completion of the sale, the chief executive officer now owns 1,844,778 shares of the company’s stock, valued at $65,065,320.06. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, General Counsel Morgan Fong sold 29,253 shares of the stock in a transaction on Thursday, November 7th. The stock was sold at an average price of $48.03, for a total transaction of $1,405,021.59. Following the completion of the sale, the general counsel now directly owns 258,406 shares of the company’s stock, valued at $12,411,240.18. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 118,710 shares of company stock valued at $4,978,164 over the last quarter. Company insiders own 36.00% of the company’s stock.

Institutional Investors Weigh In On Maplebear

Several large investors have recently made changes to their positions in CART. Oppenheimer & Co. Inc. acquired a new stake in shares of Maplebear in the first quarter worth $213,000. Russell Investments Group Ltd. acquired a new stake in Maplebear during the 1st quarter valued at $1,663,000. Mitsubishi UFJ Asset Management Co. Ltd. acquired a new stake in Maplebear during the 1st quarter valued at $6,462,000. Lord Abbett & CO. LLC acquired a new stake in Maplebear during the 1st quarter valued at $28,674,000. Finally, Vanguard Group Inc. grew its holdings in Maplebear by 239.1% during the 1st quarter. Vanguard Group Inc. now owns 213,496 shares of the company’s stock valued at $7,961,000 after purchasing an additional 150,544 shares in the last quarter. Institutional investors and hedge funds own 63.09% of the company’s stock.

Maplebear Company Profile

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.