Maplebear (NASDAQ:CART) Price Target Lowered to $44.00 at JPMorgan Chase & Co.

Maplebear (NASDAQ:CART) had its price target reduced by JPMorgan Chase & Co. from $50.00 to $44.00 in a research note issued to investors on Tuesday,Benzinga reports. The brokerage currently has an “overweight” rating on the stock. JPMorgan Chase & Co.‘s target price would indicate a potential upside of 12.65% from the stock’s previous close.

Several other brokerages have also weighed in on CART. Mizuho cut their price objective on shares of Maplebear from $55.00 to $52.00 and set an “outperform” rating on the stock in a research report on Wednesday, February 26th. Morgan Stanley raised their price objective on shares of Maplebear from $44.00 to $45.00 and gave the company an “equal weight” rating in a research report on Wednesday, February 26th. Needham & Company LLC reaffirmed a “buy” rating and set a $56.00 price objective on shares of Maplebear in a research report on Wednesday, February 26th. BTIG Research raised shares of Maplebear from a “neutral” rating to a “buy” rating and set a $58.00 price objective on the stock in a research report on Tuesday, January 14th. Finally, Benchmark reaffirmed a “hold” rating on shares of Maplebear in a research report on Wednesday, February 26th. Thirteen research analysts have rated the stock with a hold rating, fifteen have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, Maplebear has an average rating of “Moderate Buy” and an average price target of $49.88.

Maplebear Trading Up 5.2 %

NASDAQ:CART opened at $39.06 on Tuesday. Maplebear has a twelve month low of $29.84 and a twelve month high of $53.44. The company has a 50-day moving average of $43.02 and a 200-day moving average of $43.46. The firm has a market cap of $10.34 billion, a price-to-earnings ratio of 26.21, a price-to-earnings-growth ratio of 1.19 and a beta of 1.20.

Maplebear (NASDAQ:CART) last announced its earnings results on Tuesday, February 25th. The company reported $0.53 EPS for the quarter, topping the consensus estimate of $0.37 by $0.16. Maplebear had a net margin of 13.37% and a return on equity of 13.78%. The company had revenue of $883.00 million during the quarter, compared to analysts’ expectations of $889.98 million. On average, research analysts forecast that Maplebear will post 1.43 earnings per share for the current year.

Insider Activity at Maplebear

In other Maplebear news, CEO Fidji Simo sold 2,033 shares of the company’s stock in a transaction that occurred on Monday, March 17th. The stock was sold at an average price of $40.00, for a total transaction of $81,320.00. Following the completion of the transaction, the chief executive officer now owns 1,654,559 shares of the company’s stock, valued at $66,182,360. This represents a 0.12 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CAO Alan Ramsay sold 2,314 shares of the company’s stock in a transaction that occurred on Tuesday, January 21st. The stock was sold at an average price of $46.28, for a total value of $107,091.92. Following the transaction, the chief accounting officer now directly owns 85,421 shares of the company’s stock, valued at approximately $3,953,283.88. This trade represents a 2.64 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 25,097 shares of company stock worth $1,087,094. 36.00% of the stock is owned by company insiders.

Institutional Investors Weigh In On Maplebear

A number of institutional investors and hedge funds have recently made changes to their positions in CART. Jones Financial Companies Lllp raised its stake in Maplebear by 46.6% in the 4th quarter. Jones Financial Companies Lllp now owns 698 shares of the company’s stock valued at $29,000 after acquiring an additional 222 shares during the period. Allworth Financial LP raised its stake in Maplebear by 101.4% in the 4th quarter. Allworth Financial LP now owns 834 shares of the company’s stock valued at $37,000 after acquiring an additional 420 shares during the period. CIBC Asset Management Inc raised its stake in Maplebear by 5.4% in the 4th quarter. CIBC Asset Management Inc now owns 8,554 shares of the company’s stock valued at $354,000 after acquiring an additional 440 shares during the period. WCG Wealth Advisors LLC raised its stake in Maplebear by 3.3% in the 4th quarter. WCG Wealth Advisors LLC now owns 14,256 shares of the company’s stock valued at $590,000 after acquiring an additional 451 shares during the period. Finally, Coldstream Capital Management Inc. raised its stake in Maplebear by 1.6% in the 3rd quarter. Coldstream Capital Management Inc. now owns 31,745 shares of the company’s stock valued at $1,294,000 after acquiring an additional 490 shares during the period. Institutional investors 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.