Morgan Stanley Increases Maplebear (NASDAQ:CART) Price Target to $40.00

Maplebear (NASDAQ:CART) had its target price increased by stock analysts at Morgan Stanley from $28.00 to $40.00 in a research report issued to clients and investors on Monday, Benzinga reports. The firm currently has an “equal weight” rating on the stock. Morgan Stanley’s target price indicates a potential upside of 6.61% from the stock’s previous close.

A number of other research analysts have also issued reports on CART. Sanford C. Bernstein upgraded Maplebear from a “market perform” rating to an “outperform” rating and boosted their price objective for the company from $30.00 to $43.00 in a research report on Thursday, March 14th. Barclays upped their price target on shares of Maplebear from $40.00 to $41.00 and gave the stock an “overweight” rating in a research report on Wednesday, February 14th. Loop Capital started coverage on shares of Maplebear in a research report on Friday, April 19th. They issued a “buy” rating and a $46.00 price objective on the stock. Needham & Company LLC restated a “hold” rating on shares of Maplebear in a research report on Tuesday, April 23rd. Finally, Oppenheimer raised their price target on shares of Maplebear from $36.00 to $48.00 and gave the company an “outperform” rating in a research note on Monday, April 29th. Ten equities research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the stock. According to data from MarketBeat.com, Maplebear currently has a consensus rating of “Moderate Buy” and a consensus price target of $39.42.

Maplebear Stock Up 2.7 %

Maplebear stock opened at $37.52 on Monday. Maplebear has a 12 month low of $22.13 and a 12 month high of $42.95. The company has a fifty day moving average price of $35.93 and a two-hundred day moving average price of $29.00.

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

Insider Buying and Selling

In other news, Director Jeffrey D. Jordan sold 760,479 shares of the stock in a transaction on Thursday, February 15th. The stock was sold at an average price of $26.01, for a total transaction of $19,780,058.79. Following the completion of the sale, the director now owns 20,783 shares in the company, valued at approximately $540,565.83. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In other Maplebear news, Director Jeffrey D. Jordan sold 760,479 shares of the company’s stock in a transaction dated Thursday, February 15th. The shares were sold at an average price of $26.01, for a total transaction of $19,780,058.79. Following the completion of the sale, the director now directly owns 20,783 shares of the company’s stock, valued at $540,565.83. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, major shareholder Us (Ttgp) Ltd. Sc bought 438,361 shares of the company’s stock in a transaction dated Thursday, February 22nd. The stock was purchased at an average cost of $29.69 per share, for a total transaction of $13,014,938.09. Following the completion of the transaction, the insider now owns 2,012,859 shares of the company’s stock, valued at $59,761,783.71. The disclosure for this purchase can be found here. Over the last ninety days, insiders acquired 2,157,745 shares of company stock worth $61,771,955 and sold 1,055,899 shares worth $30,422,265. 36.00% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Maplebear

Hedge funds have recently bought and sold shares of the business. TD Asset Management Inc acquired a new position in shares of Maplebear in the 3rd quarter valued at about $6,640,000. Levin Capital Strategies L.P. acquired a new position in Maplebear in the 3rd quarter valued at approximately $846,000. Industry Ventures L.L.C. purchased a new stake in Maplebear in the 3rd quarter worth approximately $7,796,000. EFG Asset Management North America Corp. acquired a new stake in shares of Maplebear during the 3rd quarter valued at $270,000. Finally, Signaturefd LLC purchased a new position in shares of Maplebear during the 3rd quarter valued at $30,000. 63.09% of the stock is owned by hedge funds and other institutional investors.

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.