JPMorgan Chase & Co. Boosts Maplebear (NASDAQ:CART) Price Target to $45.00

Maplebear (NASDAQ:CART) had its target price increased by JPMorgan Chase & Co. from $35.00 to $45.00 in a research report report published on Monday, Benzinga reports. The firm currently has an overweight rating on the stock.

Several other equities analysts have also recently commented on CART. Sanford C. Bernstein raised Maplebear from a market perform rating to an outperform rating and upped their price target for the company from $30.00 to $43.00 in a report on Thursday, March 14th. Piper Sandler upped their price target on Maplebear from $36.00 to $45.00 and gave the company an overweight rating in a report on Friday, March 15th. Barclays upped their price target on Maplebear from $40.00 to $41.00 and gave the company an overweight rating in a report on Wednesday, February 14th. Wedbush dropped their target price on Maplebear from $30.00 to $26.00 and set a neutral rating for the company in a report on Wednesday, December 27th. Finally, BMO Capital Markets started coverage on Maplebear in a report on Tuesday, January 9th. They issued a market perform rating and a $26.00 target price for the company. Nine equities research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company’s stock. According to data from MarketBeat, Maplebear currently has a consensus rating of Moderate Buy and a consensus target price of $36.61.

Maplebear Stock Up 1.5 %

Shares of NASDAQ:CART opened at $37.09 on Monday. The firm’s 50 day simple moving average is $30.09. Maplebear has a twelve month low of $22.13 and a twelve month high of $42.95.

Maplebear (NASDAQ:CART) last announced its earnings results on Tuesday, February 13th. The company reported $0.44 earnings per share for the quarter, beating the consensus estimate 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 business’s revenue for the quarter was up 6.1% on a year-over-year basis. On average, equities research analysts forecast that Maplebear will post 0.53 earnings per share for the current fiscal year.

Insider Activity

In related news, General Counsel Morgan Fong sold 18,689 shares of Maplebear stock in a transaction on Thursday, March 21st. The stock was sold at an average price of $37.62, for a total transaction of $703,080.18. Following the completion of the sale, the general counsel now directly owns 264,379 shares of the company’s stock, valued at $9,945,937.98. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other Maplebear news, Director Jeffrey D. Jordan sold 760,479 shares of Maplebear stock in a transaction dated 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 transaction, the director now directly owns 20,783 shares in the company, valued at $540,565.83. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, General Counsel Morgan Fong sold 18,689 shares of Maplebear stock in a transaction dated Thursday, March 21st. The stock was sold at an average price of $37.62, for a total value of $703,080.18. Following the transaction, the general counsel now owns 264,379 shares in the company, valued at $9,945,937.98. The disclosure for this sale can be found here. In the last ninety days, insiders bought 2,157,745 shares of company stock valued at $61,771,955 and sold 977,842 shares valued at $27,611,543.

Institutional Trading of Maplebear

Institutional investors have recently modified their holdings of the company. FMR LLC bought a new stake in shares of Maplebear in the third quarter valued at about $56,424,000. Blackstone Inc. bought a new stake in Maplebear during the third quarter worth about $17,369,000. KPCB DGF II Associates LLC bought a new stake in Maplebear during the third quarter worth about $119,544,000. Monashee Investment Management LLC bought a new stake in Maplebear during the third quarter worth about $6,069,000. Finally, Hudson Bay Capital Management LP bought a new stake in Maplebear during the third quarter worth about $904,000. 63.09% of the stock is currently owned by institutional investors.

About Maplebear

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.