Wells Fargo & Company Cuts Maplebear (NASDAQ:CART) Price Target to $44.00

Maplebear (NASDAQ:CART) had its price target cut by Wells Fargo & Company from $47.00 to $44.00 in a research report released on Thursday,Benzinga reports. They currently have an equal weight rating on the stock.

Several other analysts also recently weighed in on CART. Macquarie boosted their price target on shares of Maplebear from $52.00 to $55.00 and gave the stock an “outperform” rating in a research note on Thursday, February 27th. BTIG Research upgraded Maplebear from a “neutral” rating to a “buy” rating and set a $58.00 price target on the stock in a research report on Tuesday, January 14th. Stifel Nicolaus boosted their price objective on Maplebear from $56.00 to $57.00 and gave the company a “buy” rating in a research report on Wednesday, February 26th. Needham & Company LLC reissued a “buy” rating and set a $56.00 price objective on shares of Maplebear in a research note on Wednesday, February 26th. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $55.00 target price on shares of Maplebear in a research note on Wednesday, February 26th. Thirteen research analysts have rated the stock with a hold rating, fifteen have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $50.13.

Maplebear Stock Performance

Shares of NASDAQ:CART opened at $37.37 on Thursday. The firm has a market capitalization of $9.89 billion, a PE ratio of 25.08, a price-to-earnings-growth ratio of 1.19 and a beta of 1.19. Maplebear has a 52-week low of $29.84 and a 52-week high of $53.44. The firm has a fifty day moving average of $43.98 and a 200 day moving average of $43.58.

Maplebear (NASDAQ:CART) last announced its quarterly earnings data on Tuesday, February 25th. The company reported $0.53 EPS for the quarter, beating the consensus estimate of $0.37 by $0.16. The firm had revenue of $883.00 million for the quarter, compared to analyst estimates of $889.98 million. Maplebear had a return on equity of 13.78% and a net margin of 13.37%. On average, sell-side analysts forecast that Maplebear will post 1.43 EPS for the current fiscal year.

Insider Transactions at Maplebear

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

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in CART. Jones Financial Companies Lllp increased its stake in shares of Maplebear by 46.6% in the 4th quarter. Jones Financial Companies Lllp now owns 698 shares of the company’s stock worth $29,000 after purchasing an additional 222 shares in the last quarter. Wilmington Savings Fund Society FSB bought a new position in shares of Maplebear during the 3rd quarter valued at approximately $33,000. Allworth Financial LP increased its holdings in Maplebear by 101.4% in the 4th quarter. Allworth Financial LP now owns 834 shares of the company’s stock worth $37,000 after acquiring an additional 420 shares in the last quarter. NewEdge Advisors LLC raised its stake in Maplebear by 277.9% during the 4th quarter. NewEdge Advisors LLC now owns 975 shares of the company’s stock worth $40,000 after acquiring an additional 717 shares during the period. Finally, Anderson Financial Strategies LLC purchased a new position in Maplebear during the fourth quarter valued at approximately $46,000. 63.09% of the stock is currently owned by institutional investors.

About Maplebear

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.