Maplebear (NASDAQ:CART) Given New $40.00 Price Target at Morgan Stanley

Maplebear (NASDAQ:CART) had its price target hoisted by stock analysts at Morgan Stanley from $28.00 to $40.00 in a research note issued on Monday, Benzinga reports. The brokerage presently has an “equal weight” rating on the stock. Morgan Stanley’s price target would indicate a potential upside of 10.10% from the company’s previous close.

A number of other research analysts have also commented on the company. Moffett Nathanson restated a “neutral” rating and issued a $37.00 target price (up from $36.00) on shares of Maplebear in a research note on Thursday, April 11th. BMO Capital Markets initiated coverage on shares of Maplebear in a report on Tuesday, January 9th. They set a “market perform” rating and a $26.00 price objective for the company. Piper Sandler upped their target price on shares of Maplebear from $36.00 to $45.00 and gave the company an “overweight” rating in a research note on Friday, March 15th. Needham & Company LLC restated a “hold” rating on shares of Maplebear in a research note on Tuesday, April 23rd. Finally, Wolfe Research lifted their price objective on Maplebear from $35.00 to $39.00 and gave the company an “outperform” rating in a report on Tuesday, March 5th. Ten investment analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company. Based on data from MarketBeat.com, Maplebear presently has a consensus rating of “Moderate Buy” and an average price target of $39.42.

Maplebear Stock Performance

NASDAQ CART traded down $0.37 during midday trading on Monday, hitting $36.33. The company had a trading volume of 2,788,545 shares, compared to its average volume of 4,022,120. The firm has a fifty day simple moving average of $35.82 and a two-hundred day simple moving average of $28.92. Maplebear has a fifty-two week low of $22.13 and a fifty-two week high of $42.95.

Maplebear (NASDAQ:CART) last released its earnings results on Tuesday, February 13th. The company reported $0.44 earnings per share for the quarter, topping analysts’ consensus estimates of ($0.08) by $0.52. The firm had revenue of $803.00 million for the quarter, compared to analyst estimates of $804.62 million. Maplebear’s revenue was up 6.1% compared to the same quarter last year. Equities research analysts forecast that Maplebear will post 0.53 EPS for the current year.

Insider Activity

In other news, major shareholder Us (Ttgp) Ltd. Sc bought 1,036,683 shares of the stock in a transaction dated Tuesday, February 20th. The stock was bought at an average cost of $27.90 per share, with a total value of $28,923,455.70. Following the purchase, the insider now owns 1,036,683 shares of the company’s stock, valued at $28,923,455.70. The purchase was disclosed in a document filed with the SEC, which is accessible through this link. In other Maplebear news, major shareholder Us (Ttgp) Ltd. Sc bought 1,036,683 shares of the business’s stock in a transaction on Tuesday, February 20th. The shares were bought at an average cost of $27.90 per share, for a total transaction of $28,923,455.70. Following the transaction, the insider now owns 1,036,683 shares in the company, valued at approximately $28,923,455.70. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Jeffrey D. Jordan sold 760,479 shares of Maplebear stock in a transaction that occurred 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 sale, the director now owns 20,783 shares of the company’s stock, valued at approximately $540,565.83. The disclosure for this sale can be found here. Over the last three months, insiders have purchased 2,157,745 shares of company stock valued at $61,771,955 and have sold 1,055,899 shares valued at $30,422,265. 36.00% of the stock is owned by insiders.

Institutional Trading of Maplebear

Institutional investors and hedge funds have recently made changes to their positions in the business. SC US Ttgp LTD. bought a new position in Maplebear during the 3rd quarter worth approximately $1,180,490,000. KPCB DGF II Associates LLC bought a new position in shares of Maplebear during the third quarter worth $119,544,000. Canaan Partners IX LLC acquired a new position in shares of Maplebear in the 4th quarter valued at $87,508,000. Norges Bank bought a new stake in shares of Maplebear in the 4th quarter valued at $78,674,000. Finally, Technology Crossover Management XI Ltd. acquired a new stake in Maplebear during the 3rd quarter worth $80,163,000. Institutional investors own 63.09% of the company’s stock.

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.