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

Maplebear (NASDAQ:CART) had its target price upped by Morgan Stanley from $28.00 to $40.00 in a research report sent to investors on Monday morning, Benzinga reports. The firm currently has an equal weight rating on the stock.

CART has been the subject of several other research reports. Piper Sandler upped their price target on Maplebear from $36.00 to $45.00 and gave the stock an overweight rating in a research note on Friday, March 15th. Barclays lifted their price target on shares of Maplebear from $40.00 to $41.00 and gave the company an overweight rating in a research report on Wednesday, February 14th. Macquarie started coverage on Maplebear in a report on Monday, March 25th. They issued an outperform rating and a $42.00 price target on the stock. Moffett Nathanson reiterated a neutral rating and set a $37.00 target price (up from $36.00) on shares of Maplebear in a research report on Thursday, April 11th. Finally, Sanford C. Bernstein upgraded shares of Maplebear from a market perform rating to an outperform rating and raised their target price for the company from $30.00 to $43.00 in a report on Thursday, March 14th. Ten research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company. According to MarketBeat.com, the stock has an average rating of Moderate Buy and an average target price of $39.42.

Maplebear Stock Performance

Shares of CART opened at $36.53 on Monday. The firm’s fifty day simple moving average is $35.93 and its 200-day simple moving average is $29.00. Maplebear has a twelve month low of $22.13 and a twelve month high of $42.95.

Maplebear (NASDAQ:CART) last announced its quarterly earnings results on Tuesday, February 13th. The company reported $0.44 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.08) by $0.52. The business had revenue of $803.00 million during the quarter, compared to analyst estimates of $804.62 million. The firm’s revenue for the quarter was up 6.1% compared to the same quarter last year. Sell-side analysts anticipate that Maplebear will post 0.53 earnings per share for the current fiscal year.

Insider Activity at Maplebear

In other 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 sale, the director now directly owns 20,783 shares of the company’s stock, valued at $540,565.83. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In other 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 value of $19,780,058.79. Following the sale, the director now owns 20,783 shares in the company, valued at approximately $540,565.83. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, major shareholder Us (Ttgp) Ltd. Sc purchased 1,036,683 shares of the firm’s stock in a transaction that occurred on Tuesday, February 20th. The stock was purchased at an average price of $27.90 per share, with a total value of $28,923,455.70. Following the completion of the purchase, the insider now directly owns 1,036,683 shares of the company’s stock, valued at approximately $28,923,455.70. The disclosure for this purchase can be found here. In the last ninety days, insiders have purchased 2,157,745 shares of company stock worth $61,771,955 and have sold 1,055,899 shares worth $30,422,265. Company insiders own 36.00% of the company’s stock.

Institutional Investors Weigh In On Maplebear

Institutional investors have recently modified their holdings of the business. Renaissance Capital LLC boosted its stake in Maplebear by 4.3% during the 1st quarter. Renaissance Capital LLC now owns 14,692 shares of the company’s stock valued at $548,000 after purchasing an additional 607 shares during the period. Parallel Advisors LLC grew its stake in shares of Maplebear by 139.3% in the fourth quarter. Parallel Advisors LLC now owns 1,065 shares of the company’s stock worth $25,000 after purchasing an additional 620 shares in the last quarter. Signaturefd LLC acquired a new position in shares of Maplebear during the third quarter valued at $30,000. Cantor Fitzgerald L. P. raised its stake in shares of Maplebear by 389.5% during the fourth quarter. Cantor Fitzgerald L. P. now owns 1,850 shares of the company’s stock valued at $43,000 after purchasing an additional 2,489 shares in the last quarter. Finally, Kapitalo Investimentos Ltda acquired a new stake in Maplebear in the fourth quarter worth about $69,000. Institutional investors own 63.09% of the company’s stock.

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.