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

Maplebear (NASDAQ:CART) had its price objective raised by JPMorgan Chase & Co. from $35.00 to $45.00 in a research note released on Monday morning, Benzinga reports. JPMorgan Chase & Co. currently has an overweight rating on the stock.

Several other equities research analysts have also recently commented on the stock. BMO Capital Markets started coverage on shares of Maplebear in a research report on Tuesday, January 9th. They issued a market perform rating and a $26.00 target price for the company. Wedbush dropped their target price on shares of Maplebear from $30.00 to $26.00 and set a neutral rating for the company in a research report on Wednesday, December 27th. Benchmark cut shares of Maplebear from a buy rating to a hold rating in a research report on Tuesday, January 23rd. Morgan Stanley began coverage on shares of Maplebear in a research report on Tuesday, January 30th. They set an equal weight rating and a $28.00 price target for the company. Finally, 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. Nine analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of Moderate Buy and an average price target of $36.61.

Maplebear Stock Performance

Shares of Maplebear stock opened at $37.09 on Monday. Maplebear has a 12-month low of $22.13 and a 12-month high of $42.95. The stock has a fifty day moving average price of $30.09.

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, topping analysts’ consensus estimates of ($0.08) by $0.52. The firm had revenue of $803.00 million during the quarter, compared to the consensus estimate of $804.62 million. Maplebear’s revenue was up 6.1% on a year-over-year basis. Research analysts expect that Maplebear will post 0.53 earnings per share for the current fiscal year.

Insider Activity at Maplebear

In related news, Director Jeffrey D. Jordan sold 760,479 shares of the business’s stock in a transaction that occurred on 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 in the company, valued at $540,565.83. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other Maplebear news, Director Jeffrey D. Jordan sold 760,479 shares of Maplebear stock in a transaction that occurred on 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 transaction, the director now owns 20,783 shares of the company’s stock, valued at $540,565.83. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, major shareholder Us (Ttgp) Ltd. Sc purchased 1,036,683 shares of the stock in a transaction on Tuesday, February 20th. The shares were purchased at an average cost of $27.90 per share, for a total transaction of $28,923,455.70. Following the acquisition, the insider now directly owns 1,036,683 shares of the company’s stock, valued at $28,923,455.70. 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 977,842 shares worth $27,611,543.

Hedge Funds Weigh In On Maplebear

Several hedge funds have recently modified their holdings of the stock. Parallel Advisors LLC lifted its holdings 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 buying an additional 620 shares in the last quarter. Signaturefd LLC purchased a new stake in Maplebear during the third quarter valued at $30,000. UBS Group AG purchased a new stake in Maplebear during the third quarter valued at $56,000. Cantor Fitzgerald L. P. raised its stake in 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, California State Teachers Retirement System purchased a new stake in Maplebear during the third quarter valued at $74,000. Hedge funds and other 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.