Instacart appoints Etsy CEO Josh Silverman to board of directors

SAN FRANCISCO - Grocery technology company Instacart (NASDAQ:CART) announced Friday that Josh Silverman, Chief Executive Officer of Etsy, Inc., has joined its Board of Directors. According to InvestingPro data, Instacart maintains strong financial health with an impressive 74.8% gross profit margin and robust cash position exceeding its debt obligations.

Silverman brings extensive marketplace and technology leadership experience to Instacart’s board. He has served as Etsy’s CEO since May 2017 and previously held executive positions at American Express, Skype, and eBay. He also co-founded the digital greeting card platform Evite. The appointment comes as Instacart demonstrates strong operational performance, with revenue growing at 10.5% and maintaining healthy profit margins, according to InvestingPro analysis.

"Josh is a proven marketplace innovator with a track record of scaling consumer platforms such as Etsy, Evite, and Skype," said Chris Rogers, Instacart’s Chief Executive Officer, in a press release statement.

Silverman joins a board that includes Rogers, OpenAI Applications CEO Fidji Simo, former Revlon CFO Victoria Dolan, Sequoia Capital Partner Ravi Gupta, REI CEO Mary Beth Laughton, New York Times Company CEO Meredith Kopit Levien, and others.

Instacart partners with more than 1,800 retail banners across North America, facilitating online shopping, delivery, and pickup services from nearly 100,000 stores through its marketplace. The company provides technology products and services to retailers while connecting approximately 600,000 Instacart shoppers with consumers.

The North American grocery technology company, officially registered as Maplebear Inc., trades on the Nasdaq under the ticker CART. InvestingPro analysis suggests the stock is currently undervalued, with multiple analysts revising earnings estimates upward for the upcoming period. InvestingPro subscribers have access to over 10 additional key insights about Instacart’s financial health and growth prospects through the platform’s comprehensive Pro Research Report.

In other recent news, Instacart has reported strong second-quarter earnings, exceeding expectations and continuing its trend of surpassing the high end of its gross transaction value (GTV) and adjusted EBITDA guidance. The company achieved an 11% year-over-year GTV growth and a 26% increase in adjusted EBITDA, both surpassing analyst estimates. Following these results, several analyst firms have adjusted their price targets for Instacart. Bernstein SocGen Group and Bernstein both raised their price targets to $63, citing strong growth and increased order volumes. BMO Capital increased its target to $58, highlighting affordability gains. Needham raised its target to $66, emphasizing GTV acceleration. Meanwhile, Morgan Stanley maintained its Equalweight rating with a revised price target of $48, noting steady execution but ongoing competitive concerns. These developments reflect a positive outlook from analysts, with several firms raising their price targets based on Instacart’s robust performance.

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