Allspring Global Investments Holdings LLC Decreases Holdings in DoorDash, Inc. $DASH

Key Points

• Allspring Global Investments Holdings LLC has reduced its holdings in DoorDash by 11%, now owning approximately 1,009,221 shares valued at $240 million.
• DoorDash reported $3.28 billion in revenue for the most recent quarter, surpassing analyst expectations and showing a 24.9% year-over-year increase in revenue.
• Recent analyst ratings have seen targets for DoorDash's stock price increase, with prices ranging from $280 to $330 based on various reports.

Allspring Global Investments Holdings LLC trimmed its holdings in shares of DoorDash, Inc. (NASDAQ:DASH - Free Report) by 11.0% in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 1,009,221 shares of the company's stock after selling 124,607 shares during the period. Allspring Global Investments Holdings LLC owned 0.24% of DoorDash worth $240,205,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors also recently bought and sold shares of the company. GFG Capital LLC purchased a new stake in DoorDash during the 2nd quarter worth about $30,000. Saudi Central Bank purchased a new stake in DoorDash during the 1st quarter worth about $25,000. WPG Advisers LLC purchased a new stake in DoorDash during the 1st quarter worth about $26,000. Pacific Center for Financial Services purchased a new stake in DoorDash during the 1st quarter worth about $27,000. Finally, Harbour Investments Inc. lifted its holdings in DoorDash by 55.6% during the 1st quarter. Harbour Investments Inc. now owns 196 shares of the company's stock worth $36,000 after buying an additional 70 shares during the last quarter. 90.64% of the stock is owned by hedge funds and other institutional investors.

DoorDash Stock Performance

Shares of DASH stock opened at $266.02 on Monday. The stock has a market capitalization of $113.64 billion, a PE ratio of 147.79 and a beta of 1.71. DoorDash, Inc. has a 52-week low of $143.37 and a 52-week high of $285.08. The stock's 50-day moving average price is $258.41 and its 200 day moving average price is $227.20. The company has a quick ratio of 2.07, a current ratio of 2.07 and a debt-to-equity ratio of 0.30.

DoorDash (NASDAQ:DASH - Get Free Report) last issued its quarterly earnings results on Wednesday, August 6th. The company reported $0.65 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.42 by $0.23. The firm had revenue of $3.28 billion for the quarter, compared to analysts' expectations of $3.16 billion. DoorDash had a return on equity of 9.56% and a net margin of 6.57%.The firm's revenue for the quarter was up 24.9% on a year-over-year basis. During the same quarter in the previous year, the firm posted ($0.38) EPS. As a group, equities research analysts forecast that DoorDash, Inc. will post 2.22 EPS for the current year.

Insider Buying and Selling

In related news, COO Prabir Adarkar sold 41,881 shares of the business's stock in a transaction dated Monday, August 25th. The stock was sold at an average price of $245.82, for a total value of $10,295,187.42. Following the transaction, the chief operating officer owned 914,547 shares in the company, valued at $224,813,943.54. The trade was a 4.38% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CEO Tony Xu sold 291,403 shares of the business's stock in a transaction dated Wednesday, August 20th. The shares were sold at an average price of $238.19, for a total value of $69,409,280.57. Following the completion of the transaction, the chief executive officer owned 229,047 shares in the company, valued at $54,556,704.93. This trade represents a 55.99% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 1,001,054 shares of company stock worth $249,511,188. Insiders own 5.83% of the company's stock.

Analyst Upgrades and Downgrades

DASH has been the subject of a number of recent analyst reports. UBS Group lifted their price target on DoorDash from $260.00 to $280.00 and gave the stock a "neutral" rating in a report on Thursday, August 7th. Oppenheimer boosted their target price on DoorDash from $280.00 to $310.00 and gave the company an "outperform" rating in a report on Thursday, August 7th. Weiss Ratings reissued a "hold (c)" rating on shares of DoorDash in a report on Wednesday, October 8th. Cantor Fitzgerald reissued an "overweight" rating and issued a $330.00 target price on shares of DoorDash in a report on Wednesday, September 17th. Finally, Zacks Research raised DoorDash to a "hold" rating in a report on Tuesday, August 12th. Two research analysts have rated the stock with a Strong Buy rating, twenty have issued a Buy rating and fourteen have issued a Hold rating to the stock. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $275.27.

About DoorDash

DoorDash, Inc, together with its subsidiaries, operates a commerce platform that connects merchants, consumers, and independent contractors in the United States and internationally. The company operates DoorDash Marketplace and Wolt Marketplace, which provide various services, such as customer acquisition, demand generation, order fulfillment, merchandising, payment processing, and customer support.

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