California State Teachers Retirement System Increases Stake in DoorDash, Inc. $DASH

Key Points

• California State Teachers Retirement System increased its DoorDash stake by 16,825.6% in the second quarter, acquiring 102.9 million additional shares. It ended the quarter with 103.5 million shares, representing about 23.89% of the company and a value of $19.1 billion.
• Analysts maintain a broadly positive outlook, with a consensus “Moderate Buy” rating and an average price target of $254.97. Recent targets range from $220 to $270.
• DoorDash reported quarterly revenue of $4.45 billion, up 35.6% year over year and above expectations, though adjusted EPS of $0.46 narrowly missed estimates. Shares opened at $211.73, while insiders have sold about $87 million worth of stock over the past three months.

California State Teachers Retirement System grew its holdings in shares of DoorDash, Inc. (NASDAQ:DASH - Free Report) by 16,825.6% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 103,516,163 shares of the company's stock after purchasing an additional 102,904,566 shares during the quarter. California State Teachers Retirement System owned approximately 23.89% of DoorDash worth $19,101,838,000 at the end of the most recent quarter.

A number of other large investors have also modified their holdings of the business. SC US Ttgp LTD. lifted its stake in shares of DoorDash by 1.6% in the fourth quarter. SC US Ttgp LTD. now owns 31,686,624 shares of the company's stock worth $7,176,387,000 after buying an additional 506,358 shares in the last quarter. Morgan Stanley grew its stake in DoorDash by 2.3% during the 4th quarter. Morgan Stanley now owns 17,536,824 shares of the company's stock valued at $3,971,741,000 after acquiring an additional 391,596 shares in the last quarter. State Street Corp raised its holdings in DoorDash by 3.0% in the 4th quarter. State Street Corp now owns 15,761,072 shares of the company's stock valued at $3,569,568,000 after acquiring an additional 464,448 shares during the last quarter. Price T Rowe Associates Inc. MD lifted its stake in DoorDash by 32.8% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 13,958,114 shares of the company's stock worth $3,161,234,000 after purchasing an additional 3,447,754 shares in the last quarter. Finally, Geode Capital Management LLC grew its position in shares of DoorDash by 2.9% in the fourth quarter. Geode Capital Management LLC now owns 8,867,615 shares of the company's stock valued at $2,000,371,000 after purchasing an additional 252,471 shares in the last quarter. Hedge funds and other institutional investors own 90.64% of the company's stock.

Insider Transactions at DoorDash

In related news, COO Prabir Adarkar sold 55,289 shares of DoorDash stock in a transaction that occurred on Tuesday, August 25th. The shares were sold at an average price of $231.76, for a total value of $12,813,778.64. Following the completion of the sale, the chief operating officer owned 930,211 shares in the company, valued at approximately $215,585,701.36. This trade represents a 5.61% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Stanley Tang sold 30,835 shares of the business's stock in a transaction that occurred on Wednesday, September 2nd. The shares were sold at an average price of $225.98, for a total value of $6,968,093.30. Following the completion of the sale, the director directly owned 10,361 shares in the company, valued at approximately $2,341,378.78. The trade was a 74.85% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 399,553 shares of company stock worth $87,034,140 in the last three months. Company insiders own 44.90% of the company's stock.

Analyst Ratings Changes

DASH has been the topic of a number of analyst reports. Susquehanna lifted their price objective on DoorDash from $225.00 to $250.00 and gave the stock a "positive" rating in a research report on Friday, August 7th. Rosenblatt Securities assumed coverage on DoorDash in a report on Tuesday, September 1st. They issued a "buy" rating and a $270.00 target price for the company. Piper Sandler reaffirmed a "neutral" rating and issued a $220.00 target price (up from $205.00) on shares of DoorDash in a research note on Thursday, August 6th. Benchmark reduced their price target on DoorDash from $285.00 to $270.00 and set a "buy" rating on the stock in a report on Monday, August 3rd. Finally, Guggenheim reissued a "buy" rating and set a $255.00 price target on shares of DoorDash in a research report on Tuesday, June 23rd. One research analyst has rated the stock with a Strong Buy rating, twenty-four have given a Buy rating, nine have given a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $254.97.

DoorDash Stock Performance

Shares of DASH stock opened at $211.73 on Tuesday. The company has a debt-to-equity ratio of 0.27, a current ratio of 1.37 and a quick ratio of 1.37. The firm has a market cap of $91.74 billion, a PE ratio of 110.85 and a beta of 1.79. The company has a 50-day moving average of $204.35 and a two-hundred day moving average of $179.02. DoorDash, Inc. has a 1-year low of $143.30 and a 1-year high of $285.50.

DoorDash (NASDAQ:DASH - Get Free Report) last released its quarterly earnings results on Wednesday, August 5th. The company reported $0.46 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.47 by ($0.01). DoorDash had a net margin of 5.29% and a return on equity of 8.48%. The company had revenue of $4.45 billion during the quarter, compared to analysts' expectations of $4.34 billion. During the same period last year, the firm posted $0.65 earnings per share. DoorDash's revenue was up 35.6% on a year-over-year basis. On average, analysts predict that DoorDash, Inc. will post 2.49 EPS for the current year.

About DoorDash

DoorDash, Inc operates a technology-driven logistics and food-delivery marketplace that connects consumers, merchants and independent delivery contractors. The company's core service enables customers to order from local restaurants and retailers through its app and website while DoorDash handles last-mile fulfillment via its network of drivers, known as “Dashers.” Over time the platform has broadened beyond restaurant deliveries to include groceries, convenience items and retail deliveries, positioning DoorDash as a broader on-demand logistics provider for consumer goods.

In addition to its marketplace, DoorDash offers a suite of products and services for consumers and businesses.

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