Allstate Corp Purchases 3,854 Shares of DoorDash, Inc. $DASH

Key Points

• Allstate Corp increased its stake in DoorDash by 42.5% during the first quarter, holding shares valued at approximately $2.36 million following the acquisition.
• DoorDash reported $3.28 billion in revenue for the last quarter, exceeding analyst expectations, with an EPS of $0.65 compared to a consensus estimate of $0.42.
• Several analysts have raised their price targets for DoorDash, with Oppenheimer setting a new target of $310, reflecting a positive outlook on the company's performance.

Allstate Corp raised its position in shares of DoorDash, Inc. (NASDAQ:DASH - Free Report) by 42.5% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 12,932 shares of the company's stock after buying an additional 3,854 shares during the quarter. Allstate Corp's holdings in DoorDash were worth $2,364,000 at the end of the most recent quarter.

A number of other hedge funds also recently bought and sold shares of the company. Vanguard Group Inc. lifted its stake in DoorDash by 25.8% during the first quarter. Vanguard Group Inc. now owns 39,397,286 shares of the company's stock valued at $7,200,642,000 after buying an additional 8,073,882 shares in the last quarter. Price T Rowe Associates Inc. MD lifted its position in shares of DoorDash by 15.0% in the first quarter. Price T Rowe Associates Inc. MD now owns 4,907,970 shares of the company's stock worth $897,031,000 after purchasing an additional 641,601 shares in the last quarter. Invesco Ltd. lifted its position in shares of DoorDash by 41.9% in the first quarter. Invesco Ltd. now owns 4,799,851 shares of the company's stock worth $877,269,000 after purchasing an additional 1,416,194 shares in the last quarter. Northern Trust Corp lifted its position in shares of DoorDash by 38.2% in the first quarter. Northern Trust Corp now owns 3,309,237 shares of the company's stock worth $604,829,000 after purchasing an additional 915,512 shares in the last quarter. Finally, Goldman Sachs Group Inc. lifted its position in shares of DoorDash by 36.5% in the first quarter. Goldman Sachs Group Inc. now owns 3,151,986 shares of the company's stock worth $576,089,000 after purchasing an additional 842,637 shares in the last quarter. 90.64% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at DoorDash

In other DoorDash news, Director Stanley Tang sold 45,410 shares of DoorDash stock in a transaction on Friday, August 1st. The shares were sold at an average price of $247.11, for a total transaction of $11,221,265.10. Following the sale, the director owned 26,070 shares in the company, valued at $6,442,157.70. The trade was a 63.53% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Tony Xu sold 291,403 shares of DoorDash stock in a transaction on Wednesday, August 20th. The stock was sold at an average price of $238.19, for a total transaction of $69,409,280.57. Following the sale, the chief executive officer owned 229,047 shares in the company, valued at $54,556,704.93. This represents a 55.99% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 890,883 shares of company stock worth $214,419,337 over the last three months. 5.83% of the stock is currently owned by corporate insiders.

DoorDash Stock Performance

Shares of DoorDash stock traded down $3.14 during midday trading on Wednesday, hitting $245.65. The company had a trading volume of 2,089,995 shares, compared to its average volume of 4,677,483. The business's 50 day simple moving average is $243.99 and its two-hundred day simple moving average is $211.73. The stock has a market cap of $104.94 billion, a PE ratio of 136.47 and a beta of 1.70. The company has a debt-to-equity ratio of 0.30, a current ratio of 2.07 and a quick ratio of 2.07. DoorDash, Inc. has a 1-year low of $122.32 and a 1-year high of $278.15.

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

Wall Street Analyst Weigh In

A number of research firms have recently issued reports on DASH. DA Davidson increased their price target on shares of DoorDash from $150.00 to $190.00 and gave the stock a "neutral" rating in a research report on Tuesday, May 6th. Sanford C. Bernstein increased their price target on shares of DoorDash from $210.00 to $265.00 and gave the stock an "outperform" rating in a research report on Monday, July 21st. Wells Fargo & Company increased their price target on shares of DoorDash from $239.00 to $280.00 and gave the stock an "equal weight" rating in a research report on Thursday, August 7th. Zacks Research raised shares of DoorDash to a "hold" rating in a research report on Tuesday, August 12th. Finally, JMP Securities increased their price objective on DoorDash from $250.00 to $335.00 and gave the stock a "market outperform" rating in a report on Thursday, August 7th. One equities research analyst has rated the stock with a Strong Buy rating, twenty-two have issued a Buy rating and thirteen have assigned a Hold rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $263.88.

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.