Smith Group Asset Management LLC Increases Stock Holdings in DoorDash, Inc. (NASDAQ:DASH)

Smith Group Asset Management LLC increased its holdings in DoorDash, Inc. (NASDAQ:DASH - Free Report) by 50.2% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 3,290 shares of the company's stock after purchasing an additional 1,100 shares during the period. Smith Group Asset Management LLC's holdings in DoorDash were worth $601,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also made changes to their positions in the business. Norges Bank acquired a new position in shares of DoorDash in the 4th quarter valued at about $597,443,000. Capital World Investors lifted its stake in shares of DoorDash by 26.4% in the 4th quarter. Capital World Investors now owns 12,153,265 shares of the company's stock valued at $2,038,712,000 after purchasing an additional 2,538,160 shares in the last quarter. Arrowstreet Capital Limited Partnership lifted its stake in shares of DoorDash by 67.1% in the 4th quarter. Arrowstreet Capital Limited Partnership now owns 4,654,891 shares of the company's stock valued at $780,858,000 after purchasing an additional 1,869,866 shares in the last quarter. Franklin Resources Inc. lifted its stake in shares of DoorDash by 25.0% in the 4th quarter. Franklin Resources Inc. now owns 4,749,810 shares of the company's stock valued at $796,781,000 after purchasing an additional 949,414 shares in the last quarter. Finally, Raymond James Financial Inc. acquired a new position in shares of DoorDash in the 4th quarter valued at about $146,094,000. Hedge funds and other institutional investors own 90.64% of the company's stock.

Insider Activity at DoorDash

In other news, COO Prabir Adarkar sold 62,267 shares of the firm's stock in a transaction that occurred on Friday, May 23rd. The shares were sold at an average price of $202.67, for a total transaction of $12,619,652.89. Following the transaction, the chief operating officer directly owned 942,554 shares of the company's stock, valued at approximately $191,027,419.18. This trade represents a 6.20% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Ravi Inukonda sold 15,945 shares of the firm's stock in a transaction that occurred on Tuesday, May 20th. The stock was sold at an average price of $199.90, for a total transaction of $3,187,405.50. Following the transaction, the chief financial officer directly owned 393,533 shares in the company, valued at $78,667,246.70. This represents a 3.89% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 268,142 shares of company stock valued at $55,736,820. 5.83% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

A number of research analysts have commented on DASH shares. FBN Securities started coverage on DoorDash in a research note on Friday, March 28th. They set an "outperform" rating and a $230.00 price objective on the stock. Cantor Fitzgerald restated an "overweight" rating and set a $260.00 price objective (up previously from $210.00) on shares of DoorDash in a research note on Wednesday, June 25th. KeyCorp reduced their price objective on DoorDash from $240.00 to $230.00 and set an "overweight" rating on the stock in a research note on Tuesday, April 15th. BMO Capital Markets restated an "outperform" rating on shares of DoorDash in a research note on Tuesday, April 29th. Finally, Wedbush restated an "outperform" rating on shares of DoorDash in a research note on Wednesday, May 7th. Ten analysts have rated the stock with a hold rating, twenty-five have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $216.09.

DoorDash Stock Up 1.7%

Shares of DASH stock opened at $246.51 on Tuesday. The firm has a 50 day moving average price of $207.54 and a two-hundred day moving average price of $192.03. The company has a market capitalization of $104.46 billion, a PE ratio of 320.15 and a beta of 1.67. DoorDash, Inc. has a 12-month low of $99.32 and a 12-month high of $248.00.

DoorDash (NASDAQ:DASH - Get Free Report) last announced its earnings results on Tuesday, May 6th. The company reported $0.44 EPS for the quarter, topping the consensus estimate of $0.39 by $0.05. DoorDash had a net margin of 3.02% and a return on equity of 4.39%. The company had revenue of $3.03 billion for the quarter, compared to analysts' expectations of $3.10 billion. During the same period last year, the firm earned ($0.06) earnings per share. The business's revenue for the quarter was up 20.7% on a year-over-year basis. As a group, research analysts expect that DoorDash, Inc. will post 2.22 EPS for the current year.

DoorDash Profile

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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