State of New Jersey Common Pension Fund D Buys 6,540 Shares of DoorDash, Inc. $DASH

Key Points

• The State of New Jersey Common Pension Fund D increased its holdings in DoorDash by 5.8%, acquiring an additional 6,540 shares, bringing its total to 119,926 shares valued at approximately $21.9 million.
• Several institutional investors have also significantly increased their stakes in DoorDash, with Harbour Investments raising their holdings by 55.6% and SouthState Corp by 762.5% in the first quarter.
• Wall Street analysts have updated their price targets for DoorDash, with targets ranging from $190 to $325, reflecting a positive outlook for the company’s performance.

State of New Jersey Common Pension Fund D lifted its position in shares of DoorDash, Inc. (NASDAQ:DASH - Free Report) by 5.8% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 119,926 shares of the company's stock after purchasing an additional 6,540 shares during the quarter. State of New Jersey Common Pension Fund D's holdings in DoorDash were worth $21,919,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds have also modified their holdings of the company. GeoWealth Management LLC increased its holdings in DoorDash by 3.7% in the 4th quarter. GeoWealth Management LLC now owns 1,428 shares of the company's stock valued at $240,000 after buying an additional 51 shares during the period. Harbour Investments Inc. boosted its holdings in DoorDash by 55.6% during the first quarter. Harbour Investments Inc. now owns 196 shares of the company's stock valued at $36,000 after purchasing an additional 70 shares in the last quarter. Coldstream Capital Management Inc. grew its stake in shares of DoorDash by 5.5% in the 4th quarter. Coldstream Capital Management Inc. now owns 1,661 shares of the company's stock valued at $279,000 after purchasing an additional 86 shares during the period. LVW Advisors LLC raised its holdings in shares of DoorDash by 6.1% in the 1st quarter. LVW Advisors LLC now owns 1,495 shares of the company's stock worth $273,000 after buying an additional 86 shares in the last quarter. Finally, CVA Family Office LLC lifted its holdings in shares of DoorDash by 12.7% during the first quarter. CVA Family Office LLC now owns 774 shares of the company's stock valued at $141,000 after acquiring an additional 87 shares during the period. 90.64% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several analysts have recently weighed in on the stock. Susquehanna raised their price objective on shares of DoorDash from $235.00 to $300.00 and gave the stock a "positive" rating in a report on Monday, August 11th. Cantor Fitzgerald reissued an "overweight" rating and issued a $260.00 price objective (up previously from $210.00) on shares of DoorDash in a research note on Wednesday, June 25th. Needham & Company LLC set a $300.00 target price on DoorDash and gave the company a "buy" rating in a research note on Thursday, August 7th. Jefferies Financial Group raised their price objective on shares of DoorDash from $250.00 to $265.00 and gave the company a "hold" rating in a research report on Monday, August 11th. Finally, Truist Financial boosted their target price on shares of DoorDash from $272.00 to $326.00 and gave the stock a "buy" rating in a research note on Thursday, August 7th. One investment analyst has rated the stock with a Strong Buy rating, twenty-two have assigned a Buy rating and thirteen have issued a Hold rating to the company's stock. Based on data from MarketBeat.com, DoorDash currently has an average rating of "Moderate Buy" and a consensus price target of $263.88.

Insider Transactions at DoorDash

In other news, Director Andy Fang sold 50,000 shares of the business's stock in a transaction that occurred on Thursday, August 7th. The shares were sold at an average price of $275.74, for a total value of $13,787,000.00. Following the sale, the director owned 22,545 shares of the company's stock, valued at $6,216,558.30. The trade was a 68.92% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Stanley Tang sold 45,410 shares of the company's stock in a transaction on Tuesday, July 1st. The stock was sold at an average price of $240.69, for a total transaction of $10,929,732.90. Following the completion of the transaction, the director directly owned 26,070 shares in the company, valued at approximately $6,274,788.30. The trade was a 63.53% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 688,999 shares of company stock valued at $163,218,226 in the last three months. 5.83% of the stock is currently owned by company insiders.

DoorDash Stock Performance

DoorDash stock traded down $4.97 during mid-day trading on Tuesday, hitting $248.37. 2,565,568 shares of the company's stock traded hands, compared to its average volume of 4,735,745. DoorDash, Inc. has a fifty-two week low of $122.32 and a fifty-two week high of $278.15. The firm has a 50 day simple moving average of $240.60 and a two-hundred day simple moving average of $209.68. The company has a debt-to-equity ratio of 0.30, a current ratio of 2.07 and a quick ratio of 2.07. The stock has a market cap of $106.10 billion, a price-to-earnings ratio of 137.98 and a beta of 1.70.

DoorDash (NASDAQ:DASH - Get Free Report) last released its earnings results 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 company had revenue of $3.28 billion for the quarter, compared to analyst estimates of $3.16 billion. DoorDash had a return on equity of 9.56% and a net margin of 6.57%.DoorDash's quarterly revenue was up 24.9% on a year-over-year basis. During the same period in the prior year, the firm posted ($0.38) EPS. On average, research analysts expect that DoorDash, Inc. will post 2.22 EPS for the current fiscal year.

DoorDash Company 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.