Needham & Company LLC Issues Positive Forecast for DoorDash (NASDAQ:DASH) Stock Price

Key Points

• Needham & Company LLC has raised its price target for DoorDash (NASDAQ:DASH) stock from $230.00 to $300.00, indicating an 11.56% potential upside from the previous close.
• Several other analysts have also increased their price targets for DoorDash, with Oppenheimer setting a new target at $310.00 and also maintaining an "outperform" rating on the stock.
• DoorDash reported strong quarterly earnings, with a net margin of 3.02% and revenue of $3.28 billion, surpassing analyst expectations and showing a 24.9% increase compared to the same quarter last year.

DoorDash (NASDAQ:DASH - Get Free Report) had its price target boosted by stock analysts at Needham & Company LLC from $230.00 to $300.00 in a note issued to investors on Thursday,Benzinga reports. The firm currently has a "buy" rating on the stock. Needham & Company LLC's target price points to a potential upside of 11.56% from the stock's previous close.

A number of other analysts have also recently issued reports on the stock. Oppenheimer raised their target price on shares of DoorDash from $280.00 to $310.00 and gave the stock an "outperform" rating in a research note on Thursday. Citigroup reaffirmed an "outperform" rating on shares of DoorDash in a research note on Thursday. Sanford C. Bernstein boosted their price target on DoorDash from $210.00 to $265.00 and gave the stock an "outperform" rating in a report on Monday, July 21st. BMO Capital Markets increased their price target on DoorDash from $238.00 to $288.00 and gave the company an "outperform" rating in a research note on Thursday. Finally, Cantor Fitzgerald reaffirmed an "overweight" rating and set a $260.00 target price (up from $210.00) on shares of DoorDash in a research report on Wednesday, June 25th. Eleven investment analysts have rated the stock with a hold rating, twenty-four have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and an average target price of $255.65.

DoorDash Stock Up 4.2%

DoorDash stock traded up $10.84 during midday trading on Thursday, hitting $268.92. 6,510,512 shares of the stock were exchanged, compared to its average volume of 4,760,007. DoorDash has a 52 week low of $121.18 and a 52 week high of $278.15. The stock has a market capitalization of $113.95 billion, a PE ratio of 348.36 and a beta of 1.70. The company has a fifty day simple moving average of $233.72 and a two-hundred day simple moving average of $205.22.

DoorDash (NASDAQ:DASH - Get Free Report) last posted its quarterly earnings data on Wednesday, August 6th. The company reported $0.65 earnings per share for the quarter, topping the consensus estimate of $0.42 by $0.23. DoorDash had a return on equity of 4.39% and a net margin of 3.02%. The company had revenue of $3.28 billion during the quarter, compared to analysts' expectations of $3.16 billion. During the same period in the prior year, the firm earned ($0.38) earnings per share. DoorDash's revenue for the quarter was up 24.9% compared to the same quarter last year. As a group, equities research analysts anticipate that DoorDash will post 2.22 EPS for the current fiscal year.

Insider Transactions at DoorDash

In related news, Director Andy Fang sold 30,000 shares of the stock in a transaction on Friday, August 1st. The shares were sold at an average price of $247.04, for a total transaction of $7,411,200.00. Following the completion of the sale, the director owned 22,545 shares in the company, valued at $5,569,516.80. This represents a 57.09% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Shona L. Brown sold 825 shares of the stock in a transaction that occurred on Friday, July 25th. The stock was sold at an average price of $250.00, for a total value of $206,250.00. Following the sale, the director directly owned 43,477 shares of the company's stock, valued at $10,869,250. The trade was a 1.86% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 583,537 shares of company stock worth $133,720,004. Insiders own 5.83% of the company's stock.

Institutional Trading of DoorDash

Large investors have recently bought and sold shares of the company. Brighton Jones LLC grew its holdings in DoorDash by 24.0% during the 4th quarter. Brighton Jones LLC now owns 9,336 shares of the company's stock valued at $1,566,000 after buying an additional 1,807 shares during the last quarter. Envestnet Asset Management Inc. boosted its stake in shares of DoorDash by 6.5% during the 4th quarter. Envestnet Asset Management Inc. now owns 92,012 shares of the company's stock worth $15,435,000 after purchasing an additional 5,617 shares during the last quarter. FMR LLC raised its position in shares of DoorDash by 17.1% in the fourth quarter. FMR LLC now owns 1,342,890 shares of the company's stock valued at $225,270,000 after buying an additional 195,973 shares during the last quarter. Bank of Nova Scotia lifted its stake in shares of DoorDash by 840.0% during the fourth quarter. Bank of Nova Scotia now owns 114,419 shares of the company's stock valued at $19,194,000 after buying an additional 102,247 shares during the period. Finally, Treasurer of the State of North Carolina boosted its position in DoorDash by 2.6% during the fourth quarter. Treasurer of the State of North Carolina now owns 155,475 shares of the company's stock worth $26,081,000 after acquiring an additional 3,880 shares during the last quarter. Institutional investors and hedge funds own 90.64% of the company's stock.

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.

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