Needham & Company LLC Forecasts Strong Price Appreciation for DoorDash (NASDAQ:DASH) Stock

DoorDash (NASDAQ:DASH) had its price objective upped by Needham & Company LLC from $225.00 to $230.00 in a research note issued to investors on Wednesday, MarketBeat Ratings reports. The brokerage presently has a “buy” rating on the stock. Needham & Company LLC’s target price would suggest a potential upside of 25.44% from the stock’s current price.

Several other equities analysts also recently weighed in on DASH. Cantor Fitzgerald reduced their target price on DoorDash from $230.00 to $210.00 and set an “overweight” rating on the stock in a research report on Wednesday, April 16th. Oppenheimer reissued a “hold” rating on shares of DoorDash in a research report on Monday, March 10th. Roth Mkm upped their price target on shares of DoorDash from $165.00 to $193.00 and gave the stock a “neutral” rating in a research report on Wednesday, February 12th. Citigroup reiterated an “outperform” rating on shares of DoorDash in a report on Monday, April 28th. Finally, Bank of America lowered their price objective on shares of DoorDash from $245.00 to $235.00 and set a “buy” rating for the company in a research note on Monday, April 7th. Ten research analysts have rated the stock with a hold rating and twenty-four have issued a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $209.97.

DoorDash Trading Up 3.6 %

NASDAQ:DASH opened at $183.36 on Wednesday. DoorDash has a 12-month low of $99.32 and a 12-month high of $215.25. The firm has a market cap of $77.03 billion, a price-to-earnings ratio of 679.10 and a beta of 1.68. The company’s 50-day moving average is $184.81 and its two-hundred day moving average is $180.42.

DoorDash (NASDAQ:DASH) last announced its earnings results on Tuesday, May 6th. The company reported $0.44 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.39 by $0.05. The firm had revenue of $3.03 billion for the quarter, compared to analyst estimates of $3.10 billion. DoorDash had a net margin of 1.15% and a return on equity of 1.67%. DoorDash’s revenue was up 20.7% compared to the same quarter last year. During the same quarter last year, the business earned ($0.06) earnings per share. On average, equities research analysts forecast that DoorDash will post 2.22 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, Director Andy Fang sold 1,398 shares of the firm’s stock in a transaction dated Thursday, February 20th. The shares were sold at an average price of $203.45, for a total value of $284,423.10. Following the transaction, the director now directly owns 14,778 shares in the company, valued at approximately $3,006,584.10. This trade represents a 8.64 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CFO Ravi Inukonda sold 15,198 shares of the business’s stock in a transaction dated Thursday, February 20th. The shares were sold at an average price of $204.11, for a total transaction of $3,102,063.78. Following the sale, the chief financial officer now directly owns 351,970 shares of the company’s stock, valued at approximately $71,840,596.70. This represents a 4.14 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 158,573 shares of company stock valued at $30,407,073 in the last quarter. Insiders own 7.92% of the company’s stock.

Hedge Funds Weigh In On DoorDash

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Vanguard Group Inc. lifted its holdings in shares of DoorDash by 1.0% in the 4th quarter. Vanguard Group Inc. now owns 31,323,404 shares of the company’s stock worth $5,254,501,000 after purchasing an additional 317,502 shares during the last quarter. Capital World Investors lifted its stake in DoorDash by 26.4% in the fourth quarter. Capital World Investors now owns 12,153,265 shares of the company’s stock valued at $2,038,712,000 after buying an additional 2,538,160 shares during the last quarter. Franklin Resources Inc. grew its position in shares of DoorDash by 25.0% during the fourth quarter. Franklin Resources Inc. now owns 4,749,810 shares of the company’s stock worth $796,781,000 after acquiring an additional 949,414 shares during the last quarter. Arrowstreet Capital Limited Partnership grew its position in shares of DoorDash by 67.1% during the fourth quarter. Arrowstreet Capital Limited Partnership now owns 4,654,891 shares of the company’s stock worth $780,858,000 after acquiring an additional 1,869,866 shares during the last quarter. Finally, Geode Capital Management LLC increased its holdings in shares of DoorDash by 1.9% in the 4th quarter. Geode Capital Management LLC now owns 4,558,821 shares of the company’s stock worth $763,198,000 after acquiring an additional 86,667 shares during the period. 90.64% of the stock is currently owned by institutional investors and hedge funds.

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.