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

DoorDash (NASDAQ:DASH) had its price objective boosted by Needham & Company LLC from $225.00 to $230.00 in a research note issued to investors on Wednesday, MarketBeat Ratings reports. Needham & Company LLC currently has a buy rating on the stock.

A number of other research firms have also commented on DASH. Piper Sandler restated a “neutral” rating and set a $210.00 price target (up from $160.00) on shares of DoorDash in a research report on Wednesday, February 12th. Royal Bank of Canada restated an “outperform” rating on shares of DoorDash in a research note on Tuesday, April 29th. JMP Securities reiterated a “market outperform” rating and set a $225.00 price target on shares of DoorDash in a research report on Monday, April 28th. Wedbush increased their price objective on shares of DoorDash from $160.00 to $210.00 and gave the stock a “neutral” rating in a report on Wednesday, February 12th. Finally, Roth Mkm boosted their target price on shares of DoorDash from $165.00 to $193.00 and gave the stock a “neutral” rating in a research note on Wednesday, February 12th. Ten analysts have rated the stock with a hold rating and twenty-four have issued a buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $209.97.

DoorDash Stock Performance

Shares of NASDAQ DASH opened at $183.56 on Wednesday. DoorDash has a 52-week low of $99.32 and a 52-week high of $215.25. The business has a fifty day moving average of $184.61 and a two-hundred day moving average of $180.63. The stock has a market cap of $77.11 billion, a PE ratio of 679.85 and a beta of 1.68.

DoorDash (NASDAQ:DASH) last announced its quarterly earnings results on Tuesday, May 6th. The company reported $0.44 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.39 by $0.05. The firm had revenue of $3.03 billion during the quarter, compared to the consensus estimate of $3.10 billion. DoorDash had a net margin of 1.15% and a return on equity of 1.67%. The firm’s quarterly revenue was up 20.7% on a year-over-year basis. During the same period last year, the firm posted ($0.06) EPS. Analysts predict that DoorDash will post 2.22 earnings per share for the current year.

Insiders Place Their Bets

In other news, CFO Ravi Inukonda sold 15,198 shares of DoorDash stock in a transaction dated Thursday, February 20th. The stock was sold at an average price of $204.11, for a total transaction of $3,102,063.78. Following the transaction, the chief financial officer now owns 351,970 shares in the company, valued at $71,840,596.70. The trade was a 4.14 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, COO Prabir Adarkar sold 20,161 shares of the stock in a transaction that occurred on Thursday, February 20th. The stock was sold at an average price of $203.45, for a total value of $4,101,755.45. Following the sale, the chief operating officer now directly owns 905,061 shares of the company’s stock, valued at approximately $184,134,660.45. The trade was a 2.18 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 158,573 shares of company stock worth $30,407,073. Corporate insiders own 7.92% of the company’s stock.

Institutional Investors Weigh In On DoorDash

Institutional investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. lifted its position in shares of DoorDash by 25.8% in the first quarter. Vanguard Group Inc. now owns 39,397,286 shares of the company’s stock worth $7,200,642,000 after purchasing an additional 8,073,882 shares in the last quarter. Norges Bank acquired a new stake in DoorDash in the 4th quarter valued at $597,443,000. Capital World Investors increased its stake in 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 buying an additional 2,538,160 shares during the last quarter. Arrowstreet Capital Limited Partnership lifted its position in DoorDash by 67.1% during the 4th quarter. Arrowstreet Capital Limited Partnership now owns 4,654,891 shares of the company’s stock worth $780,858,000 after buying an additional 1,869,866 shares in the last quarter. Finally, Deutsche Bank AG boosted its stake in shares of DoorDash by 111.3% during the 1st quarter. Deutsche Bank AG now owns 2,009,699 shares of the company’s stock worth $367,313,000 after buying an additional 1,058,731 shares during the last quarter. 90.64% of the stock is owned by institutional investors.

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.