Envestnet Portfolio Solutions Inc. Decreases Stock Position in DoorDash, Inc. (NASDAQ:DASH)

Envestnet Portfolio Solutions Inc. trimmed its position in shares of DoorDash, Inc. (NASDAQ:DASH) by 27.1% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 5,249 shares of the company’s stock after selling 1,956 shares during the period. Envestnet Portfolio Solutions Inc.’s holdings in DoorDash were worth $959,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in DASH. Norges Bank acquired a new position in shares of DoorDash in the 4th quarter valued at approximately $597,443,000. Capital World Investors raised its holdings 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 acquiring an additional 2,538,160 shares in the last quarter. Arrowstreet Capital Limited Partnership raised its holdings in DoorDash by 67.1% in the fourth quarter. Arrowstreet Capital Limited Partnership now owns 4,654,891 shares of the company’s stock valued at $780,858,000 after acquiring an additional 1,869,866 shares in the last quarter. Franklin Resources Inc. boosted its stake in DoorDash by 25.0% during the 4th quarter. Franklin Resources Inc. now owns 4,749,810 shares of the company’s stock valued at $796,781,000 after acquiring an additional 949,414 shares during the last quarter. Finally, Raymond James Financial Inc. acquired a new position in DoorDash during the 4th quarter worth $146,094,000. Hedge funds and other institutional investors own 90.64% of the company’s stock.

DoorDash Stock Performance

Shares of DASH stock opened at $236.17 on Wednesday. DoorDash, Inc. has a 52 week low of $99.32 and a 52 week high of $237.42. The company’s 50 day moving average price is $202.59 and its two-hundred day moving average price is $190.12. The company has a market capitalization of $100.07 billion, a P/E ratio of 306.72 and a beta of 1.67.

DoorDash (NASDAQ:DASH) last issued its quarterly earnings results on Tuesday, May 6th. The company reported $0.44 EPS for the quarter, beating analysts’ consensus estimates of $0.39 by $0.05. The company had revenue of $3.03 billion for the quarter, compared to analyst estimates of $3.10 billion. DoorDash had a return on equity of 4.39% and a net margin of 3.02%. The company’s quarterly revenue was up 20.7% compared to the same quarter last year. During the same period in the previous year, the company posted ($0.06) earnings per share. Analysts forecast that DoorDash, Inc. will post 2.22 earnings per share for the current year.

Analyst Ratings Changes

A number of research firms have commented on DASH. Wells Fargo & Company reduced their target price on DoorDash from $201.00 to $198.00 and set an “equal weight” rating on the stock in a report on Wednesday, May 7th. KeyCorp decreased their price objective on shares of DoorDash from $240.00 to $230.00 and set an “overweight” rating for the company in a report on Tuesday, April 15th. Wedbush reiterated an “outperform” rating on shares of DoorDash in a research note on Wednesday, May 7th. Evercore ISI restated an “outperform” rating on shares of DoorDash in a research report on Monday, March 10th. Finally, Citigroup reaffirmed an “outperform” rating on shares of DoorDash in a report on Thursday, June 12th. Eleven research analysts have rated the stock with a hold rating, twenty-four have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $213.29.

Insiders Place Their Bets

In related news, Director Andy Fang sold 30,000 shares of the firm’s stock in a transaction dated Thursday, June 5th. The shares were sold at an average price of $217.52, for a total value of $6,525,600.00. Following the completion of the sale, the director now directly owns 22,545 shares in the company, valued at approximately $4,903,988.40. This trade represents a 57.09% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Stanley Tang sold 45,410 shares of the company’s stock in a transaction that occurred on Tuesday, April 1st. The shares were sold at an average price of $181.21, for a total value of $8,228,746.10. Following the completion of the sale, the director now owns 18,285 shares in the company, valued at $3,313,424.85. This represents a 71.29% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 327,559 shares of company stock valued at $66,306,707 in the last three months. 5.83% of the stock is currently owned by corporate insiders.

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.