DoorDash, Inc. $DASH Stock: Sumitomo Mitsui Trust Group Inc. Reduces Holdings

Sumitomo Mitsui Trust Group Inc. cut its position in shares of DoorDash, Inc. (NASDAQ:DASH) by 2.7% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 1,119,818 shares of the company’s stock after selling 30,929 shares during the quarter. Sumitomo Mitsui Trust Group Inc.’s holdings in DoorDash were worth $205,543,000 at the end of the most recent reporting period.

A number of other hedge funds have also bought and sold shares of DASH. Janus Henderson Group PLC lifted its holdings in DoorDash by 40.2% in the first quarter. Janus Henderson Group PLC now owns 7,762,553 shares of the company’s stock valued at $1,159,377,000 after buying an additional 2,225,954 shares during the period. Robeco Institutional Asset Management B.V. raised its position in shares of DoorDash by 2,304.0% in the 3rd quarter. Robeco Institutional Asset Management B.V. now owns 3,452,110 shares of the company’s stock worth $633,635,000 after acquiring an additional 3,308,512 shares in the last quarter. Assenagon Asset Management S.A. raised its position in shares of DoorDash by 372.0% in the 3rd quarter. Assenagon Asset Management S.A. now owns 3,137,719 shares of the company’s stock worth $575,928,000 after acquiring an additional 2,472,980 shares in the last quarter. Temasek Holdings Private Ltd lifted its stake in shares of DoorDash by 49.4% in the 1st quarter. Temasek Holdings Private Ltd now owns 3,461,501 shares of the company’s stock valued at $519,744,000 after purchasing an additional 1,145,078 shares during the period. Finally, Bank of America Corp DE lifted its stake in shares of DoorDash by 18.4% in the 1st quarter. Bank of America Corp DE now owns 3,449,266 shares of the company’s stock valued at $517,907,000 after purchasing an additional 536,080 shares during the period. Institutional investors own 90.64% of the company’s stock.

DoorDash News Roundup

Here are the key news stories impacting DoorDash this week:

• Positive Sentiment: Wedbush upgraded DoorDash (DASH), while Cantor Fitzgerald reiterated its overweight rating, signaling continued confidence in the company’s growth outlook and market position. DoorDash upgraded at Wedbush DoorDash overweight rating reiterated at Cantor Fitzgerald
• Positive Sentiment: One analyst raised its DoorDash (DASH) price target to $340, suggesting substantial potential upside based on expectations for long-term growth and the company’s expanding delivery ecosystem. DoorDash price target raised to $340
• Positive Sentiment: DoorDash’s planned $17 billion acquisition of Instacart could broaden its customer base, services and subscription offering, potentially creating cost and cross-selling synergies. DoorDash acquires Instacart

Analyst Upgrades and Downgrades

Several research firms recently commented on DASH. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $240.00 target price on shares of DoorDash in a research note on Friday. Benchmark increased their price target on DoorDash from $270.00 to $295.00 in a report on Thursday, August 6th. Barclays reduced their price objective on shares of DoorDash from $230.00 to $205.00 and set an “equal weight” rating for the company in a research report on Friday. Sanford C. Bernstein reiterated an “outperform” rating and issued a $250.00 price objective on shares of DoorDash in a research note on Friday. Finally, BTIG Research reiterated a “buy” rating and set a $225.00 target price on shares of DoorDash in a research report on Wednesday, October 21st. Two investment analysts have rated the stock with a Strong Buy rating, thirty-one have issued a Buy rating and ten have given a Hold rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $249.88.

Insider Activity

In related news, Director Stanley Tang sold 23,125 shares of the business’s stock in a transaction that occurred on Friday, October 2nd. The stock was sold at an average price of $186.19, for a total value of $4,305,643.75. Following the completion of the sale, the director owned 10,361 shares in the company, valued at $1,929,114.59. The trade was a 69.06% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Andy Fang sold 5,000 shares of the firm’s stock in a transaction that occurred on Thursday, October 1st. The shares were sold at an average price of $183.69, for a total transaction of $918,450.00. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last 90 days, insiders have sold 326,305 shares of company stock valued at $72,280,083. 44.90% of the stock is owned by insiders.

DoorDash Price Performance

Shares of NASDAQ:DASH opened at $178.99 on Monday. The company has a quick ratio of 1.37, a current ratio of 1.37 and a debt-to-equity ratio of 0.27. DoorDash, Inc. has a twelve month low of $143.30 and a twelve month high of $260.74. The stock’s 50 day moving average is $197.84 and its 200-day moving average is $183.11. The firm has a market capitalization of $77.56 billion, a price-to-earnings ratio of 73.96 and a beta of 1.98.

DoorDash (NASDAQ:DASH) last posted its quarterly earnings results on Thursday, October 29th. The company reported $1.06 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.81 by $0.25. The business had revenue of $4.62 billion during the quarter, compared to the consensus estimate of $4.56 billion. DoorDash had a net margin of 6.23% and a return on equity of 10.58%. DoorDash’s revenue was up 34.0% compared to the same quarter last year. During the same quarter last year, the firm posted $0.55 EPS. Sell-side analysts forecast that DoorDash, Inc. will post 2.64 EPS for the current fiscal year.

DoorDash Company Profile

DoorDash, Inc (NASDAQ:DASH) operates a local commerce platform that connects consumers with restaurants, grocery stores, convenience retailers and other merchants. Through its website and mobile applications, customers can browse products, place orders for delivery or pickup, and access related services.

The company provides merchants with ordering, delivery, logistics, marketing and payment tools. Its offerings include the DoorDash Marketplace, subscription programs such as DashPass, and delivery infrastructure that merchants can use through services including DoorDash Drive.