QRG Capital Management Inc. Trims Holdings in DoorDash, Inc. (NASDAQ:DASH)

QRG Capital Management Inc. reduced its holdings in shares of DoorDash, Inc. (NASDAQ:DASH) by 8.9% during the 1st quarter, according to its most recent 13F filing with the SEC. The fund owned 117,711 shares of the company’s stock after selling 11,527 shares during the period. QRG Capital Management Inc.’s holdings in DoorDash were worth $21,514,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also made changes to their positions in DASH. Norges Bank purchased a new stake in shares of DoorDash in the fourth quarter valued at approximately $597,443,000. Capital World Investors lifted 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 during the period. Arrowstreet Capital Limited Partnership lifted 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 during the period. Franklin Resources Inc. boosted its position in shares of DoorDash by 25.0% during the 4th quarter. Franklin Resources Inc. now owns 4,749,810 shares of the company’s stock worth $796,781,000 after purchasing an additional 949,414 shares in the last quarter. Finally, Raymond James Financial Inc. acquired a new position in shares of DoorDash during the 4th quarter worth $146,094,000. 90.64% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at DoorDash

In other DoorDash news, Director Andy Fang sold 30,000 shares of the business’s stock in a transaction dated Thursday, June 5th. The stock was sold at an average price of $217.52, for a total transaction of $6,525,600.00. Following the completion of the sale, the director now owns 22,545 shares of the company’s stock, valued at approximately $4,903,988.40. The trade was a 57.09% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, General Counsel Tia Sherringham sold 7,546 shares of the business’s stock in a transaction dated Friday, May 23rd. The shares were sold at an average price of $204.56, for a total value of $1,543,609.76. Following the sale, the general counsel now directly owns 129,514 shares of the company’s stock, valued at approximately $26,493,383.84. This trade represents a 5.51% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 298,030 shares of company stock valued at $59,433,406. Company insiders own 5.83% of the company’s stock.

DoorDash Stock Up 1.1%

NASDAQ:DASH opened at $218.96 on Monday. The company has a market cap of $92.78 billion, a P/E ratio of 810.96 and a beta of 1.67. DoorDash, Inc. has a fifty-two week low of $99.32 and a fifty-two week high of $220.88. The firm’s 50 day moving average is $196.51 and its two-hundred day moving average is $187.92.

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

Analysts Set New Price Targets

Several analysts recently commented on DASH shares. Loop Capital raised their price objective on shares of DoorDash from $200.00 to $235.00 and gave the company a “buy” rating in a research note on Monday, February 24th. Oppenheimer reiterated a “hold” rating on shares of DoorDash in a research report on Monday, March 10th. Wedbush reissued an “outperform” rating on shares of DoorDash in a research note on Wednesday, May 7th. Evercore ISI reaffirmed an “outperform” rating on shares of DoorDash in a research note on Monday, March 10th. Finally, Needham & Company LLC lifted their price objective on DoorDash from $225.00 to $230.00 and gave the stock a “buy” rating in a report on Wednesday, May 7th. Eleven equities research analysts have rated the stock with a hold rating and twenty-five have issued a buy rating to the company. According to MarketBeat.com, DoorDash currently has an average rating of “Moderate Buy” and a consensus target price of $210.21.

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.