Fernbridge Capital Management LP Trims Stock Position in DoorDash, Inc. (NASDAQ:DASH)

Fernbridge Capital Management LP trimmed its holdings in shares of DoorDash, Inc. (NASDAQ:DASH) by 21.7% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 253,046 shares of the company’s stock after selling 69,994 shares during the period. DoorDash comprises approximately 1.8% of Fernbridge Capital Management LP’s holdings, making the stock its 20th biggest holding. Fernbridge Capital Management LP owned 0.06% of DoorDash worth $27,526,000 as of its most recent SEC filing.

Several other institutional investors have also recently modified their holdings of DASH. Private Advisor Group LLC acquired a new position in shares of DoorDash in the fourth quarter worth $219,000. Envestnet Portfolio Solutions Inc. acquired a new stake in DoorDash during the fourth quarter worth approximately $285,000. PNC Financial Services Group Inc. raised its holdings in DoorDash by 40.8% in the 4th quarter. PNC Financial Services Group Inc. now owns 15,431 shares of the company’s stock valued at $1,526,000 after acquiring an additional 4,475 shares during the last quarter. Wells Fargo & Company MN lifted its stake in shares of DoorDash by 102.5% during the 4th quarter. Wells Fargo & Company MN now owns 199,152 shares of the company’s stock worth $19,694,000 after purchasing an additional 100,787 shares during the period. Finally, Corient Private Wealth LLC boosted its holdings in shares of DoorDash by 4.2% during the fourth quarter. Corient Private Wealth LLC now owns 8,015 shares of the company’s stock worth $793,000 after purchasing an additional 320 shares during the last quarter. 90.64% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several research firms recently weighed in on DASH. DA Davidson increased their target price on DoorDash from $110.00 to $119.00 and gave the stock a “neutral” rating in a research report on Monday, August 5th. Needham & Company LLC increased their price target on shares of DoorDash from $137.00 to $145.00 and gave the stock a “buy” rating in a research note on Friday, August 2nd. BTIG Research raised DoorDash from a “neutral” rating to a “buy” rating and set a $155.00 price target for the company in a research report on Thursday. Argus started coverage on DoorDash in a report on Tuesday, July 23rd. They issued a “hold” rating on the stock. Finally, UBS Group boosted their target price on DoorDash from $125.00 to $143.00 and gave the stock a “neutral” rating in a report on Friday, August 2nd. Eleven equities research analysts have rated the stock with a hold rating and twenty have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $143.00.

DoorDash Stock Performance

Shares of NASDAQ:DASH opened at $139.72 on Friday. DoorDash, Inc. has a 1-year low of $69.90 and a 1-year high of $143.34. The company’s fifty day moving average is $121.37 and its two-hundred day moving average is $121.51. The stock has a market capitalization of $57.13 billion, a price-to-earnings ratio of -129.37, a price-to-earnings-growth ratio of 275.59 and a beta of 1.69.

DoorDash (NASDAQ:DASH) last issued its earnings results on Thursday, August 1st. The company reported ($0.38) EPS for the quarter, missing analysts’ consensus estimates of ($0.09) by ($0.29). The company had revenue of $2.63 billion during the quarter, compared to analyst estimates of $2.54 billion. DoorDash had a negative net margin of 4.24% and a negative return on equity of 5.91%. The business’s revenue was up 23.3% on a year-over-year basis. During the same quarter in the previous year, the firm earned ($0.44) earnings per share. Sell-side analysts expect that DoorDash, Inc. will post 0.01 EPS for the current fiscal year.

Insider Buying and Selling

In other DoorDash news, CEO Tony Xu sold 54,166 shares of the firm’s stock in a transaction on Monday, July 1st. The stock was sold at an average price of $107.75, for a total value of $5,836,386.50. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. In other DoorDash news, Director Andy Fang sold 50,000 shares of the business’s stock in a transaction on Thursday, September 12th. The stock was sold at an average price of $130.20, for a total transaction of $6,510,000.00. Following the completion of the transaction, the director now owns 18,089 shares in the company, valued at approximately $2,355,187.80. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Tony Xu sold 54,166 shares of the firm’s stock in a transaction on Monday, July 1st. The shares were sold at an average price of $107.75, for a total value of $5,836,386.50. The disclosure for this sale can be found here. Insiders sold a total of 304,769 shares of company stock worth $34,760,113 in the last three months. 7.92% of the stock is owned by 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.