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

Envestnet Portfolio Solutions Inc. lifted its position in DoorDash, Inc. (NASDAQ:DASH) by 9.0% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 7,205 shares of the company’s stock after purchasing an additional 594 shares during the quarter. Envestnet Portfolio Solutions Inc.’s holdings in DoorDash were worth $1,209,000 at the end of the most recent reporting period.

Other hedge funds have also recently modified their holdings of the company. State Street Corp grew its stake in shares of DoorDash by 3.8% in the 3rd quarter. State Street Corp now owns 7,395,891 shares of the company’s stock valued at $1,055,616,000 after buying an additional 272,659 shares during the period. Janus Henderson Group PLC grew its position in DoorDash by 14.5% in the third quarter. Janus Henderson Group PLC now owns 5,533,288 shares of the company’s stock worth $789,766,000 after acquiring an additional 700,465 shares during the period. Geode Capital Management LLC grew its position in DoorDash by 6.4% in the third quarter. Geode Capital Management LLC now owns 4,472,154 shares of the company’s stock worth $636,652,000 after acquiring an additional 267,855 shares during the period. Franklin Resources Inc. increased its stake in DoorDash by 15.2% during the third quarter. Franklin Resources Inc. now owns 3,800,396 shares of the company’s stock worth $570,135,000 after acquiring an additional 501,905 shares during the last quarter. Finally, Two Sigma Advisers LP raised its position in DoorDash by 7.9% in the third quarter. Two Sigma Advisers LP now owns 3,466,100 shares of the company’s stock valued at $494,716,000 after purchasing an additional 252,600 shares during the period. Hedge funds and other institutional investors own 90.64% of the company’s stock.

Wall Street Analyst Weigh In

DASH has been the subject of a number of research analyst reports. JMP Securities reiterated a “market outperform” rating and set a $200.00 price target on shares of DoorDash in a report on Thursday, February 6th. Barclays lifted their price target on shares of DoorDash from $163.00 to $200.00 and gave the company an “equal weight” rating in a research report on Thursday, February 13th. Loop Capital upped their price objective on shares of DoorDash from $200.00 to $235.00 and gave the stock a “buy” rating in a report on Monday, February 24th. KeyCorp lifted their target price on shares of DoorDash from $180.00 to $225.00 and gave the company an “overweight” rating in a report on Thursday, January 9th. Finally, Citigroup restated a “buy” rating on shares of DoorDash in a research note on Saturday, March 8th. Ten research analysts have rated the stock with a hold rating and twenty-four have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $206.52.

Insiders Place Their Bets

In other news, CEO Tony Xu sold 108,332 shares of the firm’s stock in a transaction that occurred on Thursday, January 2nd. The shares were sold at an average price of $170.35, for a total transaction of $18,454,356.20. Following the transaction, the chief executive officer now directly owns 1,500 shares in the company, valued at approximately $255,525. This trade represents a 98.63 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Andy Fang sold 50,000 shares of DoorDash stock in a transaction on Friday, January 10th. The shares were sold at an average price of $170.01, for a total transaction of $8,500,500.00. Following the completion of the transaction, the director now directly owns 16,176 shares in the company, valued at $2,750,081.76. The trade was a 75.56 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 363,730 shares of company stock valued at $63,922,178. 7.92% of the stock is currently owned by insiders.

DoorDash Price Performance

NASDAQ DASH opened at $190.62 on Friday. DoorDash, Inc. has a 12 month low of $99.32 and a 12 month high of $215.25. The company has a market capitalization of $80.08 billion, a price-to-earnings ratio of 706.00 and a beta of 1.70. The firm’s fifty day moving average price is $189.72 and its 200 day moving average price is $169.70.

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.