Needham & Company LLC Forecasts Strong Price Appreciation for DoorDash (NASDAQ:DASH) Stock

DoorDash (NASDAQ:DASH) had its target price lifted by Needham & Company LLC from $180.00 to $225.00 in a research note issued to investors on Wednesday morning,Benzinga reports. The firm currently has a buy rating on the stock.

Other research analysts have also issued research reports about the stock. Royal Bank of Canada increased their target price on shares of DoorDash from $175.00 to $215.00 and gave the stock an “outperform” rating in a research report on Friday, December 6th. The Goldman Sachs Group lifted their price objective on shares of DoorDash from $161.00 to $192.00 and gave the company a “neutral” rating in a research note on Thursday, January 16th. DA Davidson lifted their price objective on shares of DoorDash from $119.00 to $150.00 and gave the company a “neutral” rating in a research note on Thursday, October 31st. KeyCorp lifted their price objective on shares of DoorDash from $180.00 to $225.00 and gave the company an “overweight” rating in a research note on Thursday, January 9th. Finally, Benchmark lifted their price objective on shares of DoorDash from $180.00 to $220.00 and gave the company a “buy” rating in a research note on Tuesday. Nine research analysts have rated the stock with a hold rating and twenty-five have assigned a buy rating to the stock. According to MarketBeat, DoorDash has an average rating of “Moderate Buy” and a consensus target price of $202.67.

DoorDash Stock Performance

Shares of NASDAQ:DASH opened at $200.89 on Wednesday. The company’s 50 day moving average price is $178.00 and its two-hundred day moving average price is $156.37. DoorDash has a 12-month low of $99.32 and a 12-month high of $201.17.

Insider Activity at DoorDash

In other DoorDash news, CEO Tony Xu sold 108,332 shares of DoorDash stock in a transaction on Friday, November 15th. The shares were sold at an average price of $170.25, for a total value of $18,443,523.00. Following the completion of the sale, the chief executive officer now directly owns 1,500 shares of the company’s stock, valued at approximately $255,375. The trade was a 98.63 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CFO Ravi Inukonda sold 1,425 shares of DoorDash stock in a transaction on Friday, January 24th. The shares were sold at an average price of $183.20, for a total transaction of $261,060.00. Following the completion of the sale, the chief financial officer now directly owns 366,993 shares of the company’s stock, valued at approximately $67,233,117.60. This trade represents a 0.39 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 1,040,758 shares of company stock worth $181,434,201 over the last quarter. Company insiders own 7.92% of the company’s stock.

Institutional Investors Weigh In On DoorDash

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Vanguard Group Inc. increased its position in shares of DoorDash by 1.0% during the fourth quarter. Vanguard Group Inc. now owns 31,323,404 shares of the company’s stock worth $5,254,501,000 after acquiring an additional 317,502 shares in the last quarter. Baillie Gifford & Co. increased its position in shares of DoorDash by 13.2% during the third quarter. Baillie Gifford & Co. now owns 14,142,674 shares of the company’s stock worth $2,018,584,000 after acquiring an additional 1,645,186 shares in the last quarter. State Street Corp increased its position in shares of DoorDash by 3.8% during the third quarter. State Street Corp now owns 7,395,891 shares of the company’s stock worth $1,055,616,000 after acquiring an additional 272,659 shares in the last quarter. Janus Henderson Group PLC increased its position in shares of DoorDash by 14.5% during 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 in the last quarter. Finally, Franklin Resources Inc. increased its position in shares of DoorDash by 25.0% during the fourth quarter. Franklin Resources Inc. now owns 4,749,810 shares of the company’s stock worth $796,781,000 after acquiring an additional 949,414 shares in the last quarter. 90.64% of the stock is owned by institutional investors.

DoorDash Company 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.