CIBC Asset Management Inc Increases Holdings in DoorDash, Inc. (NASDAQ:DASH)

CIBC Asset Management Inc grew its holdings in shares of DoorDash, Inc. (NASDAQ:DASH) by 4.6% in the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 76,203 shares of the company’s stock after buying an additional 3,380 shares during the period. CIBC Asset Management Inc’s holdings in DoorDash were worth $10,876,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors also recently bought and sold shares of DASH. Janus Henderson Group PLC lifted its holdings in DoorDash by 11,416.7% during the 1st quarter. Janus Henderson Group PLC now owns 3,455,116 shares of the company’s stock worth $475,837,000 after buying an additional 3,425,115 shares during the last quarter. Baillie Gifford & Co. lifted its holdings in shares of DoorDash by 13.2% in the 3rd quarter. Baillie Gifford & Co. now owns 14,142,674 shares of the company’s stock valued at $2,018,584,000 after purchasing an additional 1,645,186 shares during the last quarter. Dragoneer Investment Group LLC lifted its holdings in shares of DoorDash by 77.9% in the 2nd quarter. Dragoneer Investment Group LLC now owns 2,847,537 shares of the company’s stock valued at $309,755,000 after purchasing an additional 1,246,567 shares during the last quarter. Canada Pension Plan Investment Board lifted its holdings in shares of DoorDash by 595.2% in the 1st quarter. Canada Pension Plan Investment Board now owns 891,879 shares of the company’s stock valued at $122,830,000 after purchasing an additional 763,579 shares during the last quarter. Finally, Allspring Global Investments Holdings LLC lifted its holdings in shares of DoorDash by 216.1% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 1,082,362 shares of the company’s stock valued at $154,486,000 after purchasing an additional 739,961 shares during the last quarter. 90.64% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at DoorDash

In other DoorDash news, COO Prabir Adarkar sold 32,124 shares of the stock in a transaction on Tuesday, October 15th. The stock was sold at an average price of $147.99, for a total transaction of $4,754,030.76. Following the transaction, the chief operating officer now owns 963,094 shares of the company’s stock, valued at $142,528,281.06. This represents a 3.23 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, CEO Tony Xu sold 81,249 shares of the stock in a transaction on Tuesday, October 15th. The stock was sold at an average price of $147.87, for a total value of $12,014,289.63. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 324,539 shares of company stock valued at $46,439,330. 7.92% of the stock is owned by corporate insiders.

Analyst Ratings Changes

Several analysts have recently weighed in on DASH shares. Mizuho boosted their target price on DoorDash from $162.00 to $173.00 and gave the company an “outperform” rating in a report on Thursday, October 24th. BTIG Research raised DoorDash from a “neutral” rating to a “buy” rating and set a $155.00 target price for the company in a report on Thursday, September 19th. BMO Capital Markets boosted their target price on DoorDash from $140.00 to $180.00 and gave the company an “outperform” rating in a report on Thursday, October 31st. Argus started coverage on DoorDash in a report on Tuesday, July 23rd. They issued a “hold” rating for the company. Finally, Truist Financial upped their price objective on DoorDash from $170.00 to $180.00 and gave the company a “buy” rating in a research note on Thursday, October 31st. Ten research analysts have rated the stock with a hold rating and twenty-four have assigned a buy rating to the stock. According to data from MarketBeat.com, DoorDash currently has a consensus rating of “Moderate Buy” and an average price target of $164.03.

DoorDash Stock Performance

DASH stock opened at $169.43 on Friday. DoorDash, Inc. has a 1 year low of $92.56 and a 1 year high of $178.16. The stock’s 50 day moving average price is $149.01 and its 200 day moving average price is $126.98. The firm has a market cap of $70.38 billion, a P/E ratio of -376.51, a PEG ratio of 14.79 and a beta of 1.67.

DoorDash (NASDAQ:DASH) last posted its earnings results on Wednesday, October 30th. The company reported $0.38 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.21 by $0.17. DoorDash had a negative return on equity of 2.41% and a negative net margin of 1.69%. The firm had revenue of $2.71 billion for the quarter, compared to analyst estimates of $2.66 billion. During the same quarter in the prior year, the company earned ($0.19) EPS. DoorDash’s revenue was up 25.0% on a year-over-year basis. On average, research analysts predict that DoorDash, Inc. will post 0.24 earnings per share for the current year.

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.