Cullinan Associates Inc. Reduces Holdings in DoorDash, Inc. $DASH

Key Points

• Cullinan Associates Inc. reduced its holdings in DoorDash by 52.3% during the second quarter, ending with 1,825 shares valued at $450,000.
• Several institutional investors are actively adjusting their positions in DoorDash, with Valeo Financial Advisors increasing their stake by 17.1%, while others, like Fortis Capital Advisors LLC, have begun new positions.
• Analysts have set new price targets for DoorDash, with ratings ranging from "Strong Buy" to "Hold," and an average price target currently at $275.27.

Cullinan Associates Inc. decreased its position in shares of DoorDash, Inc. (NASDAQ:DASH - Free Report) by 52.3% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 1,825 shares of the company's stock after selling 2,000 shares during the period. Cullinan Associates Inc.'s holdings in DoorDash were worth $450,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Valeo Financial Advisors LLC increased its stake in DoorDash by 17.1% during the 2nd quarter. Valeo Financial Advisors LLC now owns 1,818 shares of the company's stock worth $448,000 after buying an additional 266 shares during the period. Three Bridge Wealth Advisors LLC acquired a new position in DoorDash during the 2nd quarter worth $331,000. Merit Financial Group LLC increased its position in shares of DoorDash by 2.9% in the 2nd quarter. Merit Financial Group LLC now owns 13,116 shares of the company's stock worth $3,233,000 after purchasing an additional 367 shares during the last quarter. Fortis Capital Advisors LLC bought a new stake in shares of DoorDash in the 2nd quarter worth about $1,053,000. Finally, Franklin Street Advisors Inc. NC increased its position in shares of DoorDash by 7.0% in the 2nd quarter. Franklin Street Advisors Inc. NC now owns 148,468 shares of the company's stock worth $36,599,000 after purchasing an additional 9,747 shares during the last quarter. Hedge funds and other institutional investors own 90.64% of the company's stock.

Insider Buying and Selling at DoorDash

In related news, CFO Ravi Inukonda sold 1,425 shares of the stock in a transaction that occurred on Wednesday, September 24th. The shares were sold at an average price of $266.16, for a total transaction of $379,278.00. Following the completion of the sale, the chief financial officer directly owned 214,772 shares of the company's stock, valued at $57,163,715.52. This represents a 0.66% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Stanley Tang sold 45,410 shares of the stock in a transaction that occurred on Wednesday, October 1st. The shares were sold at an average price of $268.23, for a total transaction of $12,180,324.30. The disclosure for this sale can be found here. Over the last quarter, insiders sold 1,001,417 shares of company stock valued at $249,569,754. Corporate insiders own 5.83% of the company's stock.

Analysts Set New Price Targets

DASH has been the subject of several research analyst reports. Evercore ISI reissued an "outperform" rating and issued a $360.00 target price (up previously from $240.00) on shares of DoorDash in a research report on Friday, August 8th. Benchmark boosted their target price on shares of DoorDash from $260.00 to $315.00 and gave the stock a "buy" rating in a research report on Thursday, August 7th. Wells Fargo & Company dropped their target price on shares of DoorDash from $306.00 to $301.00 and set an "equal weight" rating for the company in a research report on Friday. Susquehanna boosted their target price on shares of DoorDash from $235.00 to $300.00 and gave the stock a "positive" rating in a research report on Monday, August 11th. Finally, Mizuho set a $350.00 target price on shares of DoorDash and gave the stock an "outperform" rating in a research report on Monday, September 29th. Two research analysts have rated the stock with a Strong Buy rating, twenty have assigned a Buy rating and fourteen have assigned a Hold rating to the company's stock. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target of $275.27.

DoorDash Trading Up 0.4%

DoorDash stock opened at $271.22 on Monday. The firm has a 50 day simple moving average of $255.52 and a 200-day simple moving average of $224.37. The company has a debt-to-equity ratio of 0.30, a current ratio of 2.07 and a quick ratio of 2.07. The stock has a market capitalization of $115.87 billion, a PE ratio of 150.68 and a beta of 1.71. DoorDash, Inc. has a 12-month low of $141.26 and a 12-month high of $278.15.

DoorDash (NASDAQ:DASH - Get Free Report) last posted its quarterly earnings data on Wednesday, August 6th. The company reported $0.65 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.42 by $0.23. The business had revenue of $3.28 billion during the quarter, compared to analysts' expectations of $3.16 billion. DoorDash had a net margin of 6.57% and a return on equity of 9.56%. The business's revenue was up 24.9% on a year-over-year basis. During the same period last year, the firm posted ($0.38) earnings per share. As a group, equities research analysts expect that DoorDash, Inc. will post 2.22 EPS for the current fiscal year.

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.

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