Andra AP fonden Invests $5.66 Million in Doximity, Inc. $DOCS

Andra AP fonden purchased a new stake in shares of Doximity, Inc. (NASDAQ:DOCS) in the third quarter, HoldingsChannel.com reports. The firm purchased 77,433 shares of the company’s stock, valued at approximately $5,664,000.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in DOCS. Royal Bank of Canada boosted its position in Doximity by 24.2% in the 1st quarter. Royal Bank of Canada now owns 106,845 shares of the company’s stock valued at $6,200,000 after buying an additional 20,847 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its stake in shares of Doximity by 0.5% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 38,978 shares of the company’s stock worth $2,262,000 after acquiring an additional 210 shares in the last quarter. NewEdge Advisors LLC lifted its stake in shares of Doximity by 613.7% in the first quarter. NewEdge Advisors LLC now owns 6,323 shares of the company’s stock worth $367,000 after acquiring an additional 5,437 shares in the last quarter. Goldman Sachs Group Inc. boosted its holdings in Doximity by 33.3% in the first quarter. Goldman Sachs Group Inc. now owns 255,529 shares of the company’s stock valued at $14,828,000 after purchasing an additional 63,873 shares during the last quarter. Finally, Focus Partners Wealth acquired a new stake in Doximity during the 1st quarter valued at approximately $283,000. Hedge funds and other institutional investors own 87.19% of the company’s stock.

Doximity Trading Down 2.5%

Shares of NASDAQ DOCS opened at $24.48 on Friday. Doximity, Inc. has a 12-month low of $23.53 and a 12-month high of $76.51. The company has a market cap of $4.52 billion, a price-to-earnings ratio of 24.48, a price-to-earnings-growth ratio of 4.10 and a beta of 1.39. The stock’s 50 day simple moving average is $36.38 and its 200 day simple moving average is $53.02.

Doximity (NASDAQ:DOCS) last issued its earnings results on Thursday, February 5th. The company reported $0.46 earnings per share for the quarter, topping the consensus estimate of $0.45 by $0.01. Doximity had a return on equity of 21.75% and a net margin of 36.60%.Doximity’s quarterly revenue was up 9.8% compared to the same quarter last year. During the same period last year, the firm earned $0.45 EPS. As a group, equities analysts forecast that Doximity, Inc. will post 0.99 earnings per share for the current fiscal year.

Doximity declared that its Board of Directors has initiated a stock buyback program on Thursday, February 5th that allows the company to buyback $500.00 million in shares. This buyback authorization allows the company to repurchase up to 8% of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s management believes its stock is undervalued.

Analyst Upgrades and Downgrades

A number of equities analysts have issued reports on the company. KeyCorp set a $38.00 target price on Doximity in a research report on Friday, February 6th. Needham & Company LLC cut their price target on shares of Doximity from $75.00 to $55.00 and set a “buy” rating on the stock in a report on Friday, February 6th. Raymond James Financial reiterated a “strong-buy” rating on shares of Doximity in a research note on Monday, December 29th. Mizuho dropped their target price on shares of Doximity from $45.00 to $34.00 and set a “neutral” rating for the company in a research report on Tuesday, February 10th. Finally, Piper Sandler upped their target price on shares of Doximity from $40.00 to $42.00 and gave the company an “overweight” rating in a research note on Friday, February 20th. One analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and five have assigned a Hold rating to the stock. According to MarketBeat, Doximity presently has an average rating of “Moderate Buy” and an average price target of $48.33.

Doximity Company Profile

Doximity, Inc, headquartered in San Francisco, California, operates the leading professional medical network for healthcare professionals in the United States. Founded in 2011 by Jeff Tangney and Shari Buck, the company set out to create a secure digital environment where physicians, nurse practitioners and physician assistants can collaborate, share information and stay current with clinical news. Doximity went public in June 2021 and trades on the NASDAQ under the ticker symbol “DOCS.”

The core offering of Doximity is its HIPAA-compliant communication platform, which includes a secure messaging system, digital fax services and telehealth capabilities.