Doximity, Inc. $DOCS Position Boosted by Allworth Financial LP

Allworth Financial LP lifted its holdings in Doximity, Inc. (NYSE:DOCS) by 369.7% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 40,952 shares of the company’s stock after purchasing an additional 32,233 shares during the period. Allworth Financial LP’s holdings in Doximity were worth $2,996,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also made changes to their positions in the company. William Blair Investment Management LLC raised its position in shares of Doximity by 11.7% during the third quarter. William Blair Investment Management LLC now owns 5,829,169 shares of the company’s stock worth $426,404,000 after purchasing an additional 609,775 shares during the period. Capital World Investors increased its position in shares of Doximity by 25.7% in the third quarter. Capital World Investors now owns 5,381,431 shares of the company’s stock worth $393,652,000 after acquiring an additional 1,101,848 shares in the last quarter. Franklin Resources Inc. increased its position in shares of Doximity by 6.2% in the third quarter. Franklin Resources Inc. now owns 3,357,505 shares of the company’s stock worth $245,601,000 after acquiring an additional 194,912 shares in the last quarter. Invesco Ltd. raised its holdings in shares of Doximity by 22.9% during the third quarter. Invesco Ltd. now owns 2,328,300 shares of the company’s stock valued at $170,315,000 after acquiring an additional 433,983 shares during the period. Finally, Voya Investment Management LLC raised its holdings in shares of Doximity by 932.8% during the third quarter. Voya Investment Management LLC now owns 1,567,668 shares of the company’s stock valued at $114,267,000 after acquiring an additional 1,415,882 shares during the period. 87.19% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other Doximity news, insider Siddharth Sitaram sold 2,319 shares of the business’s stock in a transaction dated Tuesday, March 10th. The stock was sold at an average price of $25.37, for a total value of $58,833.03. Following the transaction, the insider owned 84,132 shares in the company, valued at $2,134,428.84. The trade was a 2.68% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Kira Scherer Wampler sold 2,000 shares of the company’s stock in a transaction dated Tuesday, March 3rd. The stock was sold at an average price of $26.00, for a total value of $52,000.00. Following the completion of the transaction, the director directly owned 19,839 shares in the company, valued at approximately $515,814. The trade was a 9.16% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders have sold 6,601 shares of company stock valued at $174,455. Insiders own 31.30% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts recently commented on DOCS shares. Wells Fargo & Company decreased their price objective on shares of Doximity from $55.00 to $45.00 and set an “overweight” rating for the company in a research note on Friday, February 6th. BTIG Research cut their target price on shares of Doximity from $80.00 to $50.00 and set a “buy” rating on the stock in a research note on Friday, February 6th. Zacks Research lowered Doximity from a “strong-buy” rating to a “hold” rating in a report on Friday, February 13th. Piper Sandler raised their target price on Doximity from $40.00 to $42.00 and gave the stock an “overweight” rating in a research report on Friday, February 20th. Finally, Freedom Capital upgraded Doximity to a “strong-buy” rating in a report on Tuesday, March 17th. Two research analysts have rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and six have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $46.63.

Doximity Price Performance

Shares of DOCS opened at $24.37 on Friday. The stock has a market capitalization of $4.50 billion, a P/E ratio of 20.31, a PEG ratio of 1.37 and a beta of 1.44. The company’s 50 day moving average is $30.60. Doximity, Inc. has a 52 week low of $23.53 and a 52 week high of $76.51.

Doximity (NYSE:DOCS) last posted its quarterly earnings results on Thursday, February 5th. The company reported $0.46 earnings per share for the quarter, topping analysts’ consensus estimates of $0.45 by $0.01. Doximity had a net margin of 37.54% and a return on equity of 23.84%. During the same period in the prior year, the firm earned $0.45 EPS. Doximity’s revenue for the quarter was up 9.8% on a year-over-year basis.

Doximity announced that its board has approved a stock buyback program on Thursday, February 5th that allows the company to repurchase $500.00 million in shares. This repurchase authorization allows the company to purchase up to 8% of its shares through open market purchases. Shares repurchase programs are typically a sign that the company’s leadership believes its stock is undervalued.

Doximity Company Profile

Doximity, trading as DOCS, operates a digital professional network and communications platform designed primarily for clinicians. Headquartered in San Francisco, the company connects physicians, nurse practitioners, physician assistants and other healthcare professionals, providing tools that streamline clinical communication, telehealth delivery and access to specialty-specific medical information. Its platform is positioned as a professional hub where clinicians manage their workflows, stay current with medical news and collaborate securely with peers.

The company’s offerings include secure messaging and video telehealth capabilities that enable clinicians to consult with patients and colleagues while protecting patient information.