JPMorgan Chase & Co. Sells 26,508 Shares of Doximity, Inc. $DOCS

JPMorgan Chase & Co. reduced its holdings in Doximity, Inc. (NYSE:DOCS) by 5.5% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 452,604 shares of the company’s stock after selling 26,508 shares during the period. JPMorgan Chase & Co.’s holdings in Doximity were worth $33,108,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of DOCS. Whittier Trust Co. of Nevada Inc. grew its holdings in Doximity by 59.5% during the 3rd quarter. Whittier Trust Co. of Nevada Inc. now owns 480 shares of the company’s stock worth $35,000 after acquiring an additional 179 shares during the period. Oregon Public Employees Retirement Fund lifted its stake in shares of Doximity by 0.7% in the 3rd quarter. Oregon Public Employees Retirement Fund now owns 27,500 shares of the company’s stock valued at $2,012,000 after purchasing an additional 200 shares during the period. Fairvoy Private Wealth LLC lifted its stake in shares of Doximity by 1.1% in the 3rd quarter. Fairvoy Private Wealth LLC now owns 19,253 shares of the company’s stock valued at $1,408,000 after purchasing an additional 206 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in shares of Doximity by 0.5% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 38,978 shares of the company’s stock worth $2,262,000 after purchasing an additional 210 shares during the last quarter. Finally, Rakuten Securities Inc. grew its stake in shares of Doximity by 14.0% during the third quarter. Rakuten Securities Inc. now owns 1,763 shares of the company’s stock worth $129,000 after purchasing an additional 217 shares during the period. 87.19% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of equities research analysts recently commented on the company. Mizuho dropped their price objective on Doximity from $45.00 to $34.00 and set a “neutral” rating for the company in a report on Tuesday, February 10th. The Goldman Sachs Group reduced their target price on Doximity from $46.00 to $34.00 and set a “neutral” rating on the stock in a report on Friday, February 6th. Canaccord Genuity Group set a $34.00 price target on Doximity and gave the company a “buy” rating in a research note on Monday, February 9th. Piper Sandler increased their price target on shares of Doximity from $40.00 to $42.00 and gave the company an “overweight” rating in a research report on Friday, February 20th. Finally, Raymond James Financial reissued a “strong-buy” rating on shares of Doximity in a research note on Monday, December 29th. Two analysts have rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and six have given a Hold rating to the stock. According to data from MarketBeat.com, Doximity presently has an average rating of “Moderate Buy” and a consensus target price of $46.63.

Insider Buying and Selling

In other news, Director Kira Scherer Wampler sold 2,000 shares of the company’s stock in a transaction that occurred on Tuesday, March 3rd. The shares were sold at an average price of $26.00, for a total value of $52,000.00. Following the completion of the transaction, the director owned 19,839 shares in the company, valued at $515,814. This represents a 9.16% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Siddharth Sitaram sold 2,319 shares of the stock in a transaction on Tuesday, March 10th. The stock was sold at an average price of $25.37, for a total transaction of $58,833.03. Following the sale, the insider directly owned 84,132 shares of the company’s stock, valued at $2,134,428.84. This represents a 2.68% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders sold 6,601 shares of company stock worth $174,455. Insiders own 31.30% of the company’s stock.

Doximity Stock Down 1.7%

Shares of Doximity stock opened at $24.37 on Monday. The company has a market capitalization of $4.50 billion, a P/E ratio of 20.31, a P/E/G ratio of 1.37 and a beta of 1.44. The stock has a 50-day simple moving average of $30.60. Doximity, Inc. has a 1 year low of $23.53 and a 1 year high of $76.51.

Doximity (NYSE:DOCS) last issued its quarterly earnings data on Thursday, February 5th. The company reported $0.46 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.45 by $0.01. Doximity had a return on equity of 23.84% and a net margin of 37.54%.During the same period last year, the firm posted $0.45 earnings per share. Doximity’s revenue was up 9.8% compared to the same quarter last year.

Doximity announced that its Board of Directors has approved a share repurchase plan on Thursday, February 5th that permits the company to repurchase $500.00 million in outstanding shares. This repurchase authorization permits the company to repurchase up to 8% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s board of directors believes its stock is undervalued.

About Doximity

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.