Louisiana State Employees Retirement System Purchases New Stake in Doximity, Inc. $DOCS

Louisiana State Employees Retirement System purchased a new stake in shares of Doximity, Inc. (NYSE:DOCS) in the 1st quarter, according to the company in its most recent disclosure with the SEC. The firm purchased 38,800 shares of the company’s stock, valued at approximately $904,000.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position 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 valued at $2,262,000 after purchasing an additional 210 shares during the period. BOKF NA lifted its position in Doximity by 5.3% during the third quarter. BOKF NA now owns 5,356 shares of the company’s stock worth $392,000 after acquiring an additional 269 shares during the last quarter. Northwestern Mutual Investment Management Company LLC boosted its holdings in shares of Doximity by 1.1% during the fourth quarter. Northwestern Mutual Investment Management Company LLC now owns 30,736 shares of the company’s stock worth $1,361,000 after acquiring an additional 333 shares during the period. Lifestyle Asset Management Inc. boosted its holdings in shares of Doximity by 5.9% during the fourth quarter. Lifestyle Asset Management Inc. now owns 7,083 shares of the company’s stock worth $314,000 after acquiring an additional 396 shares during the period. Finally, Northwestern Mutual Wealth Management Co. grew its position in shares of Doximity by 99.5% in the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 796 shares of the company’s stock valued at $35,000 after purchasing an additional 397 shares during the last quarter. 87.19% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of brokerages have commented on DOCS. Loop Capital set a $31.00 price objective on Doximity in a report on Tuesday, March 17th. Freedom Capital upgraded shares of Doximity to a “strong-buy” rating in a research report on Tuesday, March 17th. BMO Capital Markets decreased their price objective on shares of Doximity from $25.00 to $20.00 and set a “market perform” rating on the stock in a research note on Thursday, May 14th. Zacks Research cut Doximity from a “hold” rating to a “strong sell” rating in a research note on Tuesday, June 2nd. Finally, Weiss Ratings downgraded Doximity from a “hold (c-)” rating to a “sell (d+)” rating in a report on Friday, May 15th. Two equities research analysts have rated the stock with a Strong Buy rating, six have given a Buy rating, twelve have given a Hold rating and four have assigned a Sell rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and an average price target of $29.33.

Insiders Place Their Bets

In other news, insider Siddharth Sitaram sold 2,444 shares of the company’s stock in a transaction on Monday, June 8th. The shares were sold at an average price of $20.41, for a total transaction of $49,882.04. Following the completion of the transaction, the insider directly owned 90,706 shares in the company, valued at approximately $1,851,309.46. This represents a 2.62% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director Kira Scherer Wampler sold 9,000 shares of the stock in a transaction on Thursday, May 7th. The shares were sold at an average price of $26.06, for a total value of $234,540.00. Following the completion of the transaction, the director owned 19,839 shares of the company’s stock, valued at $517,004.34. The trade was a 31.21% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last ninety days, insiders have sold 16,180 shares of company stock worth $395,110. Insiders own 31.30% of the company’s stock.

Doximity Price Performance

DOCS stock opened at $21.86 on Monday. The company has a 50 day simple moving average of $21.62 and a 200 day simple moving average of $28.09. The stock has a market cap of $4.00 billion, a price-to-earnings ratio of 22.09, a P/E/G ratio of 6.79 and a beta of 1.30. Doximity, Inc. has a 1 year low of $17.15 and a 1 year high of $76.51.

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.