Bank of Nova Scotia Acquires Shares of 434,751 Doximity, Inc. $DOCS

Bank of Nova Scotia acquired a new position in shares of Doximity, Inc. (NYSE:DOCS) during the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm acquired 434,751 shares of the company’s stock, valued at approximately $10,130,000.

A number of other institutional investors and hedge funds have also made changes to their positions in DOCS. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its holdings 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. BOKF NA increased its holdings in shares of Doximity by 5.3% in the 3rd quarter. BOKF NA now owns 5,356 shares of the company’s stock worth $392,000 after acquiring an additional 269 shares during the period. Northwestern Mutual Investment Management Company LLC lifted its position in Doximity by 1.1% in the 4th quarter. Northwestern Mutual Investment Management Company LLC now owns 30,736 shares of the company’s stock valued at $1,361,000 after purchasing an additional 333 shares during the last quarter. Lifestyle Asset Management Inc. raised 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 valued at $314,000 after buying an additional 396 shares during the last quarter. Finally, Northwestern Mutual Wealth Management Co. boosted its position in shares of Doximity by 99.5% during the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 796 shares of the company’s stock worth $35,000 after buying an additional 397 shares during the period. 87.19% of the stock is currently owned by institutional investors and hedge funds.

Doximity Trading Up 0.0%

Shares of NYSE:DOCS opened at $20.42 on Monday. The firm has a market cap of $3.73 billion, a price-to-earnings ratio of 20.63, a P/E/G ratio of 6.14 and a beta of 1.30. Doximity, Inc. has a 1 year low of $17.15 and a 1 year high of $76.51. The business has a fifty day simple moving average of $20.89 and a 200 day simple moving average of $25.73.

Insider Activity

In other news, insider Siddharth Sitaram sold 2,444 shares of the firm’s stock in a transaction dated Monday, June 8th. The stock was sold at an average price of $20.41, for a total transaction of $49,882.04. Following the completion of the sale, the insider directly owned 90,706 shares of the company’s stock, valued at $1,851,309.46. This trade represents a 2.62% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. 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 firm’s stock in a transaction dated Thursday, May 7th. The stock was sold at an average price of $26.06, for a total value of $234,540.00. Following the sale, the director directly owned 19,839 shares of the company’s stock, valued at $517,004.34. This trade represents 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. Over the last ninety days, insiders sold 13,753 shares of company stock worth $343,925. Insiders own 31.80% of the company’s stock.

Wall Street Analyst Weigh In

DOCS has been the subject of a number of analyst reports. Weiss Ratings lowered Doximity from a “hold (c-)” rating to a “sell (d+)” rating in a research report on Friday, May 15th. Wells Fargo & Company reissued an “equal weight” rating and set a $18.00 target price (down from $32.00) on shares of Doximity in a research note on Thursday, May 14th. Citigroup downgraded shares of Doximity to an “underperform” rating in a research report on Monday, June 29th. Robert W. Baird reissued a “neutral” rating and set a $18.00 target price (down from $40.00) on shares of Doximity in a report on Thursday, May 14th. Finally, Canaccord Genuity Group dropped their price objective on Doximity from $34.00 to $30.00 and set a “buy” rating on the stock in a research note on Thursday, May 14th. Two equities research analysts have rated the stock with a Strong Buy rating, six have issued a Buy rating, thirteen have issued a Hold rating and three have issued a Sell rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $29.33.

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.