Blair William & Co. IL Purchases 345,390 Shares of Doximity, Inc. $DOCS

Blair William & Co. IL grew its position in shares of Doximity, Inc. (NASDAQ:DOCS) by 1,990.7% in the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 362,740 shares of the company’s stock after acquiring an additional 345,390 shares during the quarter. Blair William & Co. IL’s holdings in Doximity were worth $26,534,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in DOCS. Synergy Asset Management LLC grew its holdings in shares of Doximity by 100.0% in the 3rd quarter. Synergy Asset Management LLC now owns 604,502 shares of the company’s stock valued at $44,219,000 after acquiring an additional 302,251 shares in the last quarter. Liontrust Investment Partners LLP increased its position in shares of Doximity by 1,189.9% in the second quarter. Liontrust Investment Partners LLP now owns 272,065 shares of the company’s stock valued at $16,688,000 after acquiring an additional 250,973 shares during the last quarter. SG Americas Securities LLC raised its holdings in Doximity by 335.9% during the third quarter. SG Americas Securities LLC now owns 52,993 shares of the company’s stock worth $3,876,000 after acquiring an additional 40,837 shares in the last quarter. Aubrey Capital Management Ltd acquired a new position in Doximity during the third quarter valued at approximately $4,572,000. Finally, Voya Investment Management LLC boosted its position in 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 purchasing an additional 1,415,882 shares during the last quarter. 87.19% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, Director Kira Scherer Wampler sold 2,000 shares of the company’s stock in a transaction dated Tuesday, March 3rd. The shares were sold at an average price of $26.00, for a total value of $52,000.00. Following the transaction, the director owned 19,839 shares in the company, valued at approximately $515,814. This represents a 9.16% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 31.30% of the company’s stock.

Doximity Price Performance

NASDAQ:DOCS opened at $25.39 on Friday. The company has a market cap of $4.69 billion, a P/E ratio of 25.39, a P/E/G ratio of 4.10 and a beta of 1.44. The firm’s fifty day moving average price is $34.57 and its two-hundred day moving average price is $51.68. Doximity, Inc. has a one year low of $23.53 and a one year high of $76.51.

Doximity (NASDAQ:DOCS) last posted its earnings results on Thursday, February 5th. The company reported $0.46 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.45 by $0.01. Doximity had a net margin of 36.60% and a return on equity of 21.75%. The company’s quarterly revenue was up 9.8% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.45 earnings per share. As a group, equities research analysts expect that Doximity, Inc. will post 0.99 earnings per share for the current year.

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

Wall Street Analysts Forecast Growth

A number of analysts have commented on the stock. Morgan Stanley cut their price target on shares of Doximity from $65.00 to $49.00 and set an “overweight” rating for the company in a research note on Friday, February 6th. JPMorgan Chase & Co. dropped their target price on shares of Doximity from $40.00 to $33.00 and set a “neutral” rating on the stock in a report on Friday, February 20th. Needham & Company LLC cut their target price on shares of Doximity from $75.00 to $55.00 and set a “buy” rating for the company in a research note on Friday, February 6th. Barclays reduced their price target on Doximity from $63.00 to $38.00 and set an “overweight” rating for the company in a report on Wednesday, February 11th. Finally, Wells Fargo & Company reduced their price target on Doximity from $55.00 to $45.00 and set an “overweight” rating for the company in a report on Friday, February 6th. One research analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating and five have issued a Hold rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $48.33.

About Doximity

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.