Victory Capital Management Inc. Grows Holdings in Doximity, Inc. $DOCS

Victory Capital Management Inc. increased its stake in Doximity, Inc. (NASDAQ:DOCS) by 525.3% in the 3rd quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 1,096,965 shares of the company’s stock after acquiring an additional 921,533 shares during the quarter. Victory Capital Management Inc.’s holdings in Doximity were worth $80,243,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of DOCS. Synergy Asset Management LLC increased its position in shares of Doximity by 100.0% during the third quarter. Synergy Asset Management LLC now owns 604,502 shares of the company’s stock worth $44,219,000 after purchasing an additional 302,251 shares in the last quarter. Liontrust Investment Partners LLP boosted its position in shares of Doximity by 1,189.9% during the 2nd 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 increased its holdings in shares of Doximity by 335.9% during the 3rd quarter. SG Americas Securities LLC now owns 52,993 shares of the company’s stock worth $3,876,000 after buying an additional 40,837 shares during the last quarter. Aubrey Capital Management Ltd acquired a new position in shares of Doximity in the 3rd quarter valued at $4,572,000. Finally, Voya Investment Management LLC boosted its stake in Doximity by 932.8% during the third quarter. Voya Investment Management LLC now owns 1,567,668 shares of the company’s stock worth $114,267,000 after buying an additional 1,415,882 shares during the period. 87.19% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Doximity

In other Doximity 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 directly owned 19,839 shares in the company, valued at approximately $515,814. This represents a 9.16% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 31.30% of the company’s stock.

Analyst Ratings Changes

Several research analysts have recently commented on the stock. Evercore reissued an “outperform” rating on shares of Doximity in a research note on Thursday, January 8th. Barclays reduced their target price on Doximity from $63.00 to $38.00 and set an “overweight” rating for the company in a report on Wednesday, February 11th. Canaccord Genuity Group set a $34.00 price objective on shares of Doximity and gave the stock a “buy” rating in a research report on Monday, February 9th. The Goldman Sachs Group decreased their price target on Doximity from $46.00 to $34.00 and set a “neutral” rating for the company in a report on Friday, February 6th. Finally, Morgan Stanley cut their target price on Doximity from $65.00 to $49.00 and set an “overweight” rating for the company in a research note on Friday, February 6th. One analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and five have given a Hold rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $48.33.

Doximity Price Performance

Shares of DOCS opened at $26.07 on Friday. Doximity, Inc. has a 1-year low of $23.53 and a 1-year high of $76.51. The stock has a market cap of $4.82 billion, a price-to-earnings ratio of 26.07, a price-to-earnings-growth ratio of 4.10 and a beta of 1.44. The firm has a 50 day simple moving average of $34.94 and a 200-day simple moving average of $52.04.

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

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

Doximity Profile

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.