Vanguard Group Inc. Purchases 518,916 Shares of Doximity, Inc. $DOCS

Vanguard Group Inc. lifted its position in Doximity, Inc. (NYSE:DOCS) by 4.1% during the 4th quarter, according to its most recent disclosure with the SEC. The fund owned 13,285,485 shares of the company’s stock after purchasing an additional 518,916 shares during the period. Vanguard Group Inc. owned about 0.07% of Doximity worth $588,281,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently made changes to their positions in the company. Root Financial Partners LLC bought a new position in shares of Doximity in the third quarter worth approximately $30,000. Whittier Trust Co. of Nevada Inc. raised its holdings in shares of Doximity by 59.5% during the third quarter. Whittier Trust Co. of Nevada Inc. now owns 480 shares of the company’s stock valued at $35,000 after acquiring an additional 179 shares in the last quarter. Toth Financial Advisory Corp raised its holdings in shares of Doximity by 100.0% during the fourth quarter. Toth Financial Advisory Corp now owns 1,000 shares of the company’s stock valued at $44,000 after acquiring an additional 500 shares in the last quarter. Atlantic Union Bankshares Corp raised its holdings in shares of Doximity by 136.9% during the third quarter. Atlantic Union Bankshares Corp now owns 616 shares of the company’s stock valued at $45,000 after acquiring an additional 356 shares in the last quarter. Finally, First Horizon Corp bought a new position in shares of Doximity during the third quarter valued at approximately $58,000. Institutional investors own 87.19% of the company’s stock.

Insiders Place Their Bets

In other news, insider Siddharth Sitaram sold 2,427 shares of the stock in a transaction on Friday, April 10th. The stock was sold at an average price of $21.09, for a total value of $51,185.43. Following the sale, the insider directly owned 86,705 shares of the company’s stock, valued at approximately $1,828,608.45. This represents a 2.72% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. 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 2,000 shares of the stock in a transaction on Tuesday, March 3rd. The stock was sold at an average price of $26.00, for a total value of $52,000.00. Following the completion of the sale, the director directly owned 19,839 shares in the company, valued at approximately $515,814. This represents a 9.16% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders sold 9,028 shares of company stock worth $225,641. Insiders own 31.30% of the company’s stock.

Analyst Ratings Changes

A number of brokerages recently commented on DOCS. JPMorgan Chase & Co. decreased their target price on Doximity from $40.00 to $33.00 and set a “neutral” rating for the company in a report on Friday, February 20th. Mizuho decreased their target price on Doximity from $45.00 to $34.00 and set a “neutral” rating for the company in a report on Tuesday, February 10th. Royal Bank Of Canada restated an “outperform” rating and set a $44.00 target price on shares of Doximity in a report on Monday, March 9th. Bank of America decreased their target price on Doximity from $56.00 to $47.00 and set a “buy” rating for the company in a report on Thursday, April 16th. Finally, BTIG Research decreased their target price on Doximity from $80.00 to $50.00 and set a “buy” rating for the company in a report on Friday, February 6th. Two equities research analysts have rated the stock with a Strong Buy rating, twelve have given a Buy rating and eight have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $41.26.

Doximity Stock Performance

Shares of DOCS stock opened at $24.91 on Tuesday. The stock has a market capitalization of $4.60 billion, a PE ratio of 20.76, a price-to-earnings-growth ratio of 1.78 and a beta of 1.36. The business has a fifty day moving average price of $24.14. Doximity, Inc. has a twelve month low of $20.55 and a twelve month high of $76.51.

Doximity (NYSE:DOCS) last issued its quarterly earnings results on Thursday, February 5th. The company reported $0.46 earnings per share for the quarter, topping 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%.The business’s revenue was up 9.8% compared to the same quarter last year. During the same period in the previous year, the business earned $0.45 EPS. As a group, equities research analysts predict that Doximity, Inc. will post 1.11 earnings per share for the current year.

Doximity announced that its board has approved a share repurchase program on Thursday, February 5th that authorizes the company to repurchase $500.00 million in outstanding shares. This repurchase authorization authorizes the company to repurchase up to 8% of its shares through open market purchases. Shares repurchase programs are usually an indication that the company’s management 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.