Baillie Gifford & Co. Reduces Stock Position in Doximity, Inc. $DOCS

Baillie Gifford & Co. cut its stake in Doximity, Inc. (NASDAQ:DOCS) by 2.1% in the 3rd quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 3,849,762 shares of the company’s stock after selling 84,269 shares during the quarter. Baillie Gifford & Co. owned about 2.06% of Doximity worth $281,610,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. Synergy Asset Management LLC raised its stake in Doximity by 100.0% in the third quarter. Synergy Asset Management LLC now owns 604,502 shares of the company’s stock valued at $44,219,000 after purchasing an additional 302,251 shares in the last quarter. Liontrust Investment Partners LLP grew its stake in Doximity by 1,189.9% in the 2nd quarter. Liontrust Investment Partners LLP now owns 272,065 shares of the company’s stock worth $16,688,000 after buying an additional 250,973 shares in the last quarter. SG Americas Securities LLC increased its holdings in shares of Doximity by 335.9% in 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. VIRGINIA RETIREMENT SYSTEMS ET Al purchased a new stake in shares of Doximity during the 2nd quarter valued at $1,628,000. Finally, Voya Investment Management LLC lifted its holdings in shares of Doximity by 932.8% during the 3rd quarter. Voya Investment Management LLC now owns 1,567,668 shares of the company’s stock worth $114,267,000 after acquiring an additional 1,415,882 shares during the last quarter. 87.19% of the stock is currently owned by institutional investors.

Doximity Price Performance

DOCS opened at $40.62 on Friday. The stock’s 50 day simple moving average is $45.31 and its 200 day simple moving average is $58.43. The firm has a market cap of $7.65 billion, a price-to-earnings ratio of 40.62, a PEG ratio of 4.10 and a beta of 1.39. Doximity, Inc. has a 1 year low of $39.50 and a 1 year high of $85.21.

Doximity (NASDAQ:DOCS) last announced its quarterly earnings data on Thursday, November 6th. The company reported $0.45 earnings per share for the quarter, beating the consensus estimate of $0.38 by $0.07. Doximity had a return on equity of 21.75% and a net margin of 36.60%.During the same period in the prior year, the company earned $0.30 earnings per share. The firm’s quarterly revenue was up 23.2% on a year-over-year basis. As a group, sell-side analysts anticipate that Doximity, Inc. will post 0.99 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of research firms recently commented on DOCS. The Goldman Sachs Group raised Doximity from a “neutral” rating to a “buy” rating and set a $49.00 target price on the stock in a research note on Friday, January 9th. Morgan Stanley upgraded Doximity from an “equal weight” rating to an “overweight” rating and increased their price objective for the company from $62.00 to $65.00 in a research report on Monday, December 15th. Canaccord Genuity Group set a $48.00 target price on Doximity in a research report on Thursday, January 8th. Truist Financial set a $62.00 target price on Doximity in a research note on Thursday, January 8th. Finally, Bank of America raised shares of Doximity from a “neutral” rating to a “buy” rating and lifted their price target for the stock from $75.00 to $82.00 in a research note on Monday, October 27th. One analyst has rated the stock with a Strong Buy rating, fifteen have issued a Buy rating, four have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $65.74.

Insiders Place Their Bets

In other Doximity news, Director Kira Scherer Wampler sold 2,000 shares of the firm’s stock in a transaction on Monday, November 3rd. The shares were sold at an average price of $66.44, for a total value of $132,880.00. Following the sale, the director owned 19,839 shares of the company’s stock, valued at $1,318,103.16. This trade represents a 9.16% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 31.30% of the stock is owned by insiders.

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.