Citigroup Inc. Buys 20,740 Shares of Doximity, Inc. $DOCS

Citigroup Inc. grew its stake in Doximity, Inc. (NASDAQ:DOCS) by 43.1% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 68,866 shares of the company’s stock after acquiring an additional 20,740 shares during the period. Citigroup Inc.’s holdings in Doximity were worth $5,038,000 at the end of the most recent reporting period.

A number of other institutional investors have also modified their holdings of DOCS. Geode Capital Management LLC boosted its holdings in shares of Doximity by 7.7% in the second quarter. Geode Capital Management LLC now owns 3,639,898 shares of the company’s stock valued at $223,829,000 after purchasing an additional 261,319 shares during the period. Franklin Resources Inc. raised its position in Doximity by 53.9% during the 2nd quarter. Franklin Resources Inc. now owns 3,162,593 shares of the company’s stock valued at $193,993,000 after purchasing an additional 1,108,162 shares in the last quarter. Voya Investment Management LLC lifted its holdings in shares of Doximity by 932.8% in the 3rd 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. Holocene Advisors LP bought a new position in shares of Doximity during the 2nd quarter worth $44,983,000. Finally, Ensign Peak Advisors Inc increased its stake in shares of Doximity by 275.0% during the second quarter. Ensign Peak Advisors Inc now owns 695,669 shares of the company’s stock valued at $42,672,000 after buying an additional 510,169 shares during the period. 87.19% of the stock is owned by hedge funds and other institutional investors.

Doximity Stock Up 5.2%

Shares of Doximity stock opened at $27.04 on Wednesday. The company has a market cap of $4.99 billion, a P/E ratio of 27.04, a PEG ratio of 4.10 and a beta of 1.39. The firm’s 50 day moving average price is $35.66 and its 200-day moving average price is $52.40. Doximity, Inc. has a 52-week low of $23.53 and a 52-week high of $76.51.

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

Doximity announced that its board has approved a share repurchase plan on Thursday, February 5th that allows the company to repurchase $500.00 million in shares. This repurchase authorization allows the company to purchase up to 8% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s board believes its stock is undervalued.

Wall Street Analyst Weigh In

DOCS has been the subject of a number of research reports. JPMorgan Chase & Co. lowered their price objective on shares of Doximity from $40.00 to $33.00 and set a “neutral” rating for the company in a research note on Friday, February 20th. Royal Bank Of Canada initiated coverage on shares of Doximity in a research report on Thursday, January 8th. They issued an “outperform” rating and a $59.00 price target for the company. BMO Capital Markets set a $25.00 price objective on shares of Doximity in a report on Friday, February 6th. Canaccord Genuity Group set a $34.00 price objective on shares of Doximity and gave the stock a “buy” rating in a research note on Monday, February 9th. Finally, Truist Financial dropped their target price on Doximity from $62.00 to $37.00 and set a “buy” rating on the stock in a research report on Friday, February 6th. One investment analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and five have assigned a Hold rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target 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.