Capital World Investors Increases Position in Doximity, Inc. $DOCS

Capital World Investors lifted its holdings in Doximity, Inc. (NASDAQ:DOCS) by 25.7% during the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 5,381,431 shares of the company’s stock after buying an additional 1,101,848 shares during the quarter. Capital World Investors owned approximately 2.87% of Doximity worth $393,652,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of DOCS. William Blair Investment Management LLC grew its position in Doximity by 11.7% in the 3rd quarter. William Blair Investment Management LLC now owns 5,829,169 shares of the company’s stock valued at $426,404,000 after acquiring an additional 609,775 shares during the last quarter. Geode Capital Management LLC lifted its position in shares of Doximity by 7.7% during the second quarter. Geode Capital Management LLC now owns 3,639,898 shares of the company’s stock worth $223,829,000 after purchasing an additional 261,319 shares during the last quarter. Franklin Resources Inc. boosted its stake in shares of Doximity by 53.9% during the second 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 during the period. Voya Investment Management LLC boosted its stake in shares of 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 period. Finally, Dimensional Fund Advisors LP grew its holdings in shares of Doximity by 4.3% in the third quarter. Dimensional Fund Advisors LP now owns 1,301,299 shares of the company’s stock worth $95,203,000 after purchasing an additional 54,110 shares during the last quarter. 87.19% of the stock is owned by institutional investors.

Insiders Place Their Bets

In other Doximity news, Director Kira Scherer Wampler sold 2,000 shares of the company’s stock in a transaction on Tuesday, March 3rd. The stock was sold at an average price of $26.00, for a total transaction of $52,000.00. Following the completion of the sale, the director owned 19,839 shares in the company, valued at $515,814. This represents a 9.16% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 31.30% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

A number of brokerages recently weighed in on DOCS. JPMorgan Chase & Co. decreased their price objective on shares of Doximity from $40.00 to $33.00 and set a “neutral” rating for the company in a report on Friday, February 20th. Piper Sandler raised their target price on shares of Doximity from $40.00 to $42.00 and gave the stock an “overweight” rating in a research report on Friday, February 20th. BMO Capital Markets set a $25.00 price target on shares of Doximity in a research note on Friday, February 6th. Wells Fargo & Company lowered 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. Finally, Royal Bank Of Canada reissued an “outperform” rating and issued a $44.00 price objective on shares of Doximity in a research note on Monday. One analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and five have assigned a Hold rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $47.50.

Doximity Price Performance

Shares of Doximity stock opened at $24.64 on Thursday. Doximity, Inc. has a 1 year low of $23.53 and a 1 year high of $76.51. The firm’s 50-day moving average is $33.41 and its two-hundred day moving average is $50.83. The stock has a market cap of $4.55 billion, a price-to-earnings ratio of 24.64, a PEG ratio of 4.10 and a beta of 1.44.

Doximity (NASDAQ:DOCS) last posted its quarterly earnings results on Thursday, February 5th. The company reported $0.46 EPS 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 last year, the company posted $0.45 earnings per share. The business’s revenue for the quarter was up 9.8% on a year-over-year basis. On average, equities analysts expect that Doximity, Inc. will post 0.99 earnings per share for the current year.

Doximity announced that its Board of Directors has authorized a share repurchase program on Thursday, February 5th that authorizes the company to buyback $500.00 million in shares. This buyback authorization authorizes the company to repurchase up to 8% of its stock through open market purchases. Stock buyback programs are generally a sign that the company’s board of directors believes its stock is 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.