Aquatic Capital Management LLC Buys Shares of 74,212 Doximity, Inc. $DOCS

Aquatic Capital Management LLC purchased a new stake in shares of Doximity, Inc. (NYSE:DOCS) in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund purchased 74,212 shares of the company’s stock, valued at approximately $5,429,000.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Root Financial Partners LLC bought a new stake in Doximity during the third quarter valued at approximately $30,000. Whittier Trust Co. of Nevada Inc. boosted its stake in shares of Doximity by 59.5% during the 3rd quarter. Whittier Trust Co. of Nevada Inc. now owns 480 shares of the company’s stock worth $35,000 after acquiring an additional 179 shares during the last quarter. Toth Financial Advisory Corp boosted its stake in shares of Doximity by 150.0% during the 3rd quarter. Toth Financial Advisory Corp now owns 500 shares of the company’s stock worth $37,000 after acquiring an additional 300 shares during the last quarter. Atlantic Union Bankshares Corp grew its position in shares of Doximity by 136.9% during the 3rd quarter. Atlantic Union Bankshares Corp now owns 616 shares of the company’s stock valued at $45,000 after acquiring an additional 356 shares during the period. Finally, First Horizon Corp bought a new stake in shares of Doximity during the 3rd quarter valued at $58,000. Hedge funds and other institutional investors own 87.19% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts recently commented on DOCS shares. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Doximity in a report on Wednesday, December 24th. JPMorgan Chase & Co. cut their price target on Doximity from $40.00 to $33.00 and set a “neutral” rating for the company in a report on Friday, February 20th. Morgan Stanley reduced their price target on Doximity from $65.00 to $49.00 and set an “overweight” rating for the company in a research report on Friday, February 6th. Wall Street Zen downgraded Doximity from a “buy” rating to a “hold” rating in a research note on Saturday, January 10th. Finally, Needham & Company LLC upgraded Doximity to a “moderate buy” rating in a research note on Friday, February 6th. One analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and six have given a Hold rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $47.50.

Doximity Stock Up 1.1%

NYSE DOCS opened at $24.63 on Tuesday. The firm’s 50 day moving average price is $32.21. Doximity, Inc. has a one year low of $23.53 and a one year high of $76.51. The company has a market cap of $4.55 billion, a P/E ratio of 20.53, a P/E/G ratio of 1.37 and a beta of 1.44.

Doximity (NYSE:DOCS) last announced 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 net margin of 37.54% and a return on equity of 23.84%. During the same period in the previous year, the firm earned $0.45 EPS. Doximity’s revenue for the quarter was up 9.8% on a year-over-year basis.

Doximity declared that its board has authorized a stock buyback plan on Thursday, February 5th that authorizes the company to buyback $500.00 million in outstanding shares. This buyback authorization authorizes the company to reacquire up to 8% of its shares through open market purchases. Shares buyback plans are often an indication that the company’s board believes its stock is undervalued.

Insider Activity

In related news, insider Siddharth Sitaram sold 2,319 shares of Doximity stock in a transaction dated Tuesday, March 10th. The stock was sold at an average price of $25.37, for a total value of $58,833.03. Following the completion of the transaction, the insider owned 84,132 shares in the company, valued at approximately $2,134,428.84. This trade represents a 2.68% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Kira Scherer Wampler sold 2,000 shares of the business’s stock in a transaction that occurred 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 sale, the director directly owned 19,839 shares in the company, valued at $515,814. The trade was a 9.16% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 6,601 shares of company stock worth $174,455 over the last 90 days. Corporate insiders own 31.30% of the company’s stock.

Doximity Profile

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.