Doximity, Inc. $DOCS Shares Acquired by Allworth Financial LP

Allworth Financial LP increased its stake in Doximity, Inc. (NYSE:DOCS) by 369.7% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 40,952 shares of the company’s stock after buying an additional 32,233 shares during the period. Allworth Financial LP’s holdings in Doximity were worth $2,996,000 at the end of the most recent reporting period.

Other institutional investors have also recently added to or reduced their stakes in the company. Swiss Life Asset Management Ltd increased its holdings in Doximity by 1.2% in the third quarter. Swiss Life Asset Management Ltd now owns 209,829 shares of the company’s stock valued at $15,349,000 after buying an additional 2,489 shares during the last quarter. Tevis Investment Management lifted its holdings in Doximity by 7.9% during the 3rd quarter. Tevis Investment Management now owns 7,229 shares of the company’s stock worth $529,000 after buying an additional 528 shares during the last quarter. CIBC Bancorp USA Inc. bought a new position in Doximity during the 3rd quarter worth approximately $908,000. Danske Bank A S acquired a new position in shares of Doximity in the 3rd quarter worth approximately $543,000. Finally, Advisory Services Network LLC acquired a new position in shares of Doximity in the 3rd quarter worth approximately $111,000. 87.19% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Doximity

In other news, 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 transaction, the director owned 19,839 shares of the company’s stock, valued at approximately $515,814. This represents a 9.16% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, insider Siddharth Sitaram sold 2,319 shares of the firm’s stock in a transaction on Tuesday, March 10th. The shares were sold at an average price of $25.37, for a total value of $58,833.03. Following the transaction, the insider directly owned 84,132 shares in the company, valued at $2,134,428.84. This trade represents a 2.68% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders sold 6,601 shares of company stock worth $174,455. 31.30% of the stock is owned by insiders.

Doximity Trading Down 1.7%

Shares of NYSE DOCS opened at $24.37 on Friday. Doximity, Inc. has a 12-month low of $23.53 and a 12-month high of $76.51. The company has a market cap of $4.50 billion, a P/E ratio of 20.31, a price-to-earnings-growth ratio of 1.37 and a beta of 1.44. The business has a 50 day moving average of $30.60.

Doximity (NYSE:DOCS) last posted its earnings results on Thursday, February 5th. The company reported $0.46 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.45 by $0.01. Doximity had a return on equity of 23.84% and a net margin of 37.54%.During the same period in the previous year, the business earned $0.45 EPS. Doximity’s revenue for the quarter was up 9.8% on a year-over-year basis.

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

Analysts Set New Price Targets

DOCS has been the topic of several research analyst reports. Canaccord Genuity Group set a $34.00 price objective on Doximity and gave the stock a “buy” rating in a research note on Monday, February 9th. Mizuho lowered their target price on shares of Doximity from $45.00 to $34.00 and set a “neutral” rating for the company in a research note on Tuesday, February 10th. BTIG Research dropped their target price on shares of Doximity from $80.00 to $50.00 and set a “buy” rating on the stock in a report on Friday, February 6th. The Goldman Sachs Group reduced their price target on shares of Doximity from $46.00 to $34.00 and set a “neutral” rating on the stock in a research report on Friday, February 6th. Finally, Wells Fargo & Company decreased their price target on shares of Doximity from $55.00 to $45.00 and set an “overweight” rating for the company in a report on Friday, February 6th. Two analysts have rated the stock with a Strong Buy rating, fourteen have given a Buy rating and six have given a Hold rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $46.63.

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.