Allianz Asset Management GmbH Invests $5.72 Million in Doximity, Inc. $DOCS

Allianz Asset Management GmbH acquired a new stake in Doximity, Inc. (NASDAQ:DOCS) during the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm acquired 78,250 shares of the company’s stock, valued at approximately $5,724,000.

Several other institutional investors have also added to or reduced their stakes in DOCS. Atlantic Union Bankshares Corp lifted its stake in Doximity by 136.9% during the third quarter. Atlantic Union Bankshares Corp now owns 616 shares of the company’s stock worth $45,000 after purchasing an additional 356 shares during the last quarter. Jones Financial Companies Lllp raised its holdings in shares of Doximity by 19.3% during the 3rd quarter. Jones Financial Companies Lllp now owns 3,222 shares of the company’s stock worth $240,000 after buying an additional 522 shares in the last quarter. State of Wyoming lifted its position in shares of Doximity by 291.4% during the 3rd quarter. State of Wyoming now owns 7,162 shares of the company’s stock worth $524,000 after buying an additional 5,332 shares during the last quarter. Convergence Investment Partners LLC acquired a new stake in Doximity in the third quarter valued at about $318,000. Finally, Arizona State Retirement System grew its position in Doximity by 4.0% in the third quarter. Arizona State Retirement System now owns 36,461 shares of the company’s stock valued at $2,667,000 after acquiring an additional 1,397 shares during the last quarter. 87.19% of the stock is currently owned by institutional investors and hedge funds.

Doximity Trading Down 0.8%

Shares of DOCS opened at $27.28 on Wednesday. The stock’s 50-day moving average price is $41.75 and its two-hundred day moving average price is $56.18. Doximity, Inc. has a 12 month low of $23.66 and a 12 month high of $80.25. The company has a market capitalization of $5.14 billion, a PE ratio of 27.28, a PEG ratio of 4.10 and a beta of 1.39.

Doximity (NASDAQ:DOCS) last issued its quarterly 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 return on equity of 21.75% and a net margin of 36.60%.During the same period in the previous year, the business earned $0.45 earnings per share. The company’s revenue was up 9.8% on a year-over-year basis. Equities research analysts predict that Doximity, Inc. will post 0.99 EPS for the current fiscal year.

Doximity declared that its Board of Directors has initiated a share buyback program on Thursday, February 5th that permits the company to repurchase $500.00 million in outstanding shares. This repurchase authorization permits the company to reacquire up to 8% of its stock through open market purchases. Stock repurchase programs are often a sign that the company’s board believes its shares are undervalued.

Analysts Set New Price Targets

A number of research firms have recently commented on DOCS. KeyCorp set a $38.00 target price on shares of Doximity in a report on Friday. Piper Sandler lowered their price objective on shares of Doximity from $70.00 to $40.00 and set an “overweight” rating for the company in a research report on Friday. Canaccord Genuity Group set a $34.00 price objective on shares of Doximity and gave the company a “buy” rating in a research note on Monday. Barclays started coverage on shares of Doximity in a research report on Monday, December 8th. They issued an “overweight” rating and a $63.00 target price on the stock. Finally, Bank of America upgraded shares of Doximity from a “neutral” rating to a “buy” rating and upped their price target for the stock from $75.00 to $82.00 in a report on Monday, October 27th. One investment analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating and five have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $50.00.

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.