Andra AP fonden Makes New Investment in Doximity, Inc. $DOCS

Andra AP fonden purchased a new position in shares of Doximity, Inc. (NASDAQ:DOCS) in the third quarter, according to its most recent filing with the Securities & Exchange Commission. The fund purchased 77,433 shares of the company’s stock, valued at approximately $5,664,000.

A number of other institutional investors have also modified their holdings of DOCS. Xponance Inc. boosted its position in Doximity by 3.9% during the third quarter. Xponance Inc. now owns 28,178 shares of the company’s stock worth $2,061,000 after acquiring an additional 1,064 shares during the last quarter. MAI Capital Management lifted its stake in shares of Doximity by 169.2% during the 3rd quarter. MAI Capital Management now owns 5,996 shares of the company’s stock worth $439,000 after purchasing an additional 3,769 shares during the period. Counterpoint Mutual Funds LLC acquired a new stake in shares of Doximity during the third quarter worth $426,000. Algorithmic Investment Models LLC purchased a new stake in shares of Doximity in the third quarter valued at $446,000. Finally, Citigroup Inc. increased its stake in Doximity by 43.1% in the third quarter. Citigroup Inc. now owns 68,866 shares of the company’s stock valued at $5,038,000 after purchasing an additional 20,740 shares during the last quarter. Institutional investors and hedge funds own 87.19% of the company’s stock.

Analysts Set New Price Targets

Several analysts have commented on DOCS shares. Piper Sandler lifted their price target on Doximity from $40.00 to $42.00 and gave the company an “overweight” rating in a report on Friday, February 20th. Canaccord Genuity Group set a $34.00 target price on shares of Doximity and gave the stock a “buy” rating in a research report on Monday, February 9th. Wells Fargo & Company dropped their price target on shares of Doximity from $55.00 to $45.00 and set an “overweight” rating for the company in a research report on Friday, February 6th. KeyCorp set a $38.00 price target on shares of Doximity in a research note on Friday, February 6th. Finally, Truist Financial lowered their price objective on shares of Doximity from $62.00 to $37.00 and set a “buy” rating for the company in a research note on Friday, February 6th. One research analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and five have given a Hold rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $48.33.

Doximity Trading Down 2.5%

Shares of DOCS stock opened at $24.48 on Friday. The company has a market cap of $4.52 billion, a PE ratio of 24.48, a P/E/G ratio of 4.10 and a beta of 1.39. The company’s fifty day simple moving average is $36.38 and its 200-day simple moving average is $53.02. Doximity, Inc. has a 52 week low of $23.53 and a 52 week high of $76.51.

Doximity (NASDAQ:DOCS) last announced its quarterly earnings results on Thursday, February 5th. The company reported $0.46 earnings per share (EPS) 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 prior year, the company posted $0.45 earnings per share. The company’s revenue was up 9.8% compared to the same quarter last year. Equities research analysts expect that Doximity, Inc. will post 0.99 EPS for the current fiscal year.

Doximity announced that its Board of Directors has initiated a stock buyback plan on Thursday, February 5th that permits the company to repurchase $500.00 million in shares. This repurchase authorization permits the company to reacquire up to 8% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company’s leadership believes its shares are 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.