Cresset Asset Management LLC Has $1.76 Million Stock Holdings in Doximity, Inc. $DOCS

Cresset Asset Management LLC decreased its holdings in shares of Doximity, Inc. (NASDAQ:DOCS) by 57.0% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 24,060 shares of the company’s stock after selling 31,954 shares during the quarter. Cresset Asset Management LLC’s holdings in Doximity were worth $1,760,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also recently bought and sold shares of the company. Whittier Trust Co. of Nevada Inc. increased its holdings in shares of Doximity by 59.5% in the 3rd quarter. Whittier Trust Co. of Nevada Inc. now owns 480 shares of the company’s stock valued at $35,000 after purchasing an additional 179 shares during the period. Oregon Public Employees Retirement Fund grew its position in Doximity by 0.7% during the third quarter. Oregon Public Employees Retirement Fund now owns 27,500 shares of the company’s stock valued at $2,012,000 after purchasing an additional 200 shares in the last quarter. Fairvoy Private Wealth LLC grew its position in Doximity by 1.1% during the third quarter. Fairvoy Private Wealth LLC now owns 19,253 shares of the company’s stock valued at $1,408,000 after purchasing an additional 206 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its stake in Doximity by 0.5% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 38,978 shares of the company’s stock valued at $2,262,000 after buying an additional 210 shares during the period. Finally, Rakuten Securities Inc. lifted its position in Doximity by 14.0% in the 3rd quarter. Rakuten Securities Inc. now owns 1,763 shares of the company’s stock worth $129,000 after buying an additional 217 shares in the last quarter. 87.19% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

DOCS has been the topic of a number of research reports. Needham & Company LLC dropped their price target on shares of Doximity from $75.00 to $55.00 and set a “buy” rating on the stock in a research note on Friday, February 6th. The Goldman Sachs Group dropped their target price on Doximity from $46.00 to $34.00 and set a “neutral” rating on the stock in a research report on Friday, February 6th. KeyCorp set a $38.00 price target on Doximity in a report on Friday, February 6th. Truist Financial dropped their price objective on Doximity from $62.00 to $37.00 and set a “buy” rating on the stock in a report on Friday, February 6th. Finally, Raymond James Financial reiterated a “strong-buy” rating on shares of Doximity in a research note on Monday, December 29th. One equities research analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating and five have assigned a Hold rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $48.33.

Doximity Stock Down 2.6%

NASDAQ:DOCS opened at $25.39 on Monday. The company’s 50 day moving average is $34.57 and its 200-day moving average is $51.59. Doximity, Inc. has a 12 month low of $23.53 and a 12 month high of $76.51. The firm has a market cap of $4.69 billion, a price-to-earnings ratio of 25.39, a P/E/G ratio of 4.10 and a beta of 1.44.

Doximity (NASDAQ: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 net margin of 36.60% and a return on equity of 21.75%. The firm’s revenue for the quarter was up 9.8% on a year-over-year basis. During the same period last year, the firm posted $0.45 EPS. Research analysts predict that Doximity, Inc. will post 0.99 EPS for the current fiscal year.

Doximity announced that its board has authorized a stock repurchase plan on Thursday, February 5th that allows the company to repurchase $500.00 million in shares. This repurchase authorization allows the company to repurchase up to 8% of its shares through open market purchases. Shares repurchase plans are typically a sign that the company’s management believes its shares are undervalued.

Insider Activity at Doximity

In other news, Director Kira Scherer Wampler sold 2,000 shares of Doximity stock in a transaction dated Tuesday, March 3rd. The stock was sold at an average price of $26.00, for a total value of $52,000.00. Following the transaction, the director directly owned 19,839 shares in the company, valued at approximately $515,814. The trade was a 9.16% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders own 31.30% of the company’s stock.

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.