First Trust Advisors LP Lowers Stock Holdings in Doximity, Inc. $DOCS

First Trust Advisors LP lessened its stake in shares of Doximity, Inc. (NYSE:DOCS) by 22.7% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 460,962 shares of the company’s stock after selling 135,290 shares during the quarter. First Trust Advisors LP owned about 0.25% of Doximity worth $33,719,000 at the end of the most recent quarter.

Several other hedge funds have also recently modified their holdings of the stock. Root Financial Partners LLC acquired a new position in Doximity in the 3rd quarter valued at $30,000. Whittier Trust Co. of Nevada Inc. lifted its stake 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 worth $35,000 after acquiring an additional 179 shares during the period. Toth Financial Advisory Corp lifted its stake in shares of Doximity by 150.0% in 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 period. Atlantic Union Bankshares Corp boosted its holdings in shares of Doximity by 136.9% in the third quarter. Atlantic Union Bankshares Corp now owns 616 shares of the company’s stock valued at $45,000 after acquiring an additional 356 shares in the last quarter. Finally, First Horizon Corp purchased a new stake in shares of Doximity in the third quarter valued at about $58,000. 87.19% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

DOCS has been the subject of several analyst reports. Weiss Ratings reissued a “hold (c+)” rating on shares of Doximity in a report on Wednesday, December 24th. Truist Financial lowered 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. Royal Bank Of Canada reiterated an “outperform” rating and set a $44.00 target price on shares of Doximity in a research report on Monday. BTIG Research cut their target price on Doximity from $80.00 to $50.00 and set a “buy” rating for the company in a research note on Friday, February 6th. Finally, Wells Fargo & Company reduced their price target on Doximity from $55.00 to $45.00 and set an “overweight” rating for the company in a report on Friday, February 6th. One investment analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and six have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, Doximity has a consensus rating of “Moderate Buy” and an average price target of $47.50.

Doximity Price Performance

Shares of NYSE DOCS opened at $24.22 on Friday. The firm has a market capitalization of $4.47 billion, a PE ratio of 20.19, a price-to-earnings-growth ratio of 1.38 and a beta of 1.44. Doximity, Inc. has a 52 week low of $23.53 and a 52 week high of $76.51. The company has a 50-day moving average of $33.02.

Doximity (NYSE:DOCS) last issued its 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 quarter last year, the company earned $0.45 EPS. The firm’s revenue for the quarter was up 9.8% on a year-over-year basis.

Doximity declared that its Board of Directors has authorized a share repurchase 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 stock through open market purchases. Stock repurchase plans are usually an indication that the company’s leadership believes its stock is undervalued.

Insider Activity at Doximity

In related news, insider Siddharth Sitaram sold 2,319 shares of Doximity stock in a transaction on Tuesday, March 10th. The stock was sold at an average price of $25.37, for a total transaction of $58,833.03. Following the completion of the transaction, the insider directly owned 84,132 shares of the company’s stock, valued at approximately $2,134,428.84. The trade was a 2.68% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Director Kira Scherer Wampler sold 2,000 shares of Doximity 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 transaction, the director directly 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 SEC filing for this sale provides additional information. Insiders have sold a total of 6,601 shares of company stock worth $174,455 in the last three months. Corporate insiders own 31.30% of the company’s stock.

Doximity Company 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.