ArrowMark Colorado Holdings LLC Lowers Position in Doximity, Inc. $DOCS

ArrowMark Colorado Holdings LLC lowered its stake in shares of Doximity, Inc. (NYSE:DOCS) by 58.3% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 537,701 shares of the company’s stock after selling 752,782 shares during the period. ArrowMark Colorado Holdings LLC owned approximately 0.29% of Doximity worth $39,333,000 at the end of the most recent reporting period.

Other hedge funds also recently made changes to their positions in the company. Root Financial Partners LLC purchased a new stake in shares of Doximity during the 3rd quarter valued at $30,000. Whittier Trust Co. of Nevada Inc. raised its position 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 buying an additional 179 shares during the period. Toth Financial Advisory Corp raised its position 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 buying an additional 300 shares during the period. Atlantic Union Bankshares Corp boosted its holdings in 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 during the last quarter. Finally, First Horizon Corp acquired a new position in Doximity in the third quarter valued at $58,000. Institutional investors and hedge funds own 87.19% of the company’s stock.

Doximity Trading Up 0.4%

Shares of Doximity stock opened at $24.37 on Friday. Doximity, Inc. has a 1 year low of $23.53 and a 1 year high of $76.51. The firm has a 50-day moving average of $32.64. The firm has a market cap of $4.50 billion, a price-to-earnings ratio of 20.30, a PEG ratio of 1.37 and a beta of 1.44.

Doximity (NYSE:DOCS) last posted its quarterly earnings results on Thursday, February 5th. The company reported $0.46 EPS for the quarter, topping 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%.The firm’s revenue was up 9.8% compared to the same quarter last year. During the same period in the prior year, the business earned $0.45 earnings per share.

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

Insider Buying and Selling

In other news, insider Siddharth Sitaram sold 2,319 shares of the business’s stock in a transaction that occurred on Tuesday, March 10th. The stock was sold at an average price of $25.37, for a total value of $58,833.03. Following the completion of the sale, the insider directly owned 84,132 shares in the company, valued at approximately $2,134,428.84. The trade was a 2.68% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Kira Scherer Wampler sold 2,000 shares of the company’s stock in a transaction that occurred on Tuesday, March 3rd. The shares were sold at an average price of $26.00, for a total value of $52,000.00. Following the sale, the director directly owned 19,839 shares in the company, valued at approximately $515,814. This represents a 9.16% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders have sold 6,601 shares of company stock worth $174,455. 31.30% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

DOCS has been the subject of several research analyst reports. Mizuho dropped their price target on Doximity from $45.00 to $34.00 and set a “neutral” rating for the company in a research note on Tuesday, February 10th. Wells Fargo & Company reduced their price objective on Doximity from $55.00 to $45.00 and set an “overweight” rating on the stock in a research note on Friday, February 6th. Canaccord Genuity Group set a $34.00 target price on Doximity and gave the stock a “buy” rating in a report on Monday, February 9th. The Goldman Sachs Group dropped their target price on shares of Doximity from $46.00 to $34.00 and set a “neutral” rating for the company in a research report on Friday, February 6th. Finally, Morgan Stanley reduced their price target on shares of Doximity from $65.00 to $49.00 and set an “overweight” rating on the stock in a research report on Friday, February 6th. One research analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating and six have issued a Hold rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $47.50.

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.