JPMorgan Chase & Co. Sells 26,508 Shares of Doximity, Inc. $DOCS

JPMorgan Chase & Co. cut its holdings in shares of Doximity, Inc. (NYSE:DOCS) by 5.5% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 452,604 shares of the company’s stock after selling 26,508 shares during the quarter. JPMorgan Chase & Co. owned about 0.24% of Doximity worth $33,108,000 as of its most recent SEC filing.

Other hedge funds also recently modified their holdings of the company. Voya Investment Management LLC grew its position in Doximity by 932.8% during the third quarter. Voya Investment Management LLC now owns 1,567,668 shares of the company’s stock worth $114,267,000 after buying an additional 1,415,882 shares in the last quarter. Franklin Resources Inc. lifted its holdings in shares of Doximity by 53.9% during the second quarter. Franklin Resources Inc. now owns 3,162,593 shares of the company’s stock valued at $193,993,000 after acquiring an additional 1,108,162 shares during the period. Capital World Investors boosted its stake in shares of Doximity by 25.7% in the 3rd quarter. Capital World Investors now owns 5,381,431 shares of the company’s stock valued at $393,652,000 after purchasing an additional 1,101,848 shares in the last quarter. Victory Capital Management Inc. boosted its stake in shares of Doximity by 525.3% in the 3rd quarter. Victory Capital Management Inc. now owns 1,096,965 shares of the company’s stock valued at $80,243,000 after purchasing an additional 921,533 shares in the last quarter. Finally, Holocene Advisors LP bought a new stake in shares of Doximity in the 2nd quarter worth about $44,983,000. 87.19% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

DOCS has been the subject of several analyst reports. Wells Fargo & Company cut their price target on shares of Doximity from $55.00 to $45.00 and set an “overweight” rating for the company in a report on Friday, February 6th. KeyCorp set a $38.00 price objective on shares of Doximity in a research note on Friday, February 6th. Loop Capital set a $31.00 price objective on shares of Doximity in a report on Tuesday, March 17th. Barclays cut their target price on shares of Doximity from $63.00 to $38.00 and set an “overweight” rating for the company in a research note on Wednesday, February 11th. Finally, Needham & Company LLC upgraded Doximity to a “moderate buy” rating in a research report on Friday, February 6th. Two equities research analysts have rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and six have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $46.63.

Doximity Price Performance

Shares of DOCS stock opened at $24.37 on Monday. Doximity, Inc. has a 1 year low of $23.53 and a 1 year high of $76.51. The business’s 50 day moving average is $30.60. The firm has a market capitalization of $4.50 billion, a price-to-earnings ratio of 20.31, a price-to-earnings-growth ratio of 1.37 and a beta of 1.44.

Doximity (NYSE:DOCS) last issued its quarterly earnings results on Thursday, February 5th. The company reported $0.46 earnings per share for the quarter, beating analysts’ consensus estimates 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 period last year, the company earned $0.45 earnings per share. The company’s revenue for the quarter was up 9.8% on a year-over-year basis.

Doximity declared that its board has initiated a share repurchase plan on Thursday, February 5th that allows the company to buyback $500.00 million in outstanding shares. This buyback authorization allows the company to repurchase up to 8% of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s management believes its stock is undervalued.

Insiders Place Their Bets

In other news, insider Siddharth Sitaram sold 2,319 shares of the company’s 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 transaction, the insider owned 84,132 shares of the company’s stock, valued at $2,134,428.84. This represents a 2.68% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Kira Scherer Wampler sold 2,000 shares of the firm’s stock in a transaction dated Tuesday, March 3rd. The shares were sold at an average price of $26.00, for a total value of $52,000.00. Following the completion of the transaction, the director owned 19,839 shares in the company, valued at approximately $515,814. This represents a 9.16% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 6,601 shares of company stock worth $174,455 over the last quarter. Corporate insiders own 31.30% of the company’s stock.

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.