James Investment Research Inc. Makes New Investment in Doximity, Inc. (NASDAQ:DOCS)

Posted by on Apr 13th, 2023

James Investment Research Inc. purchased a new position in Doximity, Inc. (NASDAQ:DOCS – Get Rating) during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm purchased 783 shares of the company’s stock, valued at approximately $27,000.

A number of other hedge funds have also recently added to or reduced their stakes in DOCS. Bank of New York Mellon Corp boosted its stake in Doximity by 60.6% in the 1st quarter. Bank of New York Mellon Corp now owns 172,855 shares of the company’s stock worth $9,004,000 after buying an additional 65,196 shares during the last quarter. US Bancorp DE raised its holdings in shares of Doximity by 325.4% in the 1st quarter. US Bancorp DE now owns 2,646 shares of the company’s stock worth $138,000 after purchasing an additional 2,024 shares during the period. Cambridge Investment Research Advisors Inc. raised its holdings in shares of Doximity by 417.4% in the 1st quarter. Cambridge Investment Research Advisors Inc. now owns 21,099 shares of the company’s stock worth $1,099,000 after purchasing an additional 17,021 shares during the period. Natixis Advisors L.P. purchased a new position in shares of Doximity in the 1st quarter worth about $983,000. Finally, BlackRock Inc. raised its holdings in shares of Doximity by 53.6% in the 1st quarter. BlackRock Inc. now owns 2,052,183 shares of the company’s stock worth $106,898,000 after purchasing an additional 716,547 shares during the period. 52.48% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Doximity

In related news, CFO Anna Bryson sold 25,000 shares of the business’s stock in a transaction that occurred on Thursday, February 2nd. The stock was sold at an average price of $40.00, for a total transaction of $1,000,000.00. Following the completion of the transaction, the chief financial officer now owns 104,763 shares in the company, valued at approximately $4,190,520. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 45.21% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts have recently commented on the company. Morgan Stanley downgraded Doximity from an “equal weight” rating to an “underweight” rating and cut their price objective for the stock from $32.00 to $29.00 in a report on Friday, January 6th. JPMorgan Chase & Co. cut their price objective on Doximity from $60.00 to $30.00 and set an “underweight” rating on the stock in a report on Friday, February 17th. Piper Sandler raised their price objective on Doximity from $35.00 to $38.00 in a report on Friday, February 10th. Canaccord Genuity Group dropped their target price on Doximity from $42.00 to $41.00 and set a “buy” rating on the stock in a report on Friday, February 10th. Finally, Needham & Company LLC reiterated a “buy” rating and set a $45.00 target price on shares of Doximity in a report on Friday, February 10th. Three research analysts have rated the stock with a sell rating, three have assigned a hold rating and seven have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $40.50.

Doximity Trading Down 3.4 %

Shares of DOCS opened at $34.01 on Thursday. The firm has a market cap of $6.58 billion, a price-to-earnings ratio of 61.84, a PEG ratio of 13.88 and a beta of 0.84. The stock has a 50 day moving average of $33.19 and a 200-day moving average of $31.91. Doximity, Inc. has a 52 week low of $22.91 and a 52 week high of $52.08.

Doximity (NASDAQ:DOCS – Get Rating) last issued its earnings results on Thursday, February 9th. The company reported $0.17 EPS for the quarter, topping the consensus estimate of $0.13 by $0.04. The company had revenue of $115.26 million during the quarter, compared to analyst estimates of $111.20 million. Doximity had a return on equity of 13.64% and a net margin of 29.59%. On average, sell-side analysts predict that Doximity, Inc. will post 0.52 earnings per share for the current fiscal year.

Doximity Profile

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Doximity, Inc operates a cloud-based digital platform for medical professionals in the United States. The company's platform provides its members with tools built for medical professionals, enabling them to collaborate with their colleagues, coordinate patient care, conduct virtual patient visits, stay up to date with the latest medical news and research, and manage their careers.

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Institutional Ownership by Quarter for Doximity (NASDAQ:DOCS)

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