William Blair Investment Management LLC Purchases 609,775 Shares of Doximity, Inc. $DOCS

William Blair Investment Management LLC boosted its position in shares of Doximity, Inc. (NASDAQ:DOCS) by 11.7% in the third quarter, according to the company in its most recent disclosure with the SEC. The firm owned 5,829,169 shares of the company’s stock after purchasing an additional 609,775 shares during the quarter. Doximity accounts for about 1.1% of William Blair Investment Management LLC’s investment portfolio, making the stock its 13th biggest holding. William Blair Investment Management LLC’s holdings in Doximity were worth $426,404,000 at the end of the most recent reporting period.

Several other hedge funds also recently bought and sold shares of DOCS. Voya Investment Management LLC boosted its position in shares of 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 purchasing an additional 1,415,882 shares in the last quarter. Franklin Resources Inc. raised its stake in Doximity by 53.9% during the 2nd quarter. Franklin Resources Inc. now owns 3,162,593 shares of the company’s stock worth $193,993,000 after buying an additional 1,108,162 shares during the period. Holocene Advisors LP bought a new position in Doximity during the second quarter worth about $44,983,000. Ensign Peak Advisors Inc grew its stake in Doximity by 275.0% in the second quarter. Ensign Peak Advisors Inc now owns 695,669 shares of the company’s stock valued at $42,672,000 after acquiring an additional 510,169 shares during the period. Finally, Handelsbanken Fonder AB increased its holdings in shares of Doximity by 1,197.7% in the second quarter. Handelsbanken Fonder AB now owns 442,500 shares of the company’s stock worth $27,143,000 after acquiring an additional 408,400 shares in the last quarter. 87.19% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on DOCS shares. JPMorgan Chase & Co. cut their price objective on Doximity from $40.00 to $33.00 and set a “neutral” rating on the stock in a report on Friday, February 20th. KeyCorp set a $38.00 target price on shares of Doximity in a report on Friday, February 6th. Raymond James Financial reaffirmed a “strong-buy” rating on shares of Doximity in a research note on Monday, December 29th. Mizuho lowered their price objective on shares of Doximity from $45.00 to $34.00 and set a “neutral” rating for the company in a research report on Tuesday, February 10th. Finally, Canaccord Genuity Group set a $34.00 price objective on shares of Doximity and gave the stock a “buy” rating in a report on Monday, February 9th. One analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and five have given a Hold rating to the company’s stock. According to data from MarketBeat.com, Doximity currently has a consensus rating of “Moderate Buy” and an average price target of $48.33.

Doximity Stock Down 2.5%

Shares of DOCS opened at $24.48 on Friday. Doximity, Inc. has a twelve month low of $23.53 and a twelve month high of $76.51. The stock has a market capitalization of $4.52 billion, a P/E ratio of 24.48, a P/E/G ratio of 4.10 and a beta of 1.39. The company has a 50 day moving average of $36.38 and a 200-day moving average of $53.02.

Doximity (NASDAQ:DOCS) last announced its quarterly earnings data 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 net margin of 36.60% and a return on equity of 21.75%. The business’s revenue was up 9.8% on a year-over-year basis. During the same period last year, the firm earned $0.45 EPS. On average, sell-side analysts anticipate that Doximity, Inc. will post 0.99 earnings per share for the current fiscal year.

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

Doximity Profile

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.