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

First Trust Advisors LP cut its stake in Doximity, Inc. (NYSE:DOCS) by 92.5% in the first quarter, HoldingsChannel reports. The firm owned 24,841 shares of the company’s stock after selling 308,124 shares during the quarter. First Trust Advisors LP’s holdings in Doximity were worth $579,000 as of its most recent SEC filing.

Other hedge funds have also recently added to or reduced their stakes in the company. Carmignac Gestion increased its position in shares of Doximity by 355.9% in the 4th quarter. Carmignac Gestion now owns 1,893,026 shares of the company’s stock valued at $83,831,000 after purchasing an additional 1,477,798 shares during the last quarter. SG Americas Securities LLC lifted its holdings in Doximity by 3,403.2% during the 1st quarter. SG Americas Securities LLC now owns 1,408,597 shares of the company’s stock worth $32,820,000 after buying an additional 1,368,388 shares during the last quarter. Northwestern Mutual Wealth Management Co. raised its position in shares of Doximity by 325,436.6% during the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 1,298,891 shares of the company’s stock worth $57,515,000 after acquiring an additional 1,298,492 shares in the last quarter. Federated Hermes Inc. increased its stake in Doximity by 3,422.7% in the fourth quarter. Federated Hermes Inc. now owns 1,249,085 shares of the company’s stock valued at $55,309,000 after purchasing an additional 1,213,627 shares during the last quarter. Finally, Swedbank AB raised its stake in Doximity by 1,147.9% during the 1st quarter. Swedbank AB now owns 1,010,559 shares of the company’s stock worth $23,546,000 after acquiring an additional 929,576 shares in the last quarter. Institutional investors and hedge funds own 87.19% of the company’s stock.

Insider Activity at Doximity

In other Doximity news, Director Timothy S. Cabral sold 7,500 shares of the business’s stock in a transaction on Friday, August 7th. The stock was sold at an average price of $39.11, for a total transaction of $293,325.00. Following the sale, the director directly owned 3,221 shares in the company, valued at approximately $125,973.31. The trade was a 69.96% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Siddharth Sitaram sold 2,444 shares of the company’s stock in a transaction on Monday, June 8th. The shares were sold at an average price of $20.41, for a total value of $49,882.04. Following the completion of the sale, the insider directly owned 90,706 shares in the company, valued at $1,851,309.46. This trade represents a 2.62% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. 31.80% of the stock is owned by insiders.

Analyst Ratings Changes

A number of analysts have recently commented on DOCS shares. Truist Financial reiterated a “hold” rating and set a $19.00 target price (down from $29.00) on shares of Doximity in a research report on Thursday, May 14th. Wells Fargo & Company cut Doximity from an “equal weight” rating to an “underweight” rating and set a $18.00 price objective for the company. in a research note on Monday. Mizuho cut their target price on shares of Doximity from $34.00 to $26.00 and set a “neutral” rating on the stock in a report on Thursday, May 14th. JPMorgan Chase & Co. raised their price objective on shares of Doximity from $26.00 to $31.00 and gave the stock a “neutral” rating in a research report on Friday, August 7th. Finally, KeyCorp downgraded shares of Doximity from an “overweight” rating to a “sector weight” rating in a research note on Thursday, May 14th. Two research analysts have rated the stock with a Strong Buy rating, six have issued a Buy rating, twelve have given a Hold rating and four have given a Sell rating to the company. According to MarketBeat, Doximity presently has an average rating of “Hold” and a consensus target price of $31.86.

Doximity Stock Up 1.6%

NYSE:DOCS opened at $26.04 on Wednesday. The firm’s fifty day simple moving average is $21.43 and its 200-day simple moving average is $24.04. The stock has a market cap of $4.76 billion, a PE ratio of 30.63, a price-to-earnings-growth ratio of 17.29 and a beta of 1.29. Doximity, Inc. has a fifty-two week low of $17.15 and a fifty-two week high of $76.51.

Doximity (NYSE:DOCS) last announced its quarterly earnings data on Thursday, August 6th. The company reported $0.29 EPS for the quarter, beating the consensus estimate of $0.16 by $0.13. The firm had revenue of $156.62 million during the quarter. Doximity had a net margin of 25.48% and a return on equity of 18.06%. The firm’s revenue for the quarter was up 7.3% on a year-over-year basis. During the same quarter last year, the business earned $0.36 EPS. Equities analysts anticipate that Doximity, Inc. will post 0.86 earnings per share for the current year.

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.