Principal Financial Group Inc. Sells 117,107 Shares of Doximity, Inc. (NASDAQ:DOCS)

Principal Financial Group Inc. reduced its stake in Doximity, Inc. (NASDAQ:DOCS) by 28.8% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 289,692 shares of the company’s stock after selling 117,107 shares during the period. Principal Financial Group Inc. owned 0.16% of Doximity worth $12,622,000 at the end of the most recent reporting period.

A number of other institutional investors have also modified their holdings of the stock. Swedbank AB bought a new position in Doximity in the first quarter worth approximately $91,673,000. Capital World Investors grew its position in shares of Doximity by 250.7% during the 1st quarter. Capital World Investors now owns 1,714,707 shares of the company’s stock worth $46,143,000 after buying an additional 1,225,707 shares in the last quarter. William Blair Investment Management LLC increased its stake in shares of Doximity by 15.8% during the second quarter. William Blair Investment Management LLC now owns 6,404,068 shares of the company’s stock valued at $179,122,000 after buying an additional 873,682 shares during the period. Janus Henderson Group PLC increased its stake in shares of Doximity by 33.5% during the first quarter. Janus Henderson Group PLC now owns 2,474,695 shares of the company’s stock valued at $66,594,000 after buying an additional 621,590 shares during the period. Finally, Clearbridge Investments LLC raised its holdings in shares of Doximity by 7.1% in the second quarter. Clearbridge Investments LLC now owns 5,853,035 shares of the company’s stock valued at $163,709,000 after acquiring an additional 387,200 shares in the last quarter. 87.19% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

DOCS has been the topic of several recent research reports. Canaccord Genuity Group cut shares of Doximity from a “buy” rating to a “hold” rating and increased their target price for the stock from $40.00 to $60.00 in a report on Wednesday. Canaccord Genuity Group reiterated a “hold” rating and set a $60.00 price objective (up from $40.00) on shares of Doximity in a research note on Wednesday. Barclays boosted their price objective on shares of Doximity from $52.00 to $75.00 and gave the stock an “overweight” rating in a research note on Monday, November 11th. Raymond James restated an “outperform” rating and set a $65.00 target price (up previously from $37.00) on shares of Doximity in a report on Friday, November 8th. Finally, Morgan Stanley upgraded Doximity from an “underweight” rating to an “equal weight” rating and lifted their price target for the company from $33.00 to $53.00 in a report on Thursday. Eleven analysts have rated the stock with a hold rating, six have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, Doximity currently has an average rating of “Hold” and an average target price of $51.07.

Doximity Stock Down 5.1 %

DOCS opened at $49.40 on Friday. The firm’s 50-day moving average price is $43.40 and its 200-day moving average price is $34.18. The company has a market cap of $9.17 billion, a P/E ratio of 56.78, a price-to-earnings-growth ratio of 4.51 and a beta of 1.30. Doximity, Inc. has a 52-week low of $22.96 and a 52-week high of $61.75.

Doximity Company Profile

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.