Riverbridge Partners LLC Has $40.61 Million Stock Position in Doximity, Inc. $DOCS

Riverbridge Partners LLC cut its holdings in Doximity, Inc. (NASDAQ:DOCS) by 40.9% during the 3rd quarter, HoldingsChannel reports. The fund owned 555,184 shares of the company’s stock after selling 383,436 shares during the quarter. Riverbridge Partners LLC’s holdings in Doximity were worth $40,612,000 as of its most recent filing with the SEC.

Several other hedge funds also recently made changes to their positions in the business. Voya Investment Management LLC boosted its stake in shares of Doximity by 932.8% in the third quarter. Voya Investment Management LLC now owns 1,567,668 shares of the company’s stock valued at $114,267,000 after buying an additional 1,415,882 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its position in shares of Doximity by 130.4% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 1,966,801 shares of the company’s stock valued at $114,133,000 after acquiring an additional 1,113,076 shares during the period. Franklin Resources Inc. grew its holdings in shares of 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 purchasing an additional 1,108,162 shares in the last quarter. Holocene Advisors LP bought a new position in shares of Doximity in the second quarter worth $44,983,000. Finally, William Blair Investment Management LLC raised its stake in Doximity by 13.8% in the second quarter. William Blair Investment Management LLC now owns 5,219,394 shares of the company’s stock valued at $320,158,000 after purchasing an additional 634,927 shares in the last quarter. 87.19% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on DOCS shares. KeyCorp increased their price objective on shares of Doximity from $75.00 to $80.00 and gave the stock an “overweight” rating in a research note on Wednesday, October 8th. Morgan Stanley raised shares of Doximity from an “equal weight” rating to an “overweight” rating and upped their price target for the stock from $62.00 to $65.00 in a report on Monday, December 15th. Raymond James Financial raised shares of Doximity from an “outperform” rating to a “strong-buy” rating and decreased their price objective for the company from $75.00 to $65.00 in a research note on Friday, November 21st. Barclays started coverage on shares of Doximity in a research report on Monday, December 8th. They set an “overweight” rating and a $63.00 price objective for the company. Finally, Bank of America raised Doximity from a “neutral” rating to a “buy” rating and raised their target price for the company from $75.00 to $82.00 in a report on Monday, October 27th. Two equities research analysts have rated the stock with a Strong Buy rating, eleven have issued a Buy rating, six have given a Hold rating and two have assigned a Sell rating to the company’s stock. According to data from MarketBeat, Doximity currently has a consensus rating of “Moderate Buy” and an average price target of $68.94.

Insider Buying and Selling

In other news, Director Regina M. Benjamin sold 5,000 shares of the business’s stock in a transaction dated Friday, October 10th. The stock was sold at an average price of $70.84, for a total transaction of $354,200.00. Following the sale, the director directly owned 19,839 shares in the company, valued at approximately $1,405,394.76. The trade was a 20.13% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Kira Scherer Wampler sold 2,000 shares of the firm’s stock in a transaction that occurred on Monday, November 3rd. The shares were sold at an average price of $66.44, for a total transaction of $132,880.00. Following the completion of the transaction, the director owned 19,839 shares of the company’s stock, valued at approximately $1,318,103.16. This trade represents a 9.16% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 27,000 shares of company stock worth $1,987,080 in the last 90 days. Insiders own 31.30% of the company’s stock.

Doximity Price Performance

DOCS stock opened at $43.66 on Monday. The stock has a market cap of $8.22 billion, a price-to-earnings ratio of 43.66, a P/E/G ratio of 4.10 and a beta of 1.38. The company has a 50 day simple moving average of $55.26 and a 200 day simple moving average of $61.17. Doximity, Inc. has a 1 year low of $43.28 and a 1 year high of $85.21.

Doximity (NASDAQ:DOCS) last posted its earnings results on Thursday, November 6th. The company reported $0.45 earnings per share for the quarter, topping analysts’ consensus estimates of $0.38 by $0.07. Doximity had a net margin of 36.60% and a return on equity of 21.75%. The company’s revenue was up 23.2% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.30 EPS. On average, equities research analysts anticipate that Doximity, Inc. will post 0.99 EPS for the current fiscal year.

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.