Royal Bank of Canada Has $4.81 Million Stock Position in Doximity, Inc. $DOCS

Royal Bank of Canada increased its holdings in Doximity, Inc. (NYSE:DOCS) by 28.4% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 206,282 shares of the company’s stock after acquiring an additional 45,618 shares during the period. Royal Bank of Canada owned about 0.11% of Doximity worth $4,806,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently bought and sold shares of DOCS. Empowered Funds LLC boosted its position in Doximity by 163.5% during the 1st quarter. Empowered Funds LLC now owns 32,239 shares of the company’s stock worth $751,000 after acquiring an additional 20,006 shares during the period. The Manufacturers Life Insurance Company increased its holdings in shares of Doximity by 36.1% in the 1st quarter. The Manufacturers Life Insurance Company now owns 132,951 shares of the company’s stock valued at $3,098,000 after purchasing an additional 35,271 shares during the period. Quantinno Capital Management LP lifted its position in shares of Doximity by 420.5% in the first quarter. Quantinno Capital Management LP now owns 140,345 shares of the company’s stock worth $3,270,000 after purchasing an additional 113,380 shares in the last quarter. Weiss Asset Management LP purchased a new stake in shares of Doximity in the first quarter worth approximately $587,000. Finally, Rice Hall James & Associates LLC boosted its holdings in shares of Doximity by 0.9% during the first quarter. Rice Hall James & Associates LLC now owns 392,241 shares of the company’s stock worth $9,139,000 after purchasing an additional 3,446 shares during the period. 87.19% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of research analysts recently commented on the stock. Wells Fargo & Company downgraded shares of Doximity from an “equal weight” rating to an “underweight” rating and set a $18.00 price objective on the stock. in a research report on Monday. Truist Financial increased their target price on shares of Doximity from $19.00 to $24.00 and gave the stock a “hold” rating in a research report on Thursday. Jefferies Financial Group lowered shares of Doximity from a “buy” rating to a “hold” rating and decreased their target price for the company from $51.00 to $19.00 in a research note on Thursday, May 14th. Needham & Company LLC restated a “buy” rating and set a $41.00 price target on shares of Doximity in a report on Friday, August 7th. Finally, BTIG Research downgraded shares of Doximity from a “buy” rating to a “neutral” rating in a research note on Thursday, May 14th. Two research analysts have rated the stock with a Strong Buy rating, seven have given a Buy rating, twelve have issued a Hold rating and four have issued a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $32.10.

Doximity Stock Up 6.1%

Shares of DOCS opened at $26.51 on Friday. The company’s fifty day moving average is $21.62 and its 200-day moving average is $23.83. Doximity, Inc. has a 12 month low of $17.15 and a 12 month high of $76.51. The firm has a market cap of $4.85 billion, a price-to-earnings ratio of 31.19, a price-to-earnings-growth ratio of 16.86 and a beta of 1.29.

Doximity (NYSE:DOCS) last released its quarterly earnings data on Thursday, August 6th. The company reported $0.29 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.16 by $0.13. The business 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 period in the previous year, the firm posted $0.36 EPS. As a group, research analysts predict that Doximity, Inc. will post 0.86 earnings per share for the current fiscal year.

Insider Transactions at Doximity

In other Doximity news, insider Siddharth Sitaram sold 2,444 shares of the company’s stock in a transaction that occurred on Monday, June 8th. The stock was sold at an average price of $20.41, for a total transaction of $49,882.04. Following the completion of the sale, the insider owned 90,706 shares of the company’s stock, valued at $1,851,309.46. This represents a 2.62% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 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. Also, Director Timothy S. Cabral sold 7,500 shares of Doximity stock in a transaction that occurred on Friday, August 7th. The shares were sold at an average price of $39.11, for a total transaction of $293,325.00. Following the completion of the transaction, the director directly owned 3,221 shares in the company, valued at approximately $125,973.31. This represents a 69.96% 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. 31.80% of the stock is owned by insiders.

About Doximity

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.