E. Ohman J or Asset Management AB Purchases Shares of 557,793 Doximity, Inc. $DOCS

E. Ohman J or Asset Management AB purchased a new position in shares of Doximity, Inc. (NYSE:DOCS) during the 4th quarter, Holdings Channel.com reports. The fund purchased 557,793 shares of the company’s stock, valued at approximately $24,699,000.

Several other institutional investors and hedge funds have also modified their holdings of the stock. Root Financial Partners LLC purchased a new stake in Doximity during the third quarter worth $30,000. Whittier Trust Co. of Nevada Inc. raised its holdings in Doximity by 59.5% in the 3rd quarter. Whittier Trust Co. of Nevada Inc. now owns 480 shares of the company’s stock worth $35,000 after purchasing an additional 179 shares during the period. Toth Financial Advisory Corp boosted its position in Doximity by 150.0% during the third quarter. Toth Financial Advisory Corp now owns 500 shares of the company’s stock worth $37,000 after purchasing an additional 300 shares in the last quarter. Atlantic Union Bankshares Corp boosted its position in Doximity by 136.9% during the third quarter. Atlantic Union Bankshares Corp now owns 616 shares of the company’s stock worth $45,000 after purchasing an additional 356 shares in the last quarter. Finally, First Horizon Corp acquired a new stake in Doximity in the third quarter valued at approximately $58,000. Institutional investors and hedge funds own 87.19% of the company’s stock.

Insiders Place Their Bets

In other news, insider Siddharth Sitaram sold 2,319 shares of the company’s stock in a transaction on Tuesday, March 10th. The shares were sold at an average price of $25.37, for a total transaction of $58,833.03. Following the completion of the sale, the insider owned 84,132 shares of the company’s stock, valued at $2,134,428.84. This represents a 2.68% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Kira Scherer Wampler sold 2,000 shares of the stock in a transaction dated Tuesday, March 3rd. The shares were sold at an average price of $26.00, for a total transaction of $52,000.00. Following the completion of the sale, the director owned 19,839 shares of the company’s stock, valued at $515,814. This trade represents a 9.16% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 6,601 shares of company stock worth $174,455 in the last 90 days. 31.30% of the stock is currently owned by insiders.

Analyst Ratings Changes

DOCS has been the subject of a number of recent analyst reports. Freedom Capital upgraded Doximity to a “strong-buy” rating in a research report on Tuesday, March 17th. Needham & Company LLC raised shares of Doximity to a “moderate buy” rating in a research note on Friday, February 6th. BMO Capital Markets set a $25.00 price target on shares of Doximity in a report on Friday, February 6th. Canaccord Genuity Group set a $34.00 price objective on shares of Doximity and gave the stock a “buy” rating in a research report on Monday, February 9th. Finally, Zacks Research downgraded shares of Doximity from a “strong-buy” rating to a “hold” rating in a report on Friday, February 13th. Two analysts have rated the stock with a Strong Buy rating, fourteen have given a Buy rating and six have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, Doximity has an average rating of “Moderate Buy” and an average price target of $46.63.

Doximity Stock Up 2.5%

Shares of Doximity stock opened at $25.01 on Tuesday. The firm’s 50 day moving average price is $30.22. Doximity, Inc. has a 12 month low of $23.53 and a 12 month high of $76.51. The firm has a market capitalization of $4.62 billion, a PE ratio of 20.84, a P/E/G ratio of 1.37 and a beta of 1.44.

Doximity (NYSE:DOCS) last issued its quarterly earnings results on Thursday, February 5th. The company reported $0.46 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.45 by $0.01. Doximity had a return on equity of 23.84% and a net margin of 37.54%.During the same period last year, the firm earned $0.45 EPS. Doximity’s quarterly revenue was up 9.8% on a year-over-year basis.

Doximity announced that its Board of Directors has initiated a stock repurchase plan on Thursday, February 5th that allows the company to buyback $500.00 million in shares. This buyback authorization allows the company to buy up to 8% of its shares through open market purchases. Shares buyback plans are generally an indication that the company’s management believes its shares are undervalued.

Doximity Company 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.