JPMorgan Chase & Co. Sells 26,508 Shares of Doximity, Inc. $DOCS

JPMorgan Chase & Co. decreased its position in shares of Doximity, Inc. (NASDAQ:DOCS) by 5.5% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 452,604 shares of the company’s stock after selling 26,508 shares during the period. JPMorgan Chase & Co. owned 0.24% of Doximity worth $33,108,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently made changes to their positions in DOCS. Synergy Asset Management LLC raised its stake in shares of Doximity by 100.0% in the third quarter. Synergy Asset Management LLC now owns 604,502 shares of the company’s stock valued at $44,219,000 after purchasing an additional 302,251 shares in the last quarter. Liontrust Investment Partners LLP raised its stake in shares of Doximity by 1,189.9% in the 2nd quarter. Liontrust Investment Partners LLP now owns 272,065 shares of the company’s stock valued at $16,688,000 after buying an additional 250,973 shares in the last quarter. SG Americas Securities LLC lifted its holdings in shares of Doximity by 335.9% during the 3rd quarter. SG Americas Securities LLC now owns 52,993 shares of the company’s stock worth $3,876,000 after acquiring an additional 40,837 shares during the period. Aubrey Capital Management Ltd acquired a new stake in shares of Doximity during the 3rd quarter valued at about $4,572,000. Finally, Voya Investment Management LLC increased its stake in 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 acquiring an additional 1,415,882 shares during the period. 87.19% of the stock is owned by institutional investors and hedge funds.

Doximity Trading Down 2.5%

Shares of DOCS stock opened at $24.48 on Friday. Doximity, Inc. has a 1 year low of $23.53 and a 1 year high of $76.51. The firm’s 50 day moving average is $36.38 and its 200-day moving average is $53.08. The firm has a market capitalization of $4.52 billion, a price-to-earnings ratio of 24.48, a PEG ratio of 4.10 and a beta of 1.39.

Doximity (NASDAQ:DOCS) last issued its quarterly earnings results on Thursday, February 5th. The company reported $0.46 earnings per share for the quarter, beating analysts’ consensus estimates of $0.45 by $0.01. Doximity had a net margin of 36.60% and a return on equity of 21.75%. During the same period last year, the company earned $0.45 earnings per share. The company’s revenue for the quarter was up 9.8% on a year-over-year basis. On average, equities research analysts forecast that Doximity, Inc. will post 0.99 earnings per share for the current fiscal year.

Doximity declared that its board has initiated a stock repurchase plan on Thursday, February 5th that permits the company to repurchase $500.00 million in outstanding shares. This repurchase authorization permits the company to reacquire up to 8% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s leadership believes its shares are undervalued.

Wall Street Analysts Forecast Growth

A number of research analysts have commented on DOCS shares. KeyCorp set a $38.00 price target on shares of Doximity in a research note on Friday, February 6th. Canaccord Genuity Group set a $34.00 price objective on Doximity and gave the stock a “buy” rating in a research note on Monday, February 9th. The Goldman Sachs Group lowered their target price on shares of Doximity from $46.00 to $34.00 and set a “neutral” rating on the stock in a report on Friday, February 6th. Needham & Company LLC cut their price target on shares of Doximity from $75.00 to $55.00 and set a “buy” rating for the company in a report on Friday, February 6th. Finally, Barclays reduced their price target on shares of Doximity from $63.00 to $38.00 and set an “overweight” rating on the stock in a research report on Wednesday, February 11th. One equities research analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and five have issued a Hold rating to the company. According to MarketBeat.com, Doximity presently has an average rating of “Moderate Buy” and an average target price of $48.33.

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.