First Trust Advisors LP Cuts Stock Position in Doximity, Inc. $DOCS

First Trust Advisors LP trimmed its holdings in shares of Doximity, Inc. (NYSE:DOCS) by 92.5% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 24,841 shares of the company’s stock after selling 308,124 shares during the quarter. First Trust Advisors LP’s holdings in Doximity were worth $579,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Northwestern Mutual Wealth Management Co. increased its holdings in Doximity by 99.5% in the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 796 shares of the company’s stock worth $35,000 after acquiring an additional 397 shares in the last quarter. Parallel Advisors LLC raised its position in Doximity by 111.0% during the first quarter. Parallel Advisors LLC now owns 2,560 shares of the company’s stock worth $60,000 after acquiring an additional 1,347 shares during the period. Farther Finance Advisors LLC lifted its holdings in Doximity by 35.7% during the fourth quarter. Farther Finance Advisors LLC now owns 1,539 shares of the company’s stock valued at $68,000 after purchasing an additional 405 shares in the last quarter. Leonteq Securities AG lifted its holdings in Doximity by 65.6% during the first quarter. Leonteq Securities AG now owns 2,912 shares of the company’s stock valued at $68,000 after purchasing an additional 1,154 shares in the last quarter. Finally, Kestra Advisory Services LLC acquired a new stake in shares of Doximity in the fourth quarter valued at about $87,000. Hedge funds and other institutional investors own 87.19% of the company’s stock.

Analyst Ratings Changes

A number of research firms have recently commented on DOCS. Leerink Partners cut their target price on shares of Doximity from $31.00 to $25.00 and set an “outperform” rating for the company in a research note on Thursday, May 14th. Weiss Ratings cut Doximity from a “hold (c-)” rating to a “sell (d+)” rating in a report on Friday, May 15th. Bank of America reissued an “underperform” rating and set a $20.00 target price (down from $38.00) on shares of Doximity in a report on Monday, June 29th. Needham & Company LLC restated a “buy” rating and issued a $41.00 target price on shares of Doximity in a research report on Friday. Finally, The Goldman Sachs Group lowered their price target on Doximity from $28.00 to $24.00 and set a “neutral” rating on the stock in a research note on Thursday, May 14th. Two equities research analysts have rated the stock with a Strong Buy rating, six have issued a Buy rating, twelve have issued a Hold rating and four have given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $31.86.

Insider Activity

In other news, insider Siddharth Sitaram sold 2,444 shares of the stock in a transaction that occurred on Monday, June 8th. The shares were sold at an average price of $20.41, for a total value 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 position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. 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 sale, the director directly owned 3,221 shares in the company, valued at approximately $125,973.31. The trade was a 69.96% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 31.80% of the company’s stock.

Doximity Stock Performance

NYSE:DOCS opened at $26.04 on Wednesday. Doximity, Inc. has a one year low of $17.15 and a one year high of $76.51. The stock has a market cap of $4.76 billion, a PE ratio of 30.63, a P/E/G ratio of 17.29 and a beta of 1.29. The stock has a 50 day moving average price of $21.43 and a 200 day moving average price of $24.04.

Doximity (NYSE:DOCS) last released its quarterly earnings data on Thursday, August 6th. The company reported $0.29 earnings per share for the quarter, topping analysts’ consensus estimates of $0.16 by $0.13. The company had revenue of $156.62 million for the quarter. Doximity had a return on equity of 18.06% and a net margin of 25.48%.The business’s quarterly revenue was up 7.3% on a year-over-year basis. During the same period last year, the firm posted $0.36 EPS. As a group, analysts predict that Doximity, Inc. will post 0.86 earnings per share for the current fiscal year.

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.