Louisiana State Employees Retirement System Purchases Shares of 38,800 Doximity, Inc. $DOCS

Louisiana State Employees Retirement System purchased a new position in shares of Doximity, Inc. (NYSE:DOCS) during the first quarter, HoldingsChannel reports. The firm purchased 38,800 shares of the company’s stock, valued at approximately $904,000.

Several other institutional investors also recently modified their holdings of the business. Vanguard Group Inc. grew its position in shares of Doximity by 4.1% during the 4th quarter. Vanguard Group Inc. now owns 13,285,485 shares of the company’s stock worth $588,281,000 after buying an additional 518,916 shares during the period. UBS Group AG grew its holdings in Doximity by 26.5% in the fourth quarter. UBS Group AG now owns 680,260 shares of the company’s stock worth $30,122,000 after purchasing an additional 142,408 shares during the period. Northwestern Mutual Wealth Management Co. grew its holdings in Doximity by 325,436.6% in the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 1,298,891 shares of the company’s stock worth $57,515,000 after purchasing an additional 1,298,492 shares during the period. Blair William & Co. IL increased its stake in Doximity by 1,990.7% in the third quarter. Blair William & Co. IL now owns 362,740 shares of the company’s stock valued at $26,534,000 after purchasing an additional 345,390 shares in the last quarter. Finally, Franklin Resources Inc. increased its stake in Doximity by 6.2% in the third quarter. Franklin Resources Inc. now owns 3,357,505 shares of the company’s stock valued at $245,601,000 after purchasing an additional 194,912 shares in the last quarter. Institutional investors own 87.19% of the company’s stock.

Insider Activity at Doximity

In related news, insider Siddharth Sitaram sold 2,444 shares of Doximity 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 transaction, the insider owned 90,706 shares of the company’s stock, valued at $1,851,309.46. The trade was a 2.62% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 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 Kira Scherer Wampler sold 9,000 shares of the stock in a transaction on Thursday, May 7th. The shares were sold at an average price of $26.06, for a total value of $234,540.00. Following the completion of the sale, the director directly owned 19,839 shares of the company’s stock, valued at $517,004.34. The trade was a 31.21% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last ninety days, insiders have sold 16,180 shares of company stock worth $395,110. 31.30% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

DOCS has been the subject of several research reports. JPMorgan Chase & Co. reduced their target price on Doximity from $33.00 to $28.00 and set a “neutral” rating for the company in a research note on Thursday, May 14th. Freedom Capital raised Doximity to a “strong-buy” rating in a research note on Tuesday, March 17th. Truist Financial reiterated a “hold” rating and issued a $19.00 price target (down from $29.00) on shares of Doximity in a report on Thursday, May 14th. Morgan Stanley decreased their price objective on Doximity from $49.00 to $35.00 and set an “overweight” rating for the company in a report on Thursday, May 14th. Finally, Canaccord Genuity Group lowered their target price on Doximity from $34.00 to $30.00 and set a “buy” rating on the stock in a research report on Thursday, May 14th. Two equities research analysts have rated the stock with a Strong Buy rating, six have assigned a Buy rating, twelve have issued a Hold rating and four have given a Sell rating to the company. According to MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $29.33.

Doximity Stock Performance

DOCS stock opened at $21.86 on Monday. The company has a market capitalization of $4.00 billion, a P/E ratio of 22.09, a price-to-earnings-growth ratio of 6.79 and a beta of 1.30. Doximity, Inc. has a 52-week low of $17.15 and a 52-week high of $76.51. The business has a 50-day simple moving average of $21.62 and a two-hundred day simple moving average of $28.09.

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.