William Blair Investment Management LLC Acquires 609,775 Shares of Doximity, Inc. $DOCS

William Blair Investment Management LLC raised its holdings in Doximity, Inc. (NASDAQ:DOCS) by 11.7% during the third quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 5,829,169 shares of the company’s stock after buying an additional 609,775 shares during the quarter. Doximity accounts for about 1.1% of William Blair Investment Management LLC’s investment portfolio, making the stock its 13th largest position. William Blair Investment Management LLC owned about 3.11% of Doximity worth $426,404,000 at the end of the most recent quarter.

A number of other large investors also recently modified their holdings of DOCS. Hantz Financial Services Inc. increased its position in Doximity by 148.9% during the second quarter. Hantz Financial Services Inc. now owns 453 shares of the company’s stock worth $28,000 after acquiring an additional 271 shares during the period. Root Financial Partners LLC bought a new stake in Doximity in the 3rd quarter valued at $30,000. Whittier Trust Co. of Nevada Inc. grew its position 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 last quarter. Toth Financial Advisory Corp increased its holdings in shares of Doximity by 150.0% during the 3rd quarter. Toth Financial Advisory Corp now owns 500 shares of the company’s stock worth $37,000 after purchasing an additional 300 shares during the period. Finally, Atlantic Union Bankshares Corp raised its position in shares of Doximity by 136.9% during the third quarter. Atlantic Union Bankshares Corp now owns 616 shares of the company’s stock valued at $45,000 after buying an additional 356 shares during the last quarter. 87.19% of the stock is currently owned by institutional investors and hedge funds.

Doximity Price Performance

Shares of DOCS stock opened at $24.48 on Friday. The stock’s fifty day simple moving average is $36.38 and its 200 day simple moving average is $53.02. Doximity, Inc. has a one year low of $23.53 and a one year high of $76.51. The firm has a market cap of $4.52 billion, a price-to-earnings ratio of 24.48, a P/E/G ratio of 4.10 and a beta of 1.39.

Doximity (NASDAQ:DOCS) last released 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 return on equity of 21.75% and a net margin of 36.60%.During the same quarter in the previous year, the business posted $0.45 earnings per share. Doximity’s revenue was up 9.8% on a year-over-year basis. On average, research analysts anticipate that Doximity, Inc. will post 0.99 earnings per share for the current year.

Doximity announced that its board has approved a stock buyback plan on Thursday, February 5th that authorizes the company to buyback $500.00 million in outstanding shares. This buyback authorization authorizes the company to repurchase up to 8% of its shares through open market purchases. Shares buyback plans are usually a sign that the company’s board of directors believes its shares are undervalued.

Analyst Upgrades and Downgrades

A number of equities research analysts recently weighed in on the company. Wells Fargo & Company decreased their target price on Doximity from $55.00 to $45.00 and set an “overweight” rating on the stock in a research report on Friday, February 6th. Raymond James Financial reissued a “strong-buy” rating on shares of Doximity in a report on Monday, December 29th. Truist Financial lowered their price objective on Doximity from $62.00 to $37.00 and set a “buy” rating on the stock in a research report on Friday, February 6th. Needham & Company LLC reduced their target price on Doximity from $75.00 to $55.00 and set a “buy” rating for the company in a research report on Friday, February 6th. Finally, Royal Bank Of Canada initiated coverage on shares of Doximity in a research note on Thursday, January 8th. They set an “outperform” rating and a $59.00 price target on the stock. One research analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating and five have assigned a Hold rating to the company. According to data from MarketBeat.com, the stock currently 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.