Farallon Capital Management LLC Purchases Shares of 374,000 Doximity, Inc. $DOCS

Farallon Capital Management LLC acquired a new position in Doximity, Inc. (NYSE:DOCS) in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm acquired 374,000 shares of the company’s stock, valued at approximately $27,358,000. Farallon Capital Management LLC owned approximately 0.20% of Doximity at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Synergy Asset Management LLC boosted its holdings in shares of Doximity by 100.0% during the 3rd quarter. Synergy Asset Management LLC now owns 604,502 shares of the company’s stock worth $44,219,000 after buying an additional 302,251 shares in the last quarter. Liontrust Investment Partners LLP grew its position in shares of Doximity by 1,189.9% during the 2nd quarter. Liontrust Investment Partners LLP now owns 272,065 shares of the company’s stock worth $16,688,000 after buying an additional 250,973 shares during the period. SG Americas Securities LLC increased its stake in shares of Doximity by 335.9% in the 3rd quarter. SG Americas Securities LLC now owns 52,993 shares of the company’s stock valued at $3,876,000 after acquiring an additional 40,837 shares in the last quarter. Aubrey Capital Management Ltd bought a new stake in shares of Doximity in the 3rd quarter valued at $4,572,000. Finally, Voya Investment Management LLC lifted its position in shares of Doximity by 932.8% during the 3rd 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.

Insiders Place Their Bets

In related news, insider Siddharth Sitaram sold 2,319 shares of Doximity stock in a transaction on Tuesday, March 10th. The stock was sold at an average price of $25.37, for a total transaction of $58,833.03. Following the sale, the insider directly owned 84,132 shares in the company, valued at approximately $2,134,428.84. This trade represents a 2.68% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Kira Scherer Wampler sold 2,000 shares of the business’s stock in a transaction on Tuesday, March 3rd. The stock was sold at an average price of $26.00, for a total value of $52,000.00. Following the completion of the transaction, the director directly owned 19,839 shares in the company, valued at approximately $515,814. This represents a 9.16% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 6,601 shares of company stock worth $174,455 over the last quarter. 31.30% of the stock is currently owned by corporate insiders.

Doximity Stock Performance

NYSE:DOCS opened at $24.37 on Monday. The stock has a market cap of $4.50 billion, a price-to-earnings ratio of 20.30, a price-to-earnings-growth ratio of 1.37 and a beta of 1.44. Doximity, Inc. has a 52 week low of $23.53 and a 52 week high of $76.51. The company has a 50-day moving average price of $32.64.

Doximity (NYSE:DOCS) last posted its earnings results on Thursday, February 5th. The company reported $0.46 EPS for the quarter, topping the consensus estimate of $0.45 by $0.01. Doximity had a net margin of 37.54% and a return on equity of 23.84%. During the same quarter in the previous year, the company posted $0.45 EPS. The business’s revenue was up 9.8% compared to the same quarter last year.

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

Wall Street Analysts Forecast Growth

Several research analysts recently issued reports on DOCS shares. Wells Fargo & Company cut their target price on shares of Doximity from $55.00 to $45.00 and set an “overweight” rating on the stock in a research note on Friday, February 6th. Piper Sandler upped their price objective on shares of Doximity from $40.00 to $42.00 and gave the company an “overweight” rating in a report on Friday, February 20th. BTIG Research cut their price objective on shares of Doximity from $80.00 to $50.00 and set a “buy” rating on the stock in a research report on Friday, February 6th. KeyCorp set a $38.00 target price on Doximity in a research note on Friday, February 6th. Finally, The Goldman Sachs Group decreased their target price on Doximity from $46.00 to $34.00 and set a “neutral” rating for the company in a research report on Friday, February 6th. One investment analyst has 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. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $47.50.

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.