Federated Hermes Inc. Trims Stock Position in Doximity, Inc. $DOCS

Federated Hermes Inc. lessened its stake in shares of Doximity, Inc. (NASDAQ:DOCS) by 81.0% during the third quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 35,458 shares of the company’s stock after selling 151,528 shares during the quarter. Federated Hermes Inc.’s holdings in Doximity were worth $2,594,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also made changes to their positions in the stock. Whittier Trust Co. of Nevada Inc. grew its stake 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 acquiring an additional 179 shares during the period. Louisiana State Employees Retirement System boosted its holdings in shares of Doximity by 0.5% during the second quarter. Louisiana State Employees Retirement System now owns 37,600 shares of the company’s stock worth $2,306,000 after purchasing an additional 200 shares during the last quarter. Oregon Public Employees Retirement Fund grew its position in shares of Doximity by 0.7% in the third quarter. Oregon Public Employees Retirement Fund now owns 27,500 shares of the company’s stock valued at $2,012,000 after purchasing an additional 200 shares during the period. Fairvoy Private Wealth LLC grew its position in shares of Doximity by 1.1% in the third quarter. Fairvoy Private Wealth LLC now owns 19,253 shares of the company’s stock valued at $1,408,000 after purchasing an additional 206 shares during the period. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its stake in Doximity by 0.5% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 38,978 shares of the company’s stock valued at $2,262,000 after purchasing an additional 210 shares during the last quarter. 87.19% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

DOCS has been the topic of a number of recent analyst reports. BMO Capital Markets initiated coverage on shares of Doximity in a research note on Thursday, November 13th. They set a “market perform” rating and a $55.00 price target on the stock. KeyCorp dropped their price objective on Doximity from $75.00 to $60.00 and set an “overweight” rating for the company in a report on Thursday, January 8th. Raymond James Financial reiterated a “strong-buy” rating on shares of Doximity in a report on Monday, December 29th. Canaccord Genuity Group set a $48.00 price target on Doximity in a research report on Thursday, January 8th. Finally, Royal Bank Of Canada started coverage on Doximity in a report on Thursday, January 8th. They issued an “outperform” rating and a $59.00 price objective on the stock. One research analyst has rated the stock with a Strong Buy rating, fifteen have issued a Buy rating, four have issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, Doximity presently has an average rating of “Moderate Buy” and a consensus target price of $65.74.

Doximity Stock Down 6.6%

Shares of NASDAQ DOCS opened at $34.84 on Wednesday. Doximity, Inc. has a fifty-two week low of $34.31 and a fifty-two week high of $85.21. The business has a 50 day moving average price of $43.83 and a two-hundred day moving average price of $57.24. The firm has a market cap of $6.56 billion, a PE ratio of 34.84, a price-to-earnings-growth ratio of 4.10 and a beta of 1.39.

Doximity (NASDAQ:DOCS) last announced its earnings results on Thursday, November 6th. The company reported $0.45 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.38 by $0.07. Doximity had a return on equity of 21.75% and a net margin of 36.60%.The business’s quarterly revenue was up 23.2% on a year-over-year basis. During the same period last year, the business posted $0.30 EPS. On average, analysts anticipate that Doximity, Inc. will post 0.99 earnings per share for the current year.

Doximity Company 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.