Doximity, Inc. $DOCS Position Boosted by Franklin Resources Inc.

Franklin Resources Inc. boosted its position in Doximity, Inc. (NYSE:DOCS) by 6.2% in the 3rd quarter, Holdings Channel reports. The institutional investor owned 3,357,505 shares of the company’s stock after buying an additional 194,912 shares during the period. Franklin Resources Inc.’s holdings in Doximity were worth $245,601,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Root Financial Partners LLC bought a new stake in shares of Doximity in the 3rd quarter valued at approximately $30,000. Whittier Trust Co. of Nevada Inc. boosted its holdings in Doximity by 59.5% in the third 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 period. Toth Financial Advisory Corp boosted its holdings in Doximity by 150.0% in the third 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. Atlantic Union Bankshares Corp increased its stake in 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 purchasing an additional 356 shares during the last quarter. Finally, First Horizon Corp acquired a new stake in shares of Doximity during the third quarter worth $58,000. Institutional investors and hedge funds own 87.19% of the company’s stock.

Insider Transactions at Doximity

In related news, Director Kira Scherer Wampler sold 2,000 shares of the stock in a transaction that occurred on Tuesday, March 3rd. The shares were sold at an average price of $26.00, for a total transaction of $52,000.00. Following the completion of the sale, the director directly owned 19,839 shares of the company’s stock, valued at $515,814. This represents a 9.16% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Siddharth Sitaram sold 2,319 shares of the firm’s stock in a transaction that occurred 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 owned 84,132 shares of the company’s stock, valued at $2,134,428.84. The trade was a 2.68% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 6,601 shares of company stock valued at $174,455 over the last three months. 31.30% of the stock is owned by corporate insiders.

Analyst Ratings Changes

A number of equities analysts have issued reports on DOCS shares. Evercore reissued an “outperform” rating on shares of Doximity in a report on Thursday, January 8th. Barclays dropped their price target on Doximity from $63.00 to $38.00 and set an “overweight” rating on the stock in a research report on Wednesday, February 11th. BMO Capital Markets set a $25.00 price target on Doximity in a report on Friday, February 6th. Piper Sandler boosted their price objective on Doximity from $40.00 to $42.00 and gave the company an “overweight” rating in a research report on Friday, February 20th. Finally, Canaccord Genuity Group set a $34.00 price target on shares of Doximity and gave the stock a “buy” rating in a research report on Monday, February 9th. One equities research analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and six have assigned a Hold rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $47.50.

Doximity Trading Down 1.7%

Shares of DOCS stock opened at $24.22 on Friday. Doximity, Inc. has a 1 year low of $23.53 and a 1 year high of $76.51. The firm’s fifty day moving average price is $33.02. The firm has a market cap of $4.47 billion, a PE ratio of 20.19, a PEG ratio of 1.38 and a beta of 1.44.

Doximity (NYSE:DOCS) last announced its quarterly earnings data on Thursday, February 5th. The company reported $0.46 earnings per share for the quarter, beating the consensus estimate of $0.45 by $0.01. Doximity had a return on equity of 23.84% and a net margin of 37.54%.The business’s revenue was up 9.8% on a year-over-year basis. During the same period last year, the business earned $0.45 earnings per share.

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

Doximity 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.