Bank of Nova Scotia Buys New Shares in Doximity, Inc. (NASDAQ:DOCS)

Key Points

• The Bank of Nova Scotia acquired 11,215 shares of Doximity, Inc. during the first quarter, with a total investment of approximately $651,000.
• Several institutional investors have significantly increased their stakes in Doximity, with combined ownership now at 87.19% of the company's stock.
• Doximity's recent earnings report revealed earnings per share of $0.36, exceeding analyst expectations, alongside a quarterly revenue increase of 15.2% year-over-year.

Bank of Nova Scotia bought a new position in shares of Doximity, Inc. (NASDAQ:DOCS - Free Report) during the 1st quarter, according to its most recent Form 13F filing with the SEC. The institutional investor bought 11,215 shares of the company's stock, valued at approximately $651,000.

Several other hedge funds have also modified their holdings of the company. VSM Wealth Advisory LLC purchased a new position in Doximity in the 1st quarter worth approximately $29,000. Allworth Financial LP raised its position in Doximity by 104.0% in the first quarter. Allworth Financial LP now owns 563 shares of the company's stock valued at $32,000 after purchasing an additional 287 shares during the period. Spire Wealth Management raised its position in Doximity by 73.2% in the first quarter. Spire Wealth Management now owns 615 shares of the company's stock valued at $36,000 after purchasing an additional 260 shares during the period. Kapitalo Investimentos Ltda purchased a new position in Doximity in the fourth quarter valued at $50,000. Finally, Cullen Frost Bankers Inc. acquired a new position in shares of Doximity during the first quarter worth about $64,000. 87.19% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Doximity

In other news, Director Regina M. Benjamin sold 5,000 shares of the business's stock in a transaction dated Friday, August 8th. The shares were sold at an average price of $63.00, for a total value of $315,000.00. Following the completion of the sale, the director owned 16,618 shares of the company's stock, valued at approximately $1,046,934. The trade was a 23.13% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Timothy S. Cabral sold 10,000 shares of the firm's stock in a transaction dated Wednesday, June 25th. The stock was sold at an average price of $60.00, for a total transaction of $600,000.00. Following the completion of the transaction, the director directly owned 6,360 shares in the company, valued at $381,600. This represents a 61.12% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 36,000 shares of company stock valued at $2,140,940. Insiders own 31.30% of the company's stock.

Analysts Set New Price Targets

DOCS has been the subject of a number of analyst reports. Piper Sandler boosted their target price on shares of Doximity from $65.00 to $69.00 and gave the stock an "overweight" rating in a research note on Monday. Mizuho decreased their target price on shares of Doximity from $65.00 to $60.00 and set a "neutral" rating for the company in a research note on Friday, May 16th. The Goldman Sachs Group set a $50.00 target price on shares of Doximity and gave the stock a "neutral" rating in a research note on Wednesday, May 21st. Evercore ISI upgraded shares of Doximity from an "in-line" rating to an "outperform" rating and raised their price objective for the company from $50.00 to $70.00 in a research report on Wednesday, July 9th. Finally, JPMorgan Chase & Co. cut their price objective on Doximity from $63.00 to $60.00 and set a "neutral" rating for the company in a research report on Tuesday, May 27th. Ten equities research analysts have rated the stock with a hold rating, ten have assigned a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $66.21.

Doximity Price Performance

DOCS stock traded down $0.01 during midday trading on Tuesday, hitting $61.82. The stock had a trading volume of 2,262,121 shares, compared to its average volume of 2,370,343. The firm has a market cap of $11.61 billion, a PE ratio of 61.82, a price-to-earnings-growth ratio of 4.10 and a beta of 1.36. Doximity, Inc. has a 12-month low of $34.34 and a 12-month high of $85.21. The company's 50-day moving average price is $59.41 and its 200 day moving average price is $60.10.

Doximity (NASDAQ:DOCS - Get Free Report) last posted its earnings results on Thursday, August 7th. The company reported $0.36 earnings per share for the quarter, beating the consensus estimate of $0.31 by $0.05. Doximity had a net margin of 36.60% and a return on equity of 21.75%. During the same quarter last year, the business posted $0.28 EPS. Doximity's revenue for the quarter was up 15.2% on a year-over-year basis. As a group, sell-side analysts anticipate that Doximity, Inc. will post 0.99 EPS for the current year.

Doximity Profile

Doximity, Inc operates a cloud-based digital platform for medical professionals in the United States. The company's platform provides its members with tools built for medical professionals, enabling them to collaborate with their colleagues, coordinate patient care, conduct virtual patient visits, stay up to date with the latest medical news and research, and manage their careers.