American Century Companies Inc. Has $16.30 Million Position in Doximity, Inc. $DOCS

Key Points

• American Century Companies Inc. increased its stake by 60.2% in Doximity during Q3 to 222,855 shares (about $16.30 million), representing roughly 0.12% of the company.
• Doximity's board authorized a $500 million share repurchase program to buy up to 8% of outstanding shares, a signal the board views the stock as undervalued.
• Several analysts have cut price targets recently, but the consensus remains a Moderate Buy with an average target of $47.50 while the stock trades near $24.81 (52‑week range $23.53–$76.51).

American Century Companies Inc. boosted its holdings in shares of Doximity, Inc. (NASDAQ:DOCS - Free Report) by 60.2% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 222,855 shares of the company's stock after buying an additional 83,739 shares during the period. American Century Companies Inc. owned approximately 0.12% of Doximity worth $16,302,000 as of its most recent SEC filing.

A number of other large investors have also recently made changes to their positions in DOCS. Voya Investment Management LLC increased its position in shares of Doximity by 932.8% during the third quarter. Voya Investment Management LLC now owns 1,567,668 shares of the company's stock worth $114,267,000 after acquiring an additional 1,415,882 shares in the last quarter. Franklin Resources Inc. increased its holdings in Doximity by 53.9% during the 2nd quarter. Franklin Resources Inc. now owns 3,162,593 shares of the company's stock worth $193,993,000 after purchasing an additional 1,108,162 shares in the last quarter. Holocene Advisors LP bought a new stake in Doximity during the 2nd quarter worth approximately $44,983,000. Ensign Peak Advisors Inc raised its stake in shares of Doximity by 275.0% in the second quarter. Ensign Peak Advisors Inc now owns 695,669 shares of the company's stock worth $42,672,000 after purchasing an additional 510,169 shares during the last quarter. Finally, Handelsbanken Fonder AB lifted its holdings in shares of Doximity by 1,197.7% in the second quarter. Handelsbanken Fonder AB now owns 442,500 shares of the company's stock valued at $27,143,000 after purchasing an additional 408,400 shares in the last quarter. 87.19% of the stock is owned by institutional investors.

Insider Transactions at Doximity

In other Doximity news, Director Kira Scherer Wampler sold 2,000 shares of the firm'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 sale, the director directly owned 19,839 shares of the company's stock, valued at $515,814. This trade represents a 9.16% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. 31.30% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

DOCS has been the topic of several analyst reports. The Goldman Sachs Group cut their target price on Doximity from $46.00 to $34.00 and set a "neutral" rating on the stock in a research report on Friday, February 6th. JPMorgan Chase & Co. dropped their price objective on Doximity from $40.00 to $33.00 and set a "neutral" rating on the stock in a research note on Friday, February 20th. Wells Fargo & Company cut their price objective on shares of Doximity from $55.00 to $45.00 and set an "overweight" rating on the stock in a report on Friday, February 6th. Needham & Company LLC reduced their target price on shares of Doximity from $75.00 to $55.00 and set a "buy" rating for the company in a research note on Friday, February 6th. Finally, Truist Financial lowered their target price on shares of Doximity from $62.00 to $37.00 and set a "buy" rating for the company in a report on Friday, February 6th. One investment analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and five have assigned a Hold rating to the company. Based on data from MarketBeat, Doximity has a consensus rating of "Moderate Buy" and an average target price of $47.50.

Doximity Stock Performance

NASDAQ DOCS opened at $24.81 on Wednesday. Doximity, Inc. has a 52-week low of $23.53 and a 52-week high of $76.51. The company has a 50-day simple moving average of $33.80 and a 200 day simple moving average of $51.01. The company has a market capitalization of $4.58 billion, a PE ratio of 24.81, a price-to-earnings-growth ratio of 4.10 and a beta of 1.44.

Doximity (NASDAQ:DOCS - Get Free Report) last released its 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 net margin of 36.60% and a return on equity of 21.75%. During the same period in the previous year, the business earned $0.45 EPS. The company's quarterly revenue was up 9.8% compared to the same quarter last year. As a group, analysts forecast that Doximity, Inc. will post 0.99 EPS for the current fiscal year.

Doximity announced that its Board of Directors has authorized a stock repurchase program on Thursday, February 5th that permits the company to repurchase $500.00 million in shares. This repurchase authorization permits the company to reacquire up to 8% of its shares through open market purchases. Shares repurchase programs are often an indication that the company's board believes its stock is undervalued.

About Doximity

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.

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