Assetmark Inc. Increases Position in Doximity, Inc. (NASDAQ:DOCS)

Key Points

• Assetmark Inc. increased its stake in Doximity, Inc. by 105.4%, acquiring 11,133 additional shares and bringing its total holding to 21,695 shares valued at approximately $1.26 million.
• In recent analyst reports, target prices for Doximity shares have been adjusted by several firms, with some upgrades and downgrades; the current average target price stands at $64.89.
• An insider sold 10,000 shares of Doximity at an average price of $60.00, reflecting a significant decrease in their ownership, alongside other directors making similar transactions over the past three months.

Assetmark Inc. increased its position in shares of Doximity, Inc. (NASDAQ:DOCS - Free Report) by 105.4% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 21,695 shares of the company's stock after purchasing an additional 11,133 shares during the period. Assetmark Inc.'s holdings in Doximity were worth $1,259,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the company. VSM Wealth Advisory LLC acquired a new stake in shares of Doximity during the first quarter valued at about $29,000. Allworth Financial LP grew its holdings in shares of 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 in the last quarter. Spire Wealth Management grew its holdings in shares of 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 in the last quarter. Kapitalo Investimentos Ltda acquired a new position in shares of Doximity in the fourth quarter valued at approximately $50,000. Finally, Huntington National Bank grew its holdings in shares of Doximity by 1,440.8% in the fourth quarter. Huntington National Bank now owns 1,094 shares of the company's stock valued at $58,000 after purchasing an additional 1,023 shares in the last quarter. 87.19% of the stock is currently owned by institutional investors and hedge funds.

Doximity Trading Down 0.3%

Shares of Doximity stock traded down $0.17 during trading on Tuesday, reaching $58.13. The company's stock had a trading volume of 648,260 shares, compared to its average volume of 2,341,413. The company has a 50-day moving average price of $58.53 and a two-hundred day moving average price of $59.92. The firm has a market cap of $10.92 billion, a PE ratio of 58.11, a P/E/G ratio of 4.10 and a beta of 1.36. Doximity, Inc. has a fifty-two week low of $25.36 and a fifty-two week high of $85.21.

Doximity (NASDAQ:DOCS - Get Free Report) last announced its quarterly earnings data on Thursday, May 15th. The company reported $0.38 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.27 by $0.11. Doximity had a net margin of 36.60% and a return on equity of 21.75%. The firm's quarterly revenue was up 17.1% on a year-over-year basis. During the same period in the previous year, the company posted $0.25 EPS. On average, analysts predict that Doximity, Inc. will post 0.99 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

DOCS has been the subject of a number of research reports. The Goldman Sachs Group set a $50.00 price objective on shares of Doximity and gave the company a "neutral" rating in a report on Wednesday, May 21st. KeyCorp lifted their price objective on shares of Doximity from $65.00 to $70.00 and gave the company an "overweight" rating in a report on Monday, July 14th. Morgan Stanley dropped their price objective on shares of Doximity from $71.00 to $60.00 and set an "equal weight" rating for the company in a report on Thursday, April 24th. Truist Financial lifted their price target on shares of Doximity from $52.00 to $61.00 and gave the stock a "hold" rating in a research note on Thursday, July 17th. Finally, Canaccord Genuity Group decreased their price target on shares of Doximity from $71.00 to $50.00 and set a "hold" rating for the company in a research note on Friday, May 16th. Ten equities research analysts have rated the stock with a hold rating, ten have assigned a buy rating and two have assigned a strong buy rating to the company's stock. Based on data from MarketBeat.com, Doximity currently has a consensus rating of "Moderate Buy" and a consensus price target of $65.26.

Insider Buying and Selling at Doximity

In other Doximity news, Director Regina M. Benjamin sold 10,000 shares of the business's stock in a transaction on Wednesday, June 25th. The shares were sold at an average price of $60.00, for a total value of $600,000.00. Following the transaction, the director directly owned 16,618 shares of the company's stock, valued at approximately $997,080. The trade was a 37.57% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Kira Scherer Wampler sold 2,000 shares of the business's stock in a transaction on Friday, August 1st. The shares were sold at an average price of $57.09, for a total transaction of $114,180.00. Following the completion of the transaction, the director directly owned 16,618 shares in the company, valued at $948,721.62. This represents a 10.74% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 31,000 shares of company stock valued at $1,825,940. 37.40% of the stock is owned by company insiders.

About Doximity

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.