Bank of America Corp DE Grows Position in Doximity, Inc. $DOCS

Key Points

• Bank of America increased its Doximity stake by 31.8% in the first quarter, adding 275,650 shares to own 1.14 million shares valued at approximately $26.6 million. Institutional investors collectively hold 87.19% of DOCS stock.
• Doximity’s latest quarterly results beat expectations, with EPS of $0.29 versus the $0.16 consensus estimate and revenue of $156.6 million, up 7.3% year over year. Net margin was 25.48%.
• Analyst sentiment remains mixed: DOCS has an overall “Hold” rating and an average price target of $32.10, while shares recently traded at $24.86. Several analysts adjusted targets or ratings, including Wolfe Research upgrading the stock to “Outperform.”

Bank of America Corp DE increased its holdings in shares of Doximity, Inc. (NYSE:DOCS - Free Report) by 31.8% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 1,142,530 shares of the company's stock after purchasing an additional 275,650 shares during the quarter. Bank of America Corp DE owned 0.62% of Doximity worth $26,621,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Vanguard Group Inc. lifted its holdings in shares of Doximity by 4.1% in the 4th quarter. Vanguard Group Inc. now owns 13,285,485 shares of the company's stock worth $588,281,000 after acquiring an additional 518,916 shares during the last quarter. Capital World Investors increased its holdings in Doximity by 5.1% in the 4th quarter. Capital World Investors now owns 5,654,875 shares of the company's stock valued at $250,398,000 after purchasing an additional 273,444 shares during the last quarter. Renaissance Technologies LLC raised its position in Doximity by 29.4% in the first quarter. Renaissance Technologies LLC now owns 3,059,749 shares of the company's stock valued at $71,292,000 after purchasing an additional 694,300 shares during the period. Invesco Ltd. raised its position in Doximity by 4.2% in the fourth quarter. Invesco Ltd. now owns 2,426,819 shares of the company's stock valued at $107,460,000 after purchasing an additional 98,519 shares during the period. Finally, Carmignac Gestion lifted its stake in Doximity by 355.9% during the fourth quarter. Carmignac Gestion now owns 1,893,026 shares of the company's stock worth $83,831,000 after purchasing an additional 1,477,798 shares in the last quarter. 87.19% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other Doximity news, Director Timothy S. Cabral sold 7,500 shares of the firm's stock in a transaction on Friday, August 7th. The stock was sold at an average price of $39.11, for a total value of $293,325.00. Following the sale, the director directly owned 3,221 shares in the company, valued at $125,973.31. This trade represents a 69.96% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Siddharth Sitaram sold 2,444 shares of Doximity stock in a transaction dated Monday, June 8th. The stock was sold at an average price of $20.41, for a total value of $49,882.04. Following the sale, the insider directly owned 90,706 shares of the company's stock, valued at $1,851,309.46. This trade represents a 2.62% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders own 31.80% of the company's stock.

Analyst Upgrades and Downgrades

DOCS has been the subject of several research analyst reports. Leerink Partners lowered their price target on Doximity from $31.00 to $25.00 and set an "outperform" rating for the company in a research report on Thursday, May 14th. Canaccord Genuity Group set a $36.00 price objective on Doximity in a report on Friday, August 7th. Wolfe Research raised Doximity to an "outperform" rating in a research note on Thursday. Morgan Stanley lowered their target price on Doximity from $49.00 to $35.00 and set an "overweight" rating for the company in a report on Thursday, May 14th. Finally, Evercore set a $40.00 target price on Doximity in a research report on Friday, August 7th. Two research analysts have rated the stock with a Strong Buy rating, seven have assigned a Buy rating, twelve have issued a Hold rating and four have given a Sell rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of "Hold" and an average price target of $32.10.

Doximity Stock Up 0.2%

Shares of NYSE:DOCS opened at $24.86 on Monday. Doximity, Inc. has a fifty-two week low of $17.15 and a fifty-two week high of $76.51. The firm's 50 day moving average price is $21.71 and its 200 day moving average price is $23.72. The stock has a market cap of $4.43 billion, a price-to-earnings ratio of 29.25, a price-to-earnings-growth ratio of 17.10 and a beta of 1.29.

Doximity (NYSE:DOCS - Get Free Report) last posted its quarterly earnings results on Thursday, August 6th. The company reported $0.29 EPS for the quarter, topping the consensus estimate of $0.16 by $0.13. Doximity had a net margin of 25.48% and a return on equity of 18.06%. The company had revenue of $156.62 million during the quarter. During the same quarter last year, the firm earned $0.36 EPS. The company's revenue was up 7.3% on a year-over-year basis. On average, equities analysts anticipate that Doximity, Inc. will post 0.84 EPS for the current year.

Doximity Company 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.

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