Caxton Associates LLP Makes New Investment in Doximity, Inc. $DOCS

Key Points

• Caxton Associates LLP opened a new position in Doximity during the first quarter, buying 77,650 shares valued at about $1.81 million.
• Institutional interest in Doximity remains high, with institutions owning 87.19% of the stock, even as several other funds also increased their stakes.
• Wall Street sentiment is mixed to cautious: the stock’s consensus rating is Hold with an average price target of $29.33, while recent analyst moves included multiple target cuts and downgrades.

Caxton Associates LLP bought a new position in shares of Doximity, Inc. (NYSE:DOCS - Free Report) during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm bought 77,650 shares of the company's stock, valued at approximately $1,809,000.

Several other institutional investors and hedge funds have also recently modified their holdings of DOCS. Northwestern Mutual Wealth Management Co. raised its stake in shares of Doximity by 99.5% during the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 796 shares of the company's stock valued at $35,000 after acquiring an additional 397 shares in the last quarter. Toth Financial Advisory Corp grew its stake in Doximity by 100.0% in the fourth quarter. Toth Financial Advisory Corp now owns 1,000 shares of the company's stock worth $44,000 after purchasing an additional 500 shares in the last quarter. Parallel Advisors LLC grew its stake in Doximity by 111.0% in the first quarter. Parallel Advisors LLC now owns 2,560 shares of the company's stock worth $60,000 after purchasing an additional 1,347 shares in the last quarter. Farther Finance Advisors LLC increased its holdings in Doximity by 35.7% during the 4th quarter. Farther Finance Advisors LLC now owns 1,539 shares of the company's stock worth $68,000 after purchasing an additional 405 shares during the period. Finally, Leonteq Securities AG increased its holdings in Doximity by 65.6% during the 1st quarter. Leonteq Securities AG now owns 2,912 shares of the company's stock worth $68,000 after purchasing an additional 1,154 shares during the period. Institutional investors own 87.19% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on DOCS shares. BMO Capital Markets lowered their target price on Doximity from $25.00 to $20.00 and set a "market perform" rating for the company in a report on Thursday, May 14th. Jefferies Financial Group downgraded Doximity from a "buy" rating to a "hold" rating and dropped their price target for the stock from $51.00 to $19.00 in a research report on Thursday, May 14th. Zacks Research upgraded Doximity from a "strong sell" rating to a "hold" rating in a research note on Monday, July 13th. Mizuho decreased their price objective on Doximity from $34.00 to $26.00 and set a "neutral" rating for the company in a report on Thursday, May 14th. Finally, Weiss Ratings lowered shares of Doximity from a "hold (c-)" rating to a "sell (d+)" rating in a research note on Friday, May 15th. Two research analysts have rated the stock with a Strong Buy rating, six have issued a Buy rating, thirteen have issued a Hold rating and three have assigned a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and an average target price of $29.33.

Doximity Stock Down 0.1%

Shares of DOCS stock opened at $20.42 on Friday. The firm has a market cap of $3.73 billion, a price-to-earnings ratio of 20.63, a PEG ratio of 6.14 and a beta of 1.30. Doximity, Inc. has a 52-week low of $17.15 and a 52-week high of $76.51. The company's 50 day moving average is $20.89 and its 200 day moving average is $25.87.

Insiders Place Their Bets

In related news, insider Siddharth Sitaram sold 2,444 shares of the company's stock in a transaction on Monday, June 8th. The stock was sold at an average price of $20.41, for a total transaction of $49,882.04. Following the completion of the sale, the insider directly owned 90,706 shares in the company, valued at $1,851,309.46. This represents a 2.62% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link. 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. Also, Director Kira Scherer Wampler sold 9,000 shares of the company's stock in a transaction on Thursday, May 7th. The stock was sold at an average price of $26.06, for a total value of $234,540.00. Following the sale, the director owned 19,839 shares of the company's stock, valued at $517,004.34. This trade represents a 31.21% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 13,753 shares of company stock worth $343,925 over the last quarter. Company insiders own 31.80% of the company's stock.

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.

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