Doximity, Inc. $DOCS Shares Sold by Carmignac Gestion

Key Points

• Carmignac Gestion cut its Doximity stake by 45.4% in the second quarter, selling 1.96 million shares and retaining 2.36 million shares valued at approximately $48.9 million.
• Institutional ownership remains high at 87.19%, while other funds—including California State Teachers Retirement System—made significant purchases during the quarter.
• Doximity reported quarterly EPS of $0.29, exceeding estimates of $0.16, on revenue of $156.6 million, up 7.3% year over year. Analysts have an overall “Hold” rating and an average price target of $32.18, compared with a recent share price of $24.41.

Carmignac Gestion lowered its holdings in Doximity, Inc. (NYSE:DOCS - Free Report) by 45.4% in the second quarter, according to its most recent Form 13F filing with the SEC. The fund owned 2,355,900 shares of the company's stock after selling 1,956,097 shares during the period. Carmignac Gestion owned about 1.32% of Doximity worth $48,861,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently bought and sold shares of DOCS. Nykredit A S purchased a new stake in Doximity during the 2nd quarter worth approximately $96,000. VIRGINIA RETIREMENT SYSTEMS ET Al purchased a new position in shares of Doximity during the 2nd quarter valued at approximately $1,515,000. California State Teachers Retirement System grew its position in shares of Doximity by 1,908.5% during the second quarter. California State Teachers Retirement System now owns 2,892,193 shares of the company's stock worth $59,984,000 after buying an additional 2,748,192 shares in the last quarter. AlphaGrep UK Ltd acquired a new stake in shares of Doximity during the second quarter worth approximately $676,000. Finally, Odyssean LLC bought a new stake in shares of Doximity in the second quarter worth $2,377,000. Institutional investors and hedge funds own 87.19% of the company's stock.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on DOCS. Truist Financial boosted their target price on shares of Doximity from $19.00 to $24.00 and gave the stock a "hold" rating in a research report on Thursday, August 13th. Zacks Research upgraded Doximity from a "strong sell" rating to a "hold" rating in a research note on Monday, July 13th. JPMorgan Chase & Co. lifted their target price on Doximity from $26.00 to $31.00 and gave the stock a "neutral" rating in a research report on Friday, August 7th. Evercore set a $40.00 price target on Doximity in a report on Friday, August 7th. Finally, Canaccord Genuity Group set a $36.00 price objective on Doximity in a research note on Friday, August 7th. Two research analysts have rated the stock with a Strong Buy rating, seven have given a Buy rating, twelve have given a Hold rating and four have issued a Sell rating to the company. According to MarketBeat, Doximity presently has an average rating of "Hold" and an average target price of $32.18.

Insiders Place Their Bets

In other Doximity news, CAO Siddharth Sitaram sold 1,770 shares of the company's stock in a transaction that occurred on Thursday, August 13th. The shares were sold at an average price of $24.94, for a total value of $44,143.80. Following the transaction, the chief accounting officer owned 97,004 shares in the company, valued at approximately $2,419,279.76. This represents a 1.79% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 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 Timothy S. Cabral sold 7,500 shares of Doximity stock in a transaction dated Friday, August 7th. The shares were sold at an average price of $39.11, for a total value of $293,325.00. Following the sale, the director owned 3,221 shares of the company's stock, valued at approximately $125,973.31. This represents a 69.96% 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. Insiders sold a total of 11,270 shares of company stock worth $387,369 over the last ninety days. 31.80% of the stock is currently owned by company insiders.

Doximity Price Performance

DOCS stock traded down $1.94 on Tuesday, reaching $24.41. The company's stock had a trading volume of 3,181,231 shares, compared to its average volume of 4,126,752. Doximity, Inc. has a 52 week low of $17.15 and a 52 week high of $76.51. The company has a market capitalization of $4.35 billion, a P/E ratio of 28.72, a price-to-earnings-growth ratio of 20.61 and a beta of 1.25. The firm has a fifty day moving average of $23.43 and a two-hundred day moving average of $23.09.

Doximity (NYSE:DOCS - Get Free Report) last issued its quarterly earnings data on Thursday, August 6th. The company reported $0.29 earnings per share for the quarter, beating analysts' consensus estimates of $0.16 by $0.13. The business had revenue of $156.62 million for the quarter. Doximity had a net margin of 25.48% and a return on equity of 18.06%. Doximity's revenue for the quarter was up 7.3% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.36 earnings per share. As a group, equities analysts expect that Doximity, Inc. will post 0.74 EPS for the current fiscal year.

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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