Edgestream Partners L.P. Purchases 132,733 Shares of Doximity, Inc. $DOCS

Key Points

• Edgestream Partners more than doubled its Doximity position in the first quarter, purchasing 132,733 additional shares for a total holding of 252,555 shares valued at approximately $5.9 million. Institutional investors collectively own 87.19% of DOCS.
• Doximity insiders sold 13,753 shares worth about $343,925 over the past 90 days, though the reported transactions were conducted under pre-arranged Rule 10b5-1 plans.
• Analyst sentiment remains cautious: several firms cut their price targets, and the stock carries a consensus “Hold” rating with a $29.33 target price. DOCS opened at $21.25, down 1.8%, and has traded between $17.15 and $76.51 over the past year.

Edgestream Partners L.P. raised its position in shares of Doximity, Inc. (NYSE:DOCS - Free Report) by 110.8% in the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 252,555 shares of the company's stock after buying an additional 132,733 shares during the period. Edgestream Partners L.P. owned about 0.14% of Doximity worth $5,885,000 at the end of the most recent reporting period.

Other large investors have also added to or reduced their stakes in the company. Carmignac Gestion grew its stake in shares of Doximity by 355.9% in 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 during the last quarter. SG Americas Securities LLC increased its holdings in Doximity by 3,403.2% during the 1st quarter. SG Americas Securities LLC now owns 1,408,597 shares of the company's stock valued at $32,820,000 after purchasing an additional 1,368,388 shares during the period. Northwestern Mutual Wealth Management Co. raised its position in Doximity by 325,436.6% during the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 1,298,891 shares of the company's stock valued at $57,515,000 after purchasing an additional 1,298,492 shares during the last quarter. Federated Hermes Inc. lifted its holdings in Doximity by 3,422.7% in the 4th quarter. Federated Hermes Inc. now owns 1,249,085 shares of the company's stock worth $55,309,000 after buying an additional 1,213,627 shares during the period. Finally, Swedbank AB lifted its holdings in Doximity by 1,147.9% in the 1st quarter. Swedbank AB now owns 1,010,559 shares of the company's stock worth $23,546,000 after buying an additional 929,576 shares during the period. Institutional investors own 87.19% of the company's stock.

Insider Transactions at Doximity

In related news, Director Kira Scherer Wampler sold 9,000 shares of the stock in a transaction dated Thursday, May 7th. The shares were sold at an average price of $26.06, for a total value of $234,540.00. Following the completion of the transaction, the director directly owned 19,839 shares in the company, valued at $517,004.34. This trade represents a 31.21% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through 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 shares were sold at an average price of $20.41, for a total transaction of $49,882.04. Following the transaction, the insider directly owned 90,706 shares of the company's stock, valued at approximately $1,851,309.46. This trade represents a 2.62% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 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 sold a total of 13,753 shares of company stock worth $343,925 over the last ninety days. Insiders own 31.80% of the company's stock.

Doximity Stock Down 1.8%

Shares of DOCS stock opened at $21.25 on Friday. The business's fifty day moving average is $21.04 and its 200 day moving average is $25.06. The stock has a market cap of $3.89 billion, a price-to-earnings ratio of 21.46, a PEG ratio of 7.85 and a beta of 1.30. Doximity, Inc. has a twelve month low of $17.15 and a twelve month high of $76.51.

Analysts Set New Price Targets

DOCS has been the topic of several research analyst reports. Jefferies Financial Group cut Doximity from a "buy" rating to a "hold" rating and reduced their target price for the company from $51.00 to $19.00 in a research note on Thursday, May 14th. Weiss Ratings lowered Doximity from a "hold (c-)" rating to a "sell (d+)" rating in a research note on Friday, May 15th. Canaccord Genuity Group cut their price target on shares of Doximity from $34.00 to $30.00 and set a "buy" rating on the stock in a report on Thursday, May 14th. Bank of America reissued an "underperform" rating and set a $20.00 price objective (down from $38.00) on shares of Doximity in a research report on Monday, June 29th. Finally, Wells Fargo & Company reaffirmed an "equal weight" rating and issued a $18.00 target price (down from $32.00) on shares of Doximity in a research report on Thursday, May 14th. Two research analysts have rated the stock with a Strong Buy rating, six have assigned a Buy rating, thirteen have issued a Hold rating and three have issued a Sell rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of "Hold" and a consensus target price of $29.33.

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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