Element Capital Management LLC Acquires New Stake in Doximity, Inc. $DOCS

Key Points

• Element Capital Management LLC acquired a new stake in Doximity, purchasing 44,360 shares valued at approximately $2.57 million during the first quarter.
• Insider trading activity included significant sales by directors, with Regina M. Benjamin selling 5,000 shares and Kira Scherer Wampler selling 2,000 shares, reflecting reductions in their respective positions.
• Doximity recently reported earnings of $0.36 per share, exceeding analysts' expectations, as the company experiences a 15.2% year-over-year revenue increase.

Element Capital Management LLC bought a new stake in Doximity, Inc. (NASDAQ:DOCS - Free Report) during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor bought 44,360 shares of the company's stock, valued at approximately $2,574,000.

A number of other institutional investors and hedge funds have also recently bought and sold shares of DOCS. VSM Wealth Advisory LLC acquired a new stake in shares of Doximity during the 1st quarter worth $29,000. Allworth Financial LP increased its holdings in shares of Doximity by 104.0% during the 1st quarter. Allworth Financial LP now owns 563 shares of the company's stock worth $32,000 after buying an additional 287 shares during the last quarter. National Bank of Canada FI acquired a new stake in shares of Doximity during the 1st quarter worth $33,000. Spire Wealth Management increased its holdings in shares of Doximity by 73.2% during the 1st quarter. Spire Wealth Management now owns 615 shares of the company's stock worth $36,000 after buying an additional 260 shares during the last quarter. Finally, Kapitalo Investimentos Ltda acquired a new stake in shares of Doximity during the 4th quarter worth $50,000. Hedge funds and other institutional investors own 87.19% of the company's stock.

Insider Activity

In other news, Director Kira Scherer Wampler sold 2,000 shares of Doximity stock in a transaction that occurred on Friday, August 1st. The stock was sold at an average price of $57.09, for a total transaction of $114,180.00. Following the sale, the director owned 16,618 shares of the company's stock, valued at approximately $948,721.62. The trade was a 10.74% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Timothy S. Cabral sold 10,000 shares of the firm's stock in a transaction that occurred on Wednesday, June 25th. The shares were sold at an average price of $60.00, for a total transaction of $600,000.00. Following the transaction, the director owned 6,360 shares in the company, valued at $381,600. This represents a 61.12% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 36,000 shares of company stock valued at $2,140,940. Insiders own 31.30% of the company's stock.

Doximity Trading Up 1.2%

NASDAQ DOCS traded up $0.81 during trading hours on Monday, reaching $65.94. The company's stock had a trading volume of 1,377,452 shares, compared to its average volume of 2,346,290. The business has a 50-day simple moving average of $60.18 and a 200 day simple moving average of $60.32. Doximity, Inc. has a 52 week low of $35.32 and a 52 week high of $85.21. The stock has a market cap of $12.35 billion, a PE ratio of 65.94, a PEG ratio of 4.10 and a beta of 1.36.

Doximity (NASDAQ:DOCS - Get Free Report) last issued its earnings results on Thursday, August 7th. The company reported $0.36 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.31 by $0.05. Doximity had a net margin of 36.60% and a return on equity of 21.75%. During the same period in the previous year, the company earned $0.28 EPS. The firm's quarterly revenue was up 15.2% on a year-over-year basis. As a group, equities analysts predict that Doximity, Inc. will post 0.99 EPS for the current year.

Analyst Ratings Changes

A number of analysts have recently commented on the company. Piper Sandler upped their price objective on Doximity from $65.00 to $69.00 and gave the stock an "overweight" rating in a report on Monday, August 11th. BTIG Research upgraded Doximity from a "neutral" rating to a "buy" rating and set a $80.00 price target for the company in a report on Monday, June 2nd. Raymond James Financial increased their price target on Doximity from $65.00 to $75.00 and gave the company an "outperform" rating in a report on Friday, August 8th. Evercore ISI upgraded Doximity from an "in-line" rating to an "outperform" rating and increased their price target for the company from $50.00 to $70.00 in a report on Wednesday, July 9th. Finally, Canaccord Genuity Group increased their price target on Doximity from $50.00 to $59.00 and gave the company a "hold" rating in a report on Friday, August 8th. Ten investment analysts have rated the stock with a hold rating, ten have assigned a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average price target of $66.21.

Doximity Company Profile

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.