Doximity, Inc. (NASDAQ:DOCS) Shares Bought by Federated Hermes Inc.

Key Points

• Federated Hermes Inc. increased its stake in Doximity, acquiring an additional 20,422 shares, bringing its total holdings to 276,971 shares valued at approximately $16 million.
• Insider trading activity included Timothy S. Cabral selling 10,000 shares for $600,000, representing a 61.12% decrease in ownership, while another director, Kira Scherer Wampler, also sold shares, reflecting a broader trend of insiders divesting.
• Doximity's stock saw a 2.5% drop recently, with analysts setting a consensus target price of approximately $64.89 and noting its strong quarterly earnings exceeding expectations.

Federated Hermes Inc. lifted its holdings in shares of Doximity, Inc. (NASDAQ:DOCS - Free Report) by 8.0% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 276,971 shares of the company's stock after purchasing an additional 20,422 shares during the quarter. Federated Hermes Inc. owned about 0.15% of Doximity worth $16,073,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. VSM Wealth Advisory LLC purchased a new stake in Doximity during the first quarter worth about $29,000. Allworth Financial LP increased its stake in 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 period. Spire Wealth Management lifted its holdings in 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 in the last quarter. Kapitalo Investimentos Ltda purchased a new position in Doximity in the 4th quarter valued at approximately $50,000. Finally, Huntington National Bank boosted its position in Doximity by 1,440.8% in the 4th quarter. Huntington National Bank now owns 1,094 shares of the company's stock valued at $58,000 after buying an additional 1,023 shares during the period. 87.19% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of research firms have recently weighed in on DOCS. Robert W. Baird cut their price objective on Doximity from $87.00 to $65.00 and set an "outperform" rating on the stock in a research report on Tuesday, May 20th. Needham & Company LLC cut their price target on Doximity from $82.00 to $67.00 and set a "buy" rating on the stock in a report on Friday, May 16th. Raymond James Financial reduced their price target on Doximity from $83.00 to $65.00 and set an "outperform" rating on the stock in a research report on Friday, May 16th. Mizuho decreased their price objective on Doximity from $65.00 to $60.00 and set a "neutral" rating for the company in a research note on Friday, May 16th. Finally, Truist Financial upped their target price on shares of Doximity from $52.00 to $61.00 and gave the stock a "hold" rating in a research note on Thursday, July 17th. Ten equities research analysts have rated the stock with a hold rating, ten have issued a buy rating and two have given a strong buy rating to the company. According to MarketBeat.com, Doximity currently has a consensus rating of "Moderate Buy" and a consensus target price of $65.26.

Insider Transactions at Doximity

In related news, Director Regina M. Benjamin sold 10,000 shares of Doximity stock in a transaction that occurred on Wednesday, June 25th. The stock was sold at an average price of $60.00, for a total value of $600,000.00. Following the sale, the director directly owned 16,618 shares in the company, valued at $997,080. The trade was a 37.57% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Timothy S. Cabral sold 10,000 shares of the company's stock in a transaction on Wednesday, June 25th. The stock was sold at an average price of $60.00, for a total value of $600,000.00. Following the transaction, the director directly 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. Insiders have sold a total of 31,000 shares of company stock worth $1,825,940 over the last ninety days. 37.40% of the stock is currently owned by company insiders.

Doximity Stock Performance

Doximity stock traded down $0.54 during mid-day trading on Wednesday, reaching $57.39. 894,592 shares of the company were exchanged, compared to its average volume of 2,340,337. The firm's 50-day simple moving average is $58.65 and its two-hundred day simple moving average is $59.90. Doximity, Inc. has a twelve month low of $25.36 and a twelve month high of $85.21. The firm has a market cap of $10.78 billion, a PE ratio of 57.36, a price-to-earnings-growth ratio of 4.10 and a beta of 1.36.

Doximity (NASDAQ:DOCS - Get Free Report) last posted its quarterly earnings data on Thursday, May 15th. The company reported $0.38 earnings per share for the quarter, beating analysts' consensus estimates of $0.27 by $0.11. Doximity had a net margin of 36.60% and a return on equity of 21.75%. The company's revenue was up 17.1% on a year-over-year basis. During the same period last year, the business posted $0.25 EPS. As a group, equities research analysts anticipate that Doximity, Inc. will post 0.99 EPS for the current year.

Doximity 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.