Harvest Fund Management Co. Ltd Lowers Stock Position in Doximity, Inc. (NASDAQ:DOCS)

Key Points

• Harvest Fund Management Co. Ltd reduced its shareholding in Doximity, Inc. by 56.3%, ending the first quarter with 11,758 shares valued at approximately $682,000.
• Doximity reported earnings per share of $0.38, exceeding analysts' expectations of $0.27, while also achieving a revenue increase of 17.1% year-over-year.
• A variety of analysts have adjusted their price targets for Doximity, with the average target set at $64.89, indicating a consensus rating of "Moderate Buy."

Harvest Fund Management Co. Ltd lowered its stake in shares of Doximity, Inc. (NASDAQ:DOCS - Free Report) by 56.3% during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 11,758 shares of the company's stock after selling 15,131 shares during the quarter. Harvest Fund Management Co. Ltd's holdings in Doximity were worth $682,000 at the end of the most recent quarter.

Other large investors also recently added to or reduced their stakes in the company. VSM Wealth Advisory LLC bought a new stake in shares of Doximity during the 1st quarter valued at about $29,000. Allworth Financial LP raised its holdings in shares of Doximity by 104.0% during the first quarter. Allworth Financial LP now owns 563 shares of the company's stock valued at $32,000 after purchasing an additional 287 shares during the last quarter. Spire Wealth Management grew its position in Doximity by 73.2% during the first quarter. Spire Wealth Management now owns 615 shares of the company's stock valued at $36,000 after buying an additional 260 shares during the period. Kapitalo Investimentos Ltda bought a new stake in Doximity during the fourth quarter valued at approximately $50,000. Finally, Huntington National Bank boosted its position in shares of Doximity by 1,440.8% in the fourth quarter. Huntington National Bank now owns 1,094 shares of the company's stock worth $58,000 after purchasing an additional 1,023 shares during the period. Hedge funds and other institutional investors own 87.19% of the company's stock.

Doximity Price Performance

Shares of DOCS traded down $1.45 during midday trading on Friday, hitting $57.30. The stock had a trading volume of 1,489,193 shares, compared to its average volume of 2,352,441. The firm has a market cap of $10.76 billion, a PE ratio of 57.30, a price-to-earnings-growth ratio of 4.10 and a beta of 1.37. Doximity, Inc. has a 1 year low of $25.00 and a 1 year high of $85.21. The stock's 50 day moving average is $58.39 and its 200 day moving average is $59.79.

Doximity (NASDAQ:DOCS - Get Free Report) last posted its earnings results on Thursday, May 15th. The company reported $0.38 EPS 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%. During the same quarter in the prior year, the business posted $0.25 EPS. The firm's revenue was up 17.1% on a year-over-year basis. As a group, equities research analysts expect that Doximity, Inc. will post 0.99 earnings per share for the current fiscal year.

Insider Transactions at Doximity

In other Doximity news, Director Kira Scherer Wampler sold 2,000 shares of the business's stock in a transaction that occurred on Friday, August 1st. The shares were 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 position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Regina M. Benjamin sold 10,000 shares of the business's stock in a transaction that occurred on Wednesday, June 25th. The stock was sold at an average price of $60.00, for a total transaction of $600,000.00. Following the sale, the director directly owned 16,618 shares in the company, valued at approximately $997,080. This represents a 37.57% 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 valued at $1,825,940 in the last 90 days. Insiders own 37.40% of the company's stock.

Analysts Set New Price Targets

A number of equities analysts recently weighed in on the stock. Evercore ISI upgraded shares of Doximity from an "in-line" rating to an "outperform" rating and upped their target price for the stock from $50.00 to $70.00 in a research report on Wednesday, July 9th. JPMorgan Chase & Co. dropped their target price on shares of Doximity from $63.00 to $60.00 and set a "neutral" rating for the company in a research report on Tuesday, May 27th. Raymond James Financial dropped their target price on shares of Doximity from $83.00 to $65.00 and set an "outperform" rating for the company in a research report on Friday, May 16th. Canaccord Genuity Group dropped their target price on shares of Doximity from $71.00 to $50.00 and set a "hold" rating for the company in a research report on Friday, May 16th. Finally, Robert W. Baird dropped their target price on shares of Doximity from $87.00 to $65.00 and set an "outperform" rating for the company in a research report on Tuesday, May 20th. Ten 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 data from MarketBeat, Doximity has a consensus rating of "Moderate Buy" and an average price target of $64.89.

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.