Integral Health Asset Management LLC Buys Shares of 180,000 Doximity, Inc. $DOCS

Key Points

• Integral Health Asset Management purchased a new stake of 180,000 Doximity shares (~$13.17M) in Q3, representing about 0.10% of the company while institutional investors own roughly 87.19%.
• Doximity's board authorized a $500 million stock buyback (up to 8% of outstanding shares), and the company recently beat EPS estimates with revenue up 9.8% year-over-year.
• Insiders have sold 6,601 shares (~$174,455) over the past 90 days (insider ownership 31.3%), while analysts hold a consensus "Moderate Buy" rating with an average price target of $47.50 despite several recent target cuts.

Integral Health Asset Management LLC purchased a new stake in shares of Doximity, Inc. (NYSE:DOCS - Free Report) during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor purchased 180,000 shares of the company's stock, valued at approximately $13,167,000. Integral Health Asset Management LLC owned about 0.10% of Doximity at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Root Financial Partners LLC purchased a new position in Doximity in the 3rd quarter valued at approximately $30,000. Whittier Trust Co. of Nevada Inc. boosted its stake in Doximity by 59.5% in the 3rd quarter. Whittier Trust Co. of Nevada Inc. now owns 480 shares of the company's stock worth $35,000 after purchasing an additional 179 shares during the period. Toth Financial Advisory Corp grew its holdings in Doximity by 150.0% during the 3rd quarter. Toth Financial Advisory Corp now owns 500 shares of the company's stock valued at $37,000 after buying an additional 300 shares in the last quarter. Atlantic Union Bankshares Corp increased its position in shares of Doximity by 136.9% during the third quarter. Atlantic Union Bankshares Corp now owns 616 shares of the company's stock valued at $45,000 after buying an additional 356 shares during the period. Finally, First Horizon Corp bought a new stake in shares of Doximity during the third quarter valued at about $58,000. Institutional investors own 87.19% of the company's stock.

Insider Buying and Selling at Doximity

In related news, insider Siddharth Sitaram sold 2,319 shares of the firm's stock in a transaction dated Tuesday, March 10th. The stock was sold at an average price of $25.37, for a total value of $58,833.03. Following the sale, the insider directly owned 84,132 shares of the company's stock, valued at $2,134,428.84. This trade represents a 2.68% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Kira Scherer Wampler sold 2,000 shares of the business's stock in a transaction that occurred on Tuesday, March 3rd. The shares were sold at an average price of $26.00, for a total value of $52,000.00. Following the transaction, the director directly owned 19,839 shares in the company, valued at $515,814. This trade represents a 9.16% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders sold 6,601 shares of company stock worth $174,455. 31.30% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on DOCS. BTIG Research lowered their target price on shares of Doximity from $80.00 to $50.00 and set a "buy" rating on the stock in a research note on Friday, February 6th. Mizuho decreased their target price on Doximity from $45.00 to $34.00 and set a "neutral" rating on the stock in a research note on Tuesday, February 10th. KeyCorp set a $38.00 target price on shares of Doximity in a research note on Friday, February 6th. Truist Financial dropped their target price on shares of Doximity from $62.00 to $37.00 and set a "buy" rating for the company in a research report on Friday, February 6th. Finally, Piper Sandler boosted their price target on shares of Doximity from $40.00 to $42.00 and gave the stock an "overweight" rating in a research note on Friday, February 20th. One research analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and six have issued a Hold rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average price target of $47.50.

Doximity Stock Performance

DOCS opened at $24.37 on Friday. Doximity, Inc. has a 12 month low of $23.53 and a 12 month high of $76.51. The business has a 50-day moving average of $32.64. The stock has a market capitalization of $4.50 billion, a P/E ratio of 20.30, a P/E/G ratio of 1.36 and a beta of 1.44.

Doximity (NYSE:DOCS - Get Free Report) last issued its earnings results on Thursday, February 5th. The company reported $0.46 earnings per share for the quarter, beating the consensus estimate of $0.45 by $0.01. Doximity had a return on equity of 23.84% and a net margin of 37.54%.Doximity's revenue for the quarter was up 9.8% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.45 earnings per share.

Doximity declared that its Board of Directors has initiated a stock repurchase plan on Thursday, February 5th that authorizes the company to buyback $500.00 million in outstanding shares. This buyback authorization authorizes the company to reacquire up to 8% of its stock through open market purchases. Stock buyback plans are typically a sign that the company's board of directors believes its shares are undervalued.

Doximity Company 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.