Iron Triangle Partners LP Sells 261,300 Shares of Doximity, Inc. $DOCS

Key Points

• Iron Triangle Partners LP cut its Doximity stake by 55.4%, selling 261,300 shares in Q3 and now holds 210,000 shares (about $15.36 million, ~0.11% of the company).
• Doximity posted a slight EPS beat ($0.46 vs. $0.45) with revenue up 9.8% year-over-year and its board authorized a $500 million stock repurchase program to buy up to 8% of outstanding shares.
• Several analysts have lowered price targets (e.g., BTIG to $50, Mizuho to $34, JPM to $33), but the consensus remains a Moderate Buy with an average target of $47.50 while the stock trades near $24.

Iron Triangle Partners LP cut its position in Doximity, Inc. (NYSE:DOCS - Free Report) by 55.4% in the 3rd quarter, according to its most recent disclosure with the SEC. The fund owned 210,000 shares of the company's stock after selling 261,300 shares during the period. Doximity makes up about 2.2% of Iron Triangle Partners LP's investment portfolio, making the stock its 23rd largest holding. Iron Triangle Partners LP owned about 0.11% of Doximity worth $15,362,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. Root Financial Partners LLC bought a new stake in shares of Doximity in the 3rd quarter worth $30,000. Whittier Trust Co. of Nevada Inc. raised its position 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 buying an additional 179 shares during the last quarter. Toth Financial Advisory Corp lifted its stake 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 acquiring an additional 300 shares during the period. Atlantic Union Bankshares Corp lifted its stake in Doximity by 136.9% during the 3rd quarter. Atlantic Union Bankshares Corp now owns 616 shares of the company's stock valued at $45,000 after acquiring an additional 356 shares during the period. Finally, First Horizon Corp purchased a new stake in shares of Doximity during the 3rd quarter valued at about $58,000. Hedge funds and other 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 on Tuesday, March 10th. The stock was sold at an average price of $25.37, for a total value of $58,833.03. Following the completion of the sale, the insider directly owned 84,132 shares in the company, valued at $2,134,428.84. This trade represents a 2.68% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Kira Scherer Wampler sold 2,000 shares of the business's stock in a transaction on Tuesday, March 3rd. The shares were sold at an average price of $26.00, for a total transaction of $52,000.00. Following the transaction, the director owned 19,839 shares in the company, valued at $515,814. This trade represents a 9.16% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 6,601 shares of company stock worth $174,455 in the last 90 days. 31.30% of the stock is currently owned by insiders.

Doximity Stock Performance

Doximity stock opened at $24.37 on Monday. The business has a 50-day simple moving average of $32.64. The company has a market cap of $4.50 billion, a P/E ratio of 20.30, a PEG ratio of 1.37 and a beta of 1.44. Doximity, Inc. has a twelve month low of $23.53 and a twelve month high of $76.51.

Doximity (NYSE:DOCS - Get Free Report) last released its quarterly earnings results on Thursday, February 5th. The company reported $0.46 EPS for the quarter, topping 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%.During the same period last year, the company earned $0.45 earnings per share. The company's revenue for the quarter was up 9.8% on a year-over-year basis.

Doximity announced that its Board of Directors has authorized a stock repurchase program on Thursday, February 5th that allows the company to repurchase $500.00 million in outstanding shares. This repurchase authorization allows the company to repurchase up to 8% of its stock through open market purchases. Stock repurchase programs are usually an indication that the company's board believes its stock is undervalued.

Analysts Set New Price Targets

DOCS has been the topic of a number of research analyst reports. BTIG Research lowered their price objective on shares of Doximity from $80.00 to $50.00 and set a "buy" rating on the stock in a research report on Friday, February 6th. Mizuho decreased their target price on shares of Doximity from $45.00 to $34.00 and set a "neutral" rating for the company in a research note on Tuesday, February 10th. JPMorgan Chase & Co. lowered their price target on Doximity from $40.00 to $33.00 and set a "neutral" rating on the stock in a report on Friday, February 20th. Morgan Stanley dropped their price target on Doximity from $65.00 to $49.00 and set an "overweight" rating on the stock in a research note on Friday, February 6th. Finally, Zacks Research lowered Doximity from a "strong-buy" rating to a "hold" rating in a report on Friday, February 13th. One equities research analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and six have given a Hold rating to the stock. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $47.50.

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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