LPL Financial LLC Has $6.22 Million Position in Doximity, Inc. (NASDAQ:DOCS)

Key Points

• LPL Financial LLC increased its holdings in Doximity, Inc. by 41.5% in the first quarter, acquiring an additional 31,468 shares, bringing their total to 107,225 shares valued at approximately $6.22 million.
• Numerous analysts adjusted their price targets for Doximity, with ratings ranging from "equal weight" to "buy," and the average consensus target price now stands at $66.21.
• Last quarter, Doximity reported earnings of $0.36 per share, exceeding estimates, with revenue up 15.2% from the same period last year, showcasing robust growth potential.

LPL Financial LLC raised its position in Doximity, Inc. (NASDAQ:DOCS - Free Report) by 41.5% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 107,225 shares of the company's stock after purchasing an additional 31,468 shares during the period. LPL Financial LLC owned about 0.06% of Doximity worth $6,222,000 at the end of the most recent reporting period.

Several other hedge funds also recently modified their holdings of the company. Ballentine Partners LLC purchased a new position in Doximity during the first quarter worth approximately $201,000. Wealth Enhancement Advisory Services LLC boosted its holdings in Doximity by 196.6% in the first quarter. Wealth Enhancement Advisory Services LLC now owns 13,570 shares of the company's stock valued at $787,000 after acquiring an additional 8,995 shares during the last quarter. Range Financial Group LLC purchased a new stake in Doximity during the first quarter valued at about $916,000. New York State Teachers Retirement System increased its stake in Doximity by 10.9% during the first quarter. New York State Teachers Retirement System now owns 113,145 shares of the company's stock worth $6,566,000 after acquiring an additional 11,078 shares during the last quarter. Finally, Wells Fargo & Company MN raised its holdings in shares of Doximity by 3.3% in the 4th quarter. Wells Fargo & Company MN now owns 368,941 shares of the company's stock worth $19,698,000 after purchasing an additional 11,811 shares during the period. 87.19% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on DOCS shares. Morgan Stanley decreased their target price on Doximity from $71.00 to $60.00 and set an "equal weight" rating for the company in a report on Thursday, April 24th. The Goldman Sachs Group set a $50.00 price target on shares of Doximity and gave the company a "neutral" rating in a research report on Wednesday, May 21st. Mizuho dropped their price objective on shares of Doximity from $65.00 to $60.00 and set a "neutral" rating for the company in a research report on Friday, May 16th. Wells Fargo & Company raised their target price on shares of Doximity from $55.00 to $62.00 and gave the company an "equal weight" rating in a research note on Monday, August 4th. Finally, KeyCorp upped their price target on shares of Doximity from $65.00 to $70.00 and gave the stock an "overweight" rating in a research report on Monday, July 14th. Ten equities research analysts have rated the stock with a hold rating, ten have given a buy rating and two have issued a strong buy rating to the company. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus target price of $66.21.

Doximity Trading Down 0.7%

Shares of NASDAQ:DOCS traded down $0.48 during trading on Thursday, hitting $63.54. 818,945 shares of the company's stock traded hands, compared to its average volume of 2,356,423. The company has a 50-day moving average price of $59.77 and a 200-day moving average price of $60.14. Doximity, Inc. has a 52 week low of $34.34 and a 52 week high of $85.21. The company has a market cap of $11.94 billion, a price-to-earnings ratio of 63.54, a price-to-earnings-growth ratio of 4.10 and a beta of 1.36.

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

Insider Buying and Selling at Doximity

In other news, Director Kira Scherer Wampler sold 2,000 shares of the stock in a transaction dated Friday, August 1st. The shares were sold at an average price of $57.09, for a total value of $114,180.00. Following the transaction, the director directly owned 16,618 shares of the company's stock, valued at $948,721.62. This represents a 10.74% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Timothy S. Cabral 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 6,360 shares of the company's stock, valued at approximately $381,600. The trade was a 61.12% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 36,000 shares of company stock worth $2,140,940 over the last 90 days. Company insiders own 31.30% of the company's stock.

About Doximity

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.