Magnetar Financial LLC Buys New Holdings in Doximity, Inc. $DOCS

Key Points

• Magnetar Financial LLC invested approximately $1.23 million in Doximity, acquiring 21,117 shares during the first quarter of 2023, as noted in their recent SEC filing.
• Institutional investors now own 87.19% of Doximity's stock, indicating significant institutional interest in the company.
• Doximity's stock performance showed a strong quarterly EPS of $0.36, surpassing analysts' expectations, with a net margin of 36.60% and a revenue increase of 15.2% year-over-year.

Magnetar Financial LLC bought a new position in shares of Doximity, Inc. (NASDAQ:DOCS - Free Report) in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund bought 21,117 shares of the company's stock, valued at approximately $1,225,000.

A number of other large investors also recently made changes to their positions in the stock. Ballentine Partners LLC acquired a new stake in shares of Doximity during the first quarter worth $201,000. Wealth Enhancement Advisory Services LLC boosted its holdings in Doximity by 196.6% during the first quarter. Wealth Enhancement Advisory Services LLC now owns 13,570 shares of the company's stock worth $787,000 after buying an additional 8,995 shares during the last quarter. Range Financial Group LLC bought a new position in Doximity during the first quarter worth about $916,000. Bank of Nova Scotia acquired a new position in shares of Doximity during the 1st quarter worth about $651,000. Finally, New York State Teachers Retirement System increased its stake in shares of Doximity by 10.9% in the 1st quarter. New York State Teachers Retirement System now owns 113,145 shares of the company's stock valued at $6,566,000 after acquiring an additional 11,078 shares during the last quarter. Institutional investors and hedge funds own 87.19% of the company's stock.

Wall Street Analyst Weigh In

Several research firms recently weighed in on DOCS. Mizuho reduced their price objective on shares of Doximity from $65.00 to $60.00 and set a "neutral" rating on the stock in a research note on Friday, May 16th. Raymond James Financial increased their target price on shares of Doximity from $65.00 to $75.00 and gave the stock an "outperform" rating in a report on Friday, August 8th. Wells Fargo & Company boosted their price target on shares of Doximity from $55.00 to $62.00 and gave the company an "equal weight" rating in a report on Monday, August 4th. Robert W. Baird lowered their price objective 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. Finally, Evercore ISI upgraded Doximity from an "in-line" rating to an "outperform" rating and lifted their target price for the stock from $50.00 to $70.00 in a report on Wednesday, July 9th. Two investment analysts have rated the stock with a Strong Buy rating, ten have assigned a Buy rating and eleven have given a Hold rating to the stock. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $66.21.

Doximity Price Performance

NASDAQ:DOCS traded up $1.06 during trading hours on Thursday, reaching $68.36. 327,286 shares of the stock were exchanged, compared to its average volume of 2,261,995. The stock has a market cap of $12.80 billion, a PE ratio of 68.29, a PEG ratio of 4.10 and a beta of 1.37. Doximity, Inc. has a twelve month low of $35.32 and a twelve month high of $85.21. The firm has a 50 day moving average of $62.34 and a 200 day moving average of $60.17.

Doximity (NASDAQ:DOCS - Get Free Report) last posted its quarterly earnings data on Thursday, August 7th. The company reported $0.36 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.31 by $0.05. Doximity had a net margin of 36.60% and a return on equity of 21.75%. During the same period in the prior year, the firm earned $0.28 EPS. The firm's quarterly revenue was up 15.2% compared to the same quarter last year. Doximity has set its FY 2026 guidance at EPS. Q2 2026 guidance at EPS. Equities research analysts anticipate that Doximity, Inc. will post 0.99 earnings per share for the current year.

Insider Transactions at Doximity

In related news, Director Kira Scherer Wampler sold 2,000 shares of Doximity stock in a transaction dated Friday, August 1st. The stock was sold at an average price of $57.09, for a total value 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 ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Timothy S. Cabral sold 10,000 shares of the company's stock in a transaction dated 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 owned 6,360 shares in the company, valued at $381,600. The trade was a 61.12% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 32,000 shares of company stock worth $1,929,380 in the last three months. Insiders own 31.30% of the company's stock.

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.