68,519 Shares in Doximity, Inc. (NASDAQ:DOCS) Bought by Navellier & Associates Inc.

Key Points

• Navellier & Associates Inc. has made a new investment of approximately $4.07 million in Doximity, acquiring 68,519 shares during the first quarter.
• In Q1, multiple institutional investors increased their stakes in Doximity, with hedge funds owning 87.19% of the company’s stock.
• Doximity reported earnings of $0.38 per share for the most recent quarter, surpassing analyst expectations and reflecting a 17.1% increase in revenue compared to the previous year.

Navellier & Associates Inc. acquired a new stake in Doximity, Inc. (NASDAQ:DOCS - Free Report) during the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm acquired 68,519 shares of the company's stock, valued at approximately $4,069,000.

A number of other hedge funds have also recently made changes to their positions in the company. Vanguard Group Inc. boosted its stake in shares of Doximity by 4.5% during the fourth quarter. Vanguard Group Inc. now owns 11,203,569 shares of the company's stock valued at $598,159,000 after purchasing an additional 485,102 shares in the last quarter. FMR LLC boosted its stake in shares of Doximity by 37.6% during the fourth quarter. FMR LLC now owns 9,409,313 shares of the company's stock valued at $502,363,000 after purchasing an additional 2,571,580 shares in the last quarter. Geode Capital Management LLC boosted its stake in shares of Doximity by 3.3% during the fourth quarter. Geode Capital Management LLC now owns 2,952,442 shares of the company's stock valued at $157,668,000 after purchasing an additional 95,458 shares in the last quarter. Loomis Sayles & Co. L P boosted its stake in shares of Doximity by 2.7% during the fourth quarter. Loomis Sayles & Co. L P now owns 2,334,597 shares of the company's stock valued at $124,644,000 after purchasing an additional 62,366 shares in the last quarter. Finally, Renaissance Technologies LLC boosted its stake in shares of Doximity by 9.8% during the fourth quarter. Renaissance Technologies LLC now owns 1,847,702 shares of the company's stock valued at $98,649,000 after purchasing an additional 164,200 shares in the last quarter. 87.19% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at Doximity

In other news, CFO Anna Bryson sold 45,000 shares of the business's stock in a transaction that occurred on Thursday, May 1st. The stock was sold at an average price of $57.23, for a total transaction of $2,575,350.00. Following the completion of the sale, the chief financial officer owned 357,165 shares in the company, valued at $20,440,552.95. The trade was a 11.19% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Regina M. Benjamin sold 5,000 shares of the business's stock in a transaction that occurred on Friday, July 11th. The shares were sold at an average price of $60.04, for a total value of $300,200.00. Following the sale, the director owned 16,618 shares of the company's stock, valued at approximately $997,744.72. This represents a 23.13% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 76,000 shares of company stock worth $4,400,970. Insiders own 37.40% of the company's stock.

Wall Street Analysts Forecast Growth

A number of analysts have recently commented on the company. William Blair reissued an "outperform" rating on shares of Doximity in a research note on Friday, May 16th. The Goldman Sachs Group set a $50.00 price target on Doximity and gave the company a "neutral" rating in a research note on Wednesday, May 21st. JPMorgan Chase & Co. cut their price objective on Doximity from $63.00 to $60.00 and set a "neutral" rating on the stock in a research note on Tuesday, May 27th. Canaccord Genuity Group cut their price objective on Doximity from $71.00 to $50.00 and set a "hold" rating on the stock in a research note on Friday, May 16th. Finally, Evercore ISI raised Doximity from an "in-line" rating to an "outperform" rating and lifted their price objective for the stock from $50.00 to $70.00 in a research note on Wednesday, July 9th. Ten analysts have rated the stock with a hold rating, ten have given a buy rating and two have given a strong buy rating to the company. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average target price of $64.89.

Doximity Stock Performance

Shares of NASDAQ DOCS traded up $1.05 during midday trading on Monday, hitting $61.82. 362,056 shares of the stock traded hands, compared to its average volume of 2,365,085. The company has a market cap of $11.61 billion, a PE ratio of 61.81, a P/E/G ratio of 4.10 and a beta of 1.37. Doximity, Inc. has a one year low of $25.00 and a one year high of $85.21. The business has a 50 day moving average price of $57.67 and a two-hundred day moving average price of $59.62.

Doximity (NASDAQ:DOCS - Get Free Report) last released its quarterly earnings data on Thursday, May 15th. The company reported $0.38 EPS for the quarter, beating the consensus estimate of $0.27 by $0.11. Doximity had a return on equity of 21.75% and a net margin of 36.60%. The business's quarterly revenue was up 17.1% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.25 earnings per share. As a group, equities research analysts forecast that Doximity, Inc. will post 0.99 EPS for the current fiscal year.

Doximity Company 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.