Rakuten Securities Inc. Cuts Stake in Doximity, Inc. (NASDAQ:DOCS)

Rakuten Securities Inc. cut its stake in shares of Doximity, Inc. (NASDAQ:DOCS - Free Report) by 63.5% in the first quarter, according to its most recent disclosure with the SEC. The firm owned 6,713 shares of the company's stock after selling 11,680 shares during the period. Rakuten Securities Inc.'s holdings in Doximity were worth $390,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in DOCS. Global Retirement Partners LLC raised its position in shares of Doximity by 468.1% during the 4th quarter. Global Retirement Partners LLC now owns 534 shares of the company's stock worth $29,000 after purchasing an additional 440 shares during the last quarter. Larson Financial Group LLC increased its stake in Doximity by 49.4% during the 4th quarter. Larson Financial Group LLC now owns 756 shares of the company's stock worth $40,000 after buying an additional 250 shares in the last quarter. Optimum Investment Advisors acquired a new position in shares of Doximity during the fourth quarter valued at approximately $43,000. Kapitalo Investimentos Ltda acquired a new position in shares of Doximity during the fourth quarter valued at approximately $50,000. Finally, Huntington National Bank lifted its position in shares of Doximity by 1,440.8% in the fourth quarter. Huntington National Bank now owns 1,094 shares of the company's stock valued at $58,000 after acquiring an additional 1,023 shares in the last quarter. 87.19% of the stock is owned by hedge funds and other institutional investors.

Doximity Trading Up 0.8%

DOCS stock traded up $0.43 during midday trading on Friday, hitting $57.47. 2,640,897 shares of the company's stock were exchanged, compared to its average volume of 2,147,139. Doximity, Inc. has a 1-year low of $25.00 and a 1-year high of $85.21. The stock has a market capitalization of $10.80 billion, a PE ratio of 57.47, a P/E/G ratio of 4.10 and a beta of 1.32. The business has a 50-day simple moving average of $55.44 and a two-hundred day simple moving average of $58.53.

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

Analyst Upgrades and Downgrades

DOCS has been the subject of several research reports. Truist Financial dropped their price target on Doximity from $58.00 to $52.00 and set a "hold" rating for the company in a research report on Friday, May 16th. JPMorgan Chase & Co. dropped their target price on shares of Doximity from $63.00 to $60.00 and set a "neutral" rating for the company in a report on Tuesday, May 27th. Raymond James Financial reduced their target price on shares of Doximity from $83.00 to $65.00 and set an "outperform" rating for the company in a research report on Friday, May 16th. BTIG Research upgraded shares of Doximity from a "neutral" rating to a "buy" rating and set a $80.00 price target on the stock in a research report on Monday, June 2nd. Finally, KeyCorp dropped their price objective on shares of Doximity from $83.00 to $70.00 and set an "overweight" rating for the company in a research note on Wednesday, April 16th. Eleven equities research analysts have rated the stock with a hold rating, nine have assigned a buy rating and two have issued a strong buy rating to the company. According to MarketBeat, Doximity has a consensus rating of "Moderate Buy" and an average target price of $62.84.

Insiders Place Their Bets

In other news, Director Kira Scherer Wampler sold 2,000 shares of the firm's stock in a transaction on Monday, June 2nd. The stock was sold at an average price of $52.89, for a total transaction of $105,780.00. Following the completion of the transaction, the director now directly owns 16,618 shares in the company, valued at $878,926.02. This trade represents a 10.74% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CFO Anna Bryson sold 45,000 shares of the business's stock in a transaction on Thursday, May 1st. The shares were sold at an average price of $57.23, for a total value of $2,575,350.00. Following the completion of the sale, the chief financial officer now owns 357,165 shares in the company, valued at $20,440,552.95. This represents a 11.19% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 51,000 shares of company stock valued at $2,900,770 over the last 90 days. 37.40% of the stock is owned by company insiders.

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.