Renaissance Technologies LLC Has $71.29 Million Stock Position in Doximity, Inc. $DOCS

Key Points

• Renaissance Technologies increased its Doximity stake by 29.4% in the first quarter, holding 3.06 million shares valued at $71.29 million, or 1.66% of the company. Institutional investors collectively own 87.19% of DOCS.
• Analyst sentiment has weakened, with several firms cutting ratings or price targets. Doximity has a consensus “Hold” rating and an average price target of $29.33.
• Insiders sold 13,753 shares worth approximately $343,925 over the past 90 days. Doximity shares opened at $20.42, near the lower end of their 52-week range of $17.15 to $76.51.

Renaissance Technologies LLC lifted its stake in shares of Doximity, Inc. (NYSE:DOCS - Free Report) by 29.4% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 3,059,749 shares of the company's stock after purchasing an additional 694,300 shares during the period. Renaissance Technologies LLC owned 1.66% of Doximity worth $71,292,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also made changes to their positions in the company. Northwestern Mutual Wealth Management Co. increased its holdings in Doximity by 99.5% during the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 796 shares of the company's stock worth $35,000 after buying an additional 397 shares during the last quarter. Toth Financial Advisory Corp lifted its stake in Doximity by 100.0% in the fourth quarter. Toth Financial Advisory Corp now owns 1,000 shares of the company's stock valued at $44,000 after acquiring an additional 500 shares during the last quarter. Parallel Advisors LLC grew its position in shares of Doximity by 111.0% in the 1st quarter. Parallel Advisors LLC now owns 2,560 shares of the company's stock valued at $60,000 after acquiring an additional 1,347 shares during the period. Farther Finance Advisors LLC grew its position in shares of Doximity by 35.7% in the 4th quarter. Farther Finance Advisors LLC now owns 1,539 shares of the company's stock valued at $68,000 after acquiring an additional 405 shares during the period. Finally, Leonteq Securities AG increased its stake in shares of Doximity by 65.6% during the 1st quarter. Leonteq Securities AG now owns 2,912 shares of the company's stock worth $68,000 after purchasing an additional 1,154 shares during the last quarter. 87.19% of the stock is owned by institutional investors.

Insider Activity at Doximity

In related news, insider Siddharth Sitaram sold 2,444 shares of the business's stock in a transaction on Monday, June 8th. The stock was sold at an average price of $20.41, for a total value of $49,882.04. Following the completion of the sale, the insider directly owned 90,706 shares in the company, valued at $1,851,309.46. The trade was a 2.62% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director Kira Scherer Wampler sold 9,000 shares of the business's stock in a transaction on Thursday, May 7th. The shares were sold at an average price of $26.06, for a total value of $234,540.00. Following the completion of the sale, the director owned 19,839 shares of the company's stock, valued at $517,004.34. This trade represents a 31.21% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 13,753 shares of company stock worth $343,925 in the last ninety days. 31.80% of the stock is owned by company insiders.

Analyst Ratings Changes

A number of brokerages have recently issued reports on DOCS. Evercore cut shares of Doximity from an "outperform" rating to an "in-line" rating and set a $25.00 target price on the stock. in a report on Wednesday, April 8th. The Goldman Sachs Group lowered their price target on Doximity from $28.00 to $24.00 and set a "neutral" rating on the stock in a research report on Thursday, May 14th. KeyCorp lowered Doximity from an "overweight" rating to a "sector weight" rating in a research note on Thursday, May 14th. Needham & Company LLC cut their price objective on Doximity from $55.00 to $27.00 and set a "buy" rating for the company in a research report on Thursday, May 14th. Finally, Bank of America reiterated an "underperform" rating and set a $20.00 target price (down from $38.00) on shares of Doximity in a research note on Monday, June 29th. Two investment analysts have rated the stock with a Strong Buy rating, six have assigned a Buy rating, thirteen have given a Hold rating and three have assigned a Sell rating to the company's stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and an average price target of $29.33.

Doximity Stock Up 0.0%

Doximity stock opened at $20.42 on Monday. The stock has a market cap of $3.73 billion, a P/E ratio of 20.63, a P/E/G ratio of 6.14 and a beta of 1.30. Doximity, Inc. has a twelve month low of $17.15 and a twelve month high of $76.51. The company's 50-day moving average price is $20.89 and its two-hundred day moving average price is $25.73.

About Doximity

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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