Rhenman & Partners Asset Management AB Increases Position in Doximity, Inc. $DOCS

Key Points

• Rhenman & Partners Asset Management AB boosted its stake in Doximity by 547.6% in Q3 to 136,000 shares, worth about $9.95 million (≈0.07% ownership).
• Doximity's Board authorized a $500 million stock buyback to repurchase up to 8% of shares, signaling management believes the stock may be undervalued.
• Analysts hold a consensus "Moderate Buy" with an average price target of $48.33, while the stock trades near $25 (52‑week range $23.53–$76.51), highlighting a large gap between analyst targets and the market price.

Rhenman & Partners Asset Management AB lifted its stake in Doximity, Inc. (NASDAQ:DOCS - Free Report) by 547.6% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 136,000 shares of the company's stock after acquiring an additional 115,000 shares during the period. Rhenman & Partners Asset Management AB owned 0.07% of Doximity worth $9,948,000 at the end of the most recent quarter.

A number of other institutional investors also recently added to or reduced their stakes in DOCS. William Blair Investment Management LLC grew its stake in Doximity by 11.7% in the third quarter. William Blair Investment Management LLC now owns 5,829,169 shares of the company's stock valued at $426,404,000 after purchasing an additional 609,775 shares during the last quarter. Geode Capital Management LLC raised its stake in shares of Doximity by 7.7% during the 2nd quarter. Geode Capital Management LLC now owns 3,639,898 shares of the company's stock worth $223,829,000 after acquiring an additional 261,319 shares in the last quarter. Franklin Resources Inc. raised its stake in shares of Doximity by 53.9% during the 2nd quarter. Franklin Resources Inc. now owns 3,162,593 shares of the company's stock worth $193,993,000 after acquiring an additional 1,108,162 shares in the last quarter. Voya Investment Management LLC lifted its position in Doximity by 932.8% during the third quarter. Voya Investment Management LLC now owns 1,567,668 shares of the company's stock valued at $114,267,000 after acquiring an additional 1,415,882 shares during the last quarter. Finally, Dimensional Fund Advisors LP boosted its stake in Doximity by 4.3% in the third quarter. Dimensional Fund Advisors LP now owns 1,301,299 shares of the company's stock valued at $95,203,000 after acquiring an additional 54,110 shares in the last quarter. Institutional investors own 87.19% of the company's stock.

Insider Activity

In related news, Director Kira Scherer Wampler sold 2,000 shares of the business's stock in a transaction on Tuesday, March 3rd. The shares were sold at an average price of $26.00, for a total transaction of $52,000.00. Following the completion of the transaction, the director directly owned 19,839 shares in the company, valued at $515,814. The trade was a 9.16% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 31.30% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

A number of equities analysts have recently issued reports on the company. JPMorgan Chase & Co. reduced their price target on Doximity from $40.00 to $33.00 and set a "neutral" rating on the stock in a research report on Friday, February 20th. KeyCorp set a $38.00 price target on Doximity in a research note on Friday, February 6th. Royal Bank Of Canada began coverage on Doximity in a report on Thursday, January 8th. They issued an "outperform" rating and a $59.00 price target for the company. Evercore restated an "outperform" rating on shares of Doximity in a research note on Thursday, January 8th. Finally, Morgan Stanley cut their price objective on shares of Doximity from $65.00 to $49.00 and set an "overweight" rating on the stock in a report on Friday, February 6th. One research analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and five have given a Hold rating to the stock. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus price target of $48.33.

Doximity Trading Down 2.6%

Shares of NASDAQ:DOCS opened at $25.39 on Friday. Doximity, Inc. has a twelve month low of $23.53 and a twelve month high of $76.51. The company has a market cap of $4.69 billion, a PE ratio of 25.39, a price-to-earnings-growth ratio of 4.10 and a beta of 1.44. The company's 50 day moving average is $34.57 and its 200 day moving average is $51.68.

Doximity (NASDAQ:DOCS - Get Free Report) last announced its quarterly earnings data on Thursday, February 5th. The company reported $0.46 EPS for the quarter, beating the consensus estimate of $0.45 by $0.01. Doximity had a net margin of 36.60% and a return on equity of 21.75%. The business's revenue for the quarter was up 9.8% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.45 earnings per share. Equities research analysts predict that Doximity, Inc. will post 0.99 earnings per share for the current fiscal year.

Doximity declared that its Board of Directors has authorized a stock repurchase plan on Thursday, February 5th that authorizes the company to buyback $500.00 million in shares. This buyback authorization authorizes the company to purchase up to 8% of its stock through open market purchases. Stock buyback plans are typically an indication that the company's management believes its shares are undervalued.

Doximity Profile

Doximity, Inc, headquartered in San Francisco, California, operates the leading professional medical network for healthcare professionals in the United States. Founded in 2011 by Jeff Tangney and Shari Buck, the company set out to create a secure digital environment where physicians, nurse practitioners and physician assistants can collaborate, share information and stay current with clinical news. Doximity went public in June 2021 and trades on the NASDAQ under the ticker symbol “DOCS.”

The core offering of Doximity is its HIPAA-compliant communication platform, which includes a secure messaging system, digital fax services and telehealth capabilities.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.