Sierra Summit Advisors LLC Acquires New Shares in Doximity, Inc. (NASDAQ:DOCS)

Key Points

• Sierra Summit Advisors LLC has acquired 151,761 shares of Doximity, Inc., valued at approximately $8.8 million, making it the investor's 19th largest holding.
• Analysts have mixed ratings on Doximity, with a consensus average rating of "Moderate Buy" and a price target range of $60 to $75.
• Doximity's stock has recently seen a 13.9% increase and reported Q2 earnings of $0.36 EPS, beating expectations by $0.05.

Sierra Summit Advisors LLC acquired a new position in shares of Doximity, Inc. (NASDAQ:DOCS - Free Report) in the first quarter, according to its most recent 13F filing with the SEC. The institutional investor acquired 151,761 shares of the company's stock, valued at approximately $8,807,000. Doximity comprises 1.9% of Sierra Summit Advisors LLC's holdings, making the stock its 19th biggest position. Sierra Summit Advisors LLC owned about 0.08% of Doximity at the end of the most recent quarter.

Other institutional investors have also recently added to or reduced their stakes in the company. Ballentine Partners LLC acquired a new stake in shares of Doximity in the first quarter valued at $201,000. Wealth Enhancement Advisory Services LLC lifted its holdings in shares of Doximity by 196.6% in the first quarter. Wealth Enhancement Advisory Services LLC now owns 13,570 shares of the company's stock valued at $787,000 after buying an additional 8,995 shares during the period. Range Financial Group LLC acquired a new stake in shares of Doximity in the first quarter valued at $916,000. New York State Teachers Retirement System lifted its holdings in shares of Doximity by 10.9% in the first quarter. New York State Teachers Retirement System now owns 113,145 shares of the company's stock valued at $6,566,000 after buying an additional 11,078 shares during the period. Finally, Wells Fargo & Company MN lifted its holdings in shares of Doximity by 3.3% during the fourth quarter. Wells Fargo & Company MN now owns 368,941 shares of the company's stock valued at $19,698,000 after purchasing an additional 11,811 shares during the last quarter. 87.19% of the stock is currently owned by institutional investors.

Doximity Stock Down 7.2%

NASDAQ:DOCS traded down $4.77 on Monday, hitting $61.82. The stock had a trading volume of 2,857,815 shares, compared to its average volume of 2,371,056. Doximity, Inc. has a 52 week low of $34.34 and a 52 week high of $85.21. The business's fifty day moving average is $59.41 and its 200 day moving average is $60.10. The company has a market cap of $11.61 billion, a PE ratio of 61.82, a P/E/G ratio of 4.10 and a beta of 1.36.

Doximity (NASDAQ:DOCS - Get Free Report) last issued its quarterly earnings results on Thursday, August 7th. The company reported $0.36 EPS for the quarter, beating analysts' consensus estimates of $0.31 by $0.05. Doximity had a return on equity of 21.75% and a net margin of 36.60%. During the same quarter in the prior year, the business earned $0.28 earnings per share. The firm's revenue for the quarter was up 15.2% on a year-over-year basis. Equities analysts predict that Doximity, Inc. will post 0.99 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several equities research analysts recently issued reports on the company. Morgan Stanley reduced their price objective on Doximity from $71.00 to $60.00 and set an "equal weight" rating for the company in a research note on Thursday, April 24th. KeyCorp raised their target price on Doximity from $65.00 to $70.00 and gave the stock an "overweight" rating in a report on Monday, July 14th. Needham & Company LLC lifted their target price on Doximity from $67.00 to $75.00 and gave the company a "buy" rating in a research report on Friday. Mizuho decreased their target price on Doximity from $65.00 to $60.00 and set a "neutral" rating on the stock in a report on Friday, May 16th. Finally, Piper Sandler upped their target price on Doximity from $65.00 to $69.00 and gave the company an "overweight" rating in a research report on Monday. Ten investment analysts have rated the stock with a hold rating, ten have given a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $66.21.

Insider Activity at Doximity

In other Doximity news, Director Regina M. Benjamin sold 5,000 shares of Doximity stock in a transaction dated Friday, August 8th. The stock was sold at an average price of $63.00, for a total transaction of $315,000.00. Following the completion of the sale, the director owned 16,618 shares of the company's stock, valued at $1,046,934. The trade was a 23.13% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Timothy S. Cabral sold 10,000 shares of Doximity stock in a transaction that occurred on Wednesday, June 25th. The stock was sold at an average price of $60.00, for a total value of $600,000.00. Following the completion of the transaction, the director directly owned 6,360 shares in the company, valued at $381,600. This trade represents a 61.12% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 36,000 shares of company stock valued at $2,140,940. Company 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.