TriaGen Wealth Management LLC Makes New $450,000 Investment in Doximity, Inc. (NASDAQ:DOCS)

Key Points

• TriaGen Wealth Management LLC made a new investment of approximately $450,000 in Doximity, acquiring 7,749 shares of the company in the first quarter.
• Insider transactions saw significant selling, with Director Timothy S. Cabral selling 10,000 shares for $600,000 and Director Regina M. Benjamin selling 5,000 shares for $315,000, resulting in decreases of 61.12% and 23.13% in their respective positions.
• Wall Street analysts have mixed outlooks for Doximity, with price targets ranging from $60.00 to $70.00 and an overall average rating of "Moderate Buy."

TriaGen Wealth Management LLC bought a new position in Doximity, Inc. (NASDAQ:DOCS - Free Report) in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The fund bought 7,749 shares of the company's stock, valued at approximately $450,000.

Other hedge funds have also bought and sold shares of the company. Ballentine Partners LLC purchased a new position in Doximity in the 1st quarter worth about $201,000. Wealth Enhancement Advisory Services LLC raised its position in Doximity by 196.6% in the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 13,570 shares of the company's stock worth $787,000 after buying an additional 8,995 shares during the last quarter. Range Financial Group LLC purchased a new position in Doximity in the 1st quarter worth about $916,000. New York State Teachers Retirement System raised its position in Doximity by 10.9% in the 1st quarter. New York State Teachers Retirement System now owns 113,145 shares of the company's stock worth $6,566,000 after buying an additional 11,078 shares during the last quarter. Finally, Bessemer Group Inc. raised its position in Doximity by 214.2% in the 1st quarter. Bessemer Group Inc. now owns 1,398 shares of the company's stock worth $81,000 after buying an additional 953 shares during the last quarter. Hedge funds and other institutional investors own 87.19% of the company's stock.

Insider Transactions at Doximity

In other news, Director Timothy S. Cabral sold 10,000 shares of the company's stock in a transaction that occurred on Wednesday, June 25th. The stock was sold at an average price of $60.00, for a total transaction of $600,000.00. Following the sale, the director directly owned 6,360 shares of the company's stock, valued at $381,600. This represents a 61.12% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Regina M. Benjamin sold 5,000 shares of the company's stock in a transaction that occurred on Friday, August 8th. The stock was sold at an average price of $63.00, for a total value of $315,000.00. Following the sale, the director directly owned 16,618 shares in the company, valued at $1,046,934. This trade represents a 23.13% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 36,000 shares of company stock valued at $2,140,940 in the last ninety days. Corporate insiders own 31.30% of the company's stock.

Wall Street Analysts Forecast Growth

DOCS has been the subject of a number of recent analyst reports. Robert W. Baird decreased their target price on Doximity from $87.00 to $65.00 and set an "outperform" rating for the company in a research report on Tuesday, May 20th. Mizuho cut their price target on Doximity from $65.00 to $60.00 and set a "neutral" rating for the company in a research note on Friday, May 16th. KeyCorp boosted their price target on Doximity from $65.00 to $70.00 and gave the company an "overweight" rating in a research note on Monday, July 14th. William Blair restated an "outperform" rating on shares of Doximity in a research note on Friday, May 16th. Finally, Evercore ISI upgraded Doximity from an "in-line" rating to an "outperform" rating and boosted their price target for the company 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 issued a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $66.21.

Doximity Price Performance

DOCS stock opened at $65.12 on Friday. Doximity, Inc. has a 1-year low of $34.34 and a 1-year high of $85.21. The company has a market capitalization of $12.23 billion, a price-to-earnings ratio of 65.12, a PEG ratio of 4.10 and a beta of 1.36. The business has a 50 day simple moving average of $60.02 and a two-hundred day simple moving average of $60.26.

Doximity (NASDAQ:DOCS - Get Free Report) last posted its quarterly earnings results on Thursday, August 7th. The company reported $0.36 earnings per share for the quarter, topping the consensus estimate of $0.31 by $0.05. Doximity had a return on equity of 21.75% and a net margin of 36.60%. The firm's quarterly revenue was up 15.2% on a year-over-year basis. During the same period in the prior year, the business posted $0.28 earnings per share. Sell-side analysts anticipate 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.

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