Vanguard Group Inc. Buys 518,916 Shares of Doximity, Inc. $DOCS

Key Points

• Vanguard Group increased its stake in Doximity by 4.1%, acquiring 518,916 shares to own 13,285,485 shares (about 7.06% of the company) valued at roughly $588.3 million.
• Doximity's Board authorized a share repurchase program of $500 million, allowing the company to buy back up to 8% of outstanding shares.
• The company slightly beat quarterly EPS expectations ($0.46 vs. $0.45) with revenue up 9.8% year-over-year, and analysts hold a consensus "Moderate Buy" rating with a $41.26 price target.

Vanguard Group Inc. boosted its stake in Doximity, Inc. (NYSE:DOCS - Free Report) by 4.1% in the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 13,285,485 shares of the company's stock after purchasing an additional 518,916 shares during the quarter. Vanguard Group Inc. owned approximately 7.06% of Doximity worth $588,281,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors have also added to or reduced their stakes in the company. Whittier Trust Co. of Nevada Inc. grew its holdings in shares of Doximity by 59.5% during the third quarter. Whittier Trust Co. of Nevada Inc. now owns 480 shares of the company's stock worth $35,000 after purchasing an additional 179 shares in the last quarter. Oregon Public Employees Retirement Fund grew its holdings in shares of Doximity by 0.7% during the third quarter. Oregon Public Employees Retirement Fund now owns 27,500 shares of the company's stock worth $2,012,000 after purchasing an additional 200 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in shares of Doximity by 0.5% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 38,978 shares of the company's stock worth $2,262,000 after purchasing an additional 210 shares in the last quarter. Rakuten Securities Inc. grew its holdings in shares of Doximity by 14.0% during the third quarter. Rakuten Securities Inc. now owns 1,763 shares of the company's stock worth $129,000 after purchasing an additional 217 shares in the last quarter. Finally, BOKF NA grew its holdings in shares of Doximity by 5.3% during the third quarter. BOKF NA now owns 5,356 shares of the company's stock worth $392,000 after purchasing an additional 269 shares in the last quarter. Institutional investors own 87.19% of the company's stock.

Doximity Stock Down 0.3%

NYSE:DOCS opened at $24.91 on Tuesday. The stock has a 50 day moving average price of $24.14. The company has a market cap of $4.60 billion, a P/E ratio of 20.76, a price-to-earnings-growth ratio of 1.78 and a beta of 1.36. Doximity, Inc. has a 1-year low of $20.55 and a 1-year high of $76.51.

Doximity (NYSE:DOCS - Get Free Report) last released its earnings results on Thursday, February 5th. The company reported $0.46 earnings per share for the quarter, topping analysts' consensus estimates of $0.45 by $0.01. Doximity had a return on equity of 23.84% and a net margin of 37.54%.The firm's quarterly revenue was up 9.8% on a year-over-year basis. During the same period in the prior year, the business posted $0.45 earnings per share. On average, research analysts anticipate that Doximity, Inc. will post 1.11 EPS for the current fiscal year.

Doximity declared that its Board of Directors has initiated a stock repurchase program on Thursday, February 5th that permits the company to repurchase $500.00 million in outstanding shares. This repurchase authorization permits the company to reacquire up to 8% of its stock through open market purchases. Stock repurchase programs are typically a sign that the company's board believes its shares are undervalued.

Insider Buying and Selling

In other news, Director Kira Scherer Wampler sold 2,000 shares of the firm's stock in a transaction that occurred on Tuesday, March 3rd. The shares were sold at an average price of $26.00, for a total value of $52,000.00. Following the transaction, the director owned 19,839 shares in the company, valued at approximately $515,814. This trade represents a 9.16% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Siddharth Sitaram sold 2,427 shares of the firm's stock in a transaction that occurred on Friday, April 10th. The stock was sold at an average price of $21.09, for a total transaction of $51,185.43. Following the completion of the transaction, the insider owned 86,705 shares in the company, valued at $1,828,608.45. This represents a 2.72% decrease in their position. The disclosure for this sale is available in the SEC filing. 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. Insiders sold a total of 9,028 shares of company stock valued at $225,641 in the last 90 days. 31.30% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

Several research analysts have recently commented on the company. Truist Financial reissued a "hold" rating and set a $29.00 price objective (down from $37.00) on shares of Doximity in a report on Monday, April 20th. Bank of America cut their price objective on Doximity from $56.00 to $47.00 and set a "buy" rating for the company in a report on Thursday, April 16th. Piper Sandler boosted their price objective on Doximity from $40.00 to $42.00 and gave the stock an "overweight" rating in a report on Friday, February 20th. BMO Capital Markets set a $25.00 price objective on Doximity in a report on Friday, February 6th. Finally, Loop Capital set a $31.00 target price on Doximity in a research report on Tuesday, March 17th. Two investment analysts have rated the stock with a Strong Buy rating, twelve have issued a Buy rating and eight have issued a Hold rating to the company's stock. According to MarketBeat, Doximity has an average rating of "Moderate Buy" and a consensus target price of $41.26.

Doximity Profile

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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