Victory Capital Management Inc. Has $6.21 Million Stake in Doximity, Inc. (NASDAQ:DOCS)

Key Points

• Victory Capital Management Inc. significantly increased its stake in Doximity, acquiring an additional 72,566 shares and raising its ownership by 210.2% during the first quarter.
• Analysts have mixed opinions on Doximity, with ratings ranging from 'buy' to 'hold', and a consensus rating of "Moderate Buy" alongside an average target price of $64.89.
• Insider trading was notable, with key executives selling significant shares, including CFO Anna Bryson, who sold 45,000 shares valued at over $2.5 million.

Victory Capital Management Inc. grew its stake in Doximity, Inc. (NASDAQ:DOCS - Free Report) by 210.2% in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 107,082 shares of the company's stock after acquiring an additional 72,566 shares during the quarter. Victory Capital Management Inc. owned about 0.06% of Doximity worth $6,214,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also modified their holdings of the stock. Vanguard Group Inc. increased its stake in shares of Doximity by 4.5% in the 4th quarter. Vanguard Group Inc. now owns 11,203,569 shares of the company's stock worth $598,159,000 after acquiring an additional 485,102 shares during the last quarter. FMR LLC increased its position in shares of Doximity by 37.6% during the fourth quarter. FMR LLC now owns 9,409,313 shares of the company's stock valued at $502,363,000 after acquiring an additional 2,571,580 shares during the last quarter. Geode Capital Management LLC increased its position in shares of Doximity by 3.3% during the fourth quarter. Geode Capital Management LLC now owns 2,952,442 shares of the company's stock valued at $157,668,000 after acquiring an additional 95,458 shares during the last quarter. Renaissance Technologies LLC increased its position in shares of Doximity by 9.8% during the fourth quarter. Renaissance Technologies LLC now owns 1,847,702 shares of the company's stock valued at $98,649,000 after acquiring an additional 164,200 shares during the last quarter. Finally, Fuller & Thaler Asset Management Inc. increased its position in shares of Doximity by 8.5% during the fourth quarter. Fuller & Thaler Asset Management Inc. now owns 1,579,708 shares of the company's stock valued at $84,341,000 after acquiring an additional 124,216 shares during the last quarter. 87.19% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

DOCS has been the subject of a number of recent analyst reports. Bank of America lifted their price target on shares of Doximity from $55.00 to $62.00 and gave the company a "neutral" rating in a research report on Wednesday, June 25th. Truist Financial lifted their target price on Doximity from $52.00 to $61.00 and gave the company a "hold" rating in a research report on Thursday, July 17th. Robert W. Baird dropped 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. JPMorgan Chase & Co. dropped their target price on Doximity from $63.00 to $60.00 and set a "neutral" rating for the company in a research report on Tuesday, May 27th. Finally, The Goldman Sachs Group set a $50.00 target price on Doximity and gave the company a "neutral" rating in a research report on Wednesday, May 21st. Ten investment analysts have rated the stock with a hold rating, ten have issued a buy rating and two have issued a strong buy rating to the company's stock. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $64.89.

Insider Buying and Selling

In other news, Director Kira Scherer Wampler sold 2,000 shares of the firm's stock in a transaction on Monday, June 2nd. The stock was sold at an average price of $52.89, for a total value of $105,780.00. Following the transaction, the director directly owned 16,618 shares in the company, valued at $878,926.02. This trade represents a 10.74% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO Anna Bryson sold 45,000 shares of the firm's stock in a transaction on Thursday, May 1st. The stock was sold at an average price of $57.23, for a total value of $2,575,350.00. Following the sale, the chief financial officer directly owned 357,165 shares in the company, valued at $20,440,552.95. The trade was a 11.19% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 76,000 shares of company stock worth $4,400,970. Insiders own 31.30% of the company's stock.

Doximity Stock Performance

Shares of NASDAQ:DOCS traded down $0.42 during mid-day trading on Tuesday, hitting $60.58. 186,410 shares of the company traded hands, compared to its average volume of 2,356,457. The firm's 50 day simple moving average is $57.82 and its 200 day simple moving average is $59.69. The firm has a market cap of $11.38 billion, a P/E ratio of 60.58, a PEG ratio of 4.10 and a beta of 1.37. Doximity, Inc. has a 52-week low of $25.00 and a 52-week high of $85.21.

Doximity (NASDAQ:DOCS - Get Free Report) last announced its earnings results on Thursday, May 15th. The company reported $0.38 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.27 by $0.11. Doximity had a return on equity of 21.75% and a net margin of 36.60%. During the same quarter last year, the firm earned $0.25 EPS. The firm's revenue was up 17.1% compared to the same quarter last year. Equities research analysts expect 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.