Victory Capital Management Inc. Acquires 921,533 Shares of Doximity, Inc. $DOCS

Key Points

• Victory Capital Management increased its stake in Doximity by 525.3% in the quarter, buying 921,533 shares to hold 1,096,965 shares (about 0.59% of the company) valued at roughly $80.24 million.
• Doximity’s board authorized a $500 million share buyback (up to 8% of shares), and the company recently beat quarterly EPS estimates ($0.46 vs. $0.45) with revenue up 9.8% and a 36.6% net margin.
• Several analysts have trimmed price targets (e.g., Truist, Barclays, Wells Fargo), but the consensus remains a "Moderate Buy" with a $48.33 average target price.

Victory Capital Management Inc. boosted its holdings in Doximity, Inc. (NASDAQ:DOCS - Free Report) by 525.3% during the third quarter, according to the company in its most recent disclosure with the SEC. The firm owned 1,096,965 shares of the company's stock after purchasing an additional 921,533 shares during the quarter. Victory Capital Management Inc. owned about 0.59% of Doximity worth $80,243,000 at the end of the most recent quarter.

Several other large investors have also recently modified their holdings of the stock. Royal Bank of Canada boosted its stake in Doximity by 24.2% during the 1st quarter. Royal Bank of Canada now owns 106,845 shares of the company's stock valued at $6,200,000 after purchasing an additional 20,847 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in Doximity by 0.5% in 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 during the last quarter. NewEdge Advisors LLC grew its stake in shares of Doximity by 613.7% during the 1st quarter. NewEdge Advisors LLC now owns 6,323 shares of the company's stock valued at $367,000 after purchasing an additional 5,437 shares during the period. Goldman Sachs Group Inc. increased its position in shares of Doximity by 33.3% during the 1st quarter. Goldman Sachs Group Inc. now owns 255,529 shares of the company's stock valued at $14,828,000 after purchasing an additional 63,873 shares during the last quarter. Finally, Focus Partners Wealth bought a new position in shares of Doximity in the 1st quarter worth approximately $283,000. Hedge funds and other institutional investors own 87.19% of the company's stock.

Analyst Ratings Changes

A number of analysts have commented on the company. Truist Financial reduced their price target on Doximity from $62.00 to $37.00 and set a "buy" rating for the company in a research report on Friday, February 6th. Raymond James Financial reissued a "strong-buy" rating on shares of Doximity in a report on Monday, December 29th. Wells Fargo & Company decreased their target price on shares of Doximity from $55.00 to $45.00 and set an "overweight" rating on the stock in a research note on Friday, February 6th. Evercore reissued an "outperform" rating on shares of Doximity in a research note on Thursday, January 8th. Finally, Barclays decreased their price objective on shares of Doximity from $63.00 to $38.00 and set an "overweight" rating on the stock in a research report on Wednesday, February 11th. One equities research analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and five have given a Hold rating to the company's stock. According to MarketBeat, Doximity presently has an average rating of "Moderate Buy" and a consensus target price of $48.33.

Insider Buying and Selling at Doximity

In other Doximity news, Director Kira Scherer Wampler sold 2,000 shares of the company'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 transaction of $52,000.00. Following the transaction, the director owned 19,839 shares in the company, valued at approximately $515,814. This represents a 9.16% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Insiders own 31.30% of the company's stock.

Doximity Stock Down 1.4%

Shares of Doximity stock opened at $26.07 on Friday. The company has a market capitalization of $4.82 billion, a PE ratio of 26.07, a price-to-earnings-growth ratio of 4.10 and a beta of 1.44. The stock's fifty day moving average is $34.94 and its two-hundred day moving average is $52.04. Doximity, Inc. has a 52 week low of $23.53 and a 52 week high of $76.51.

Doximity (NASDAQ:DOCS - Get Free Report) last released its quarterly earnings data 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 net margin of 36.60% and a return on equity of 21.75%. During the same period last year, the firm earned $0.45 earnings per share. The company's revenue was up 9.8% compared to the same quarter last year. As a group, research analysts anticipate that Doximity, Inc. will post 0.99 earnings per share for the current year.

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

Doximity Company 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.

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