State of New Jersey Common Pension Fund D Trims Stake in Doximity, Inc. (NASDAQ:DOCS)

State of New Jersey Common Pension Fund D reduced its position in shares of Doximity, Inc. (NASDAQ:DOCS) by 37.2% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 65,212 shares of the company’s stock after selling 38,628 shares during the period. State of New Jersey Common Pension Fund D’s holdings in Doximity were worth $1,824,000 at the end of the most recent quarter.

Other hedge funds have also recently made changes to their positions in the company. LRI Investments LLC bought a new stake in shares of Doximity during the 1st quarter worth $27,000. Blue Trust Inc. lifted its stake in Doximity by 621.4% in the second quarter. Blue Trust Inc. now owns 1,385 shares of the company’s stock worth $37,000 after purchasing an additional 1,193 shares during the last quarter. DekaBank Deutsche Girozentrale bought a new stake in Doximity in the first quarter worth $46,000. First Horizon Advisors Inc. lifted its stake in Doximity by 80.0% in the second quarter. First Horizon Advisors Inc. now owns 1,710 shares of the company’s stock worth $48,000 after purchasing an additional 760 shares during the last quarter. Finally, Van ECK Associates Corp lifted its stake in Doximity by 19.7% in the second quarter. Van ECK Associates Corp now owns 2,590 shares of the company’s stock worth $72,000 after purchasing an additional 427 shares during the last quarter. 87.19% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Doximity

In other Doximity news, Director Kira Scherer Wampler sold 2,500 shares of the company’s stock in a transaction dated Monday, July 1st. The shares were sold at an average price of $28.00, for a total value of $70,000.00. Following the sale, the director now owns 10,258 shares in the company, valued at $287,224. The sale was disclosed in a filing with the SEC, which is available through the SEC website. In other Doximity news, Director Kira Scherer Wampler sold 2,500 shares of the company’s stock in a transaction dated Monday, July 1st. The shares were sold at an average price of $28.00, for a total value of $70,000.00. Following the sale, the director now owns 10,258 shares in the company, valued at $287,224. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CFO Anna Bryson sold 30,000 shares of the company’s stock in a transaction dated Friday, August 9th. The stock was sold at an average price of $35.00, for a total transaction of $1,050,000.00. Following the completion of the sale, the chief financial officer now owns 309,627 shares in the company, valued at approximately $10,836,945. The disclosure for this sale can be found here. Insiders have sold 37,951 shares of company stock worth $1,271,018 over the last 90 days. 39.40% of the stock is owned by company insiders.

Doximity Price Performance

Shares of NASDAQ DOCS opened at $41.50 on Tuesday. Doximity, Inc. has a 1 year low of $19.71 and a 1 year high of $41.69. The company’s 50-day moving average is $33.47 and its 200 day moving average is $29.10. The stock has a market capitalization of $7.70 billion, a P/E ratio of 57.64, a P/E/G ratio of 5.15 and a beta of 1.27.

Doximity (NASDAQ:DOCS) last announced its quarterly earnings results on Thursday, August 8th. The company reported $0.22 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.16 by $0.06. Doximity had a net margin of 32.53% and a return on equity of 19.26%. The company had revenue of $126.68 million for the quarter, compared to analysts’ expectations of $119.88 million. Research analysts anticipate that Doximity, Inc. will post 0.8 earnings per share for the current year.

Analysts Set New Price Targets

Several analysts have weighed in on the stock. Truist Financial reissued a “hold” rating and issued a $35.00 price target (up from $31.00) on shares of Doximity in a research note on Wednesday, August 14th. Evercore ISI boosted their price target on shares of Doximity from $29.00 to $34.00 and gave the stock an “in-line” rating in a research note on Friday, August 9th. Barclays boosted their price target on shares of Doximity from $31.00 to $35.00 and gave the stock an “equal weight” rating in a research note on Friday, August 9th. JPMorgan Chase & Co. upped their price objective on shares of Doximity from $27.00 to $30.00 and gave the company a “neutral” rating in a research note on Monday, August 19th. Finally, Wells Fargo & Company downgraded shares of Doximity from an “equal weight” rating to an “underweight” rating and lowered their price objective for the company from $27.00 to $19.00 in a research note on Thursday, July 18th. Two research analysts have rated the stock with a sell rating, eight have assigned a hold rating, four have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $32.42.

About Doximity

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.