Millennium Management LLC Reduces Position in Doximity, Inc. (NASDAQ:DOCS)

Millennium Management LLC reduced its stake in shares of Doximity, Inc. (NASDAQ:DOCS) by 69.5% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 221,354 shares of the company’s stock after selling 503,672 shares during the quarter. Millennium Management LLC owned about 0.12% of Doximity worth $6,191,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also made changes to their positions in the stock. Blair William & Co. IL lifted its position in shares of Doximity by 31.7% in the first quarter. Blair William & Co. IL now owns 90,600 shares of the company’s stock worth $2,438,000 after buying an additional 21,787 shares in the last quarter. Federated Hermes Inc. raised its position in shares of Doximity by 1,824.5% during the 2nd quarter. Federated Hermes Inc. now owns 279,634 shares of the company’s stock valued at $7,821,000 after buying an additional 265,104 shares in the last quarter. AXA S.A. increased its position in shares of Doximity by 40.2% during the 2nd quarter. AXA S.A. now owns 216,392 shares of the company’s stock valued at $6,052,000 after purchasing an additional 61,992 shares during the last quarter. Acadian Asset Management LLC raised its holdings in Doximity by 128.7% during the 1st quarter. Acadian Asset Management LLC now owns 96,442 shares of the company’s stock valued at $2,590,000 after buying an additional 54,281 shares during the period. Finally, Nisa Investment Advisors LLC lifted its position in Doximity by 15,714.3% in the second quarter. Nisa Investment Advisors LLC now owns 11,070 shares of the company’s stock worth $310,000 after buying an additional 11,000 shares during the last quarter. Institutional investors own 87.19% of the company’s stock.

Doximity Stock Performance

Shares of DOCS stock opened at $43.35 on Friday. Doximity, Inc. has a fifty-two week low of $19.89 and a fifty-two week high of $44.88. The firm has a market capitalization of $8.04 billion, a price-to-earnings ratio of 60.21, a PEG ratio of 5.80 and a beta of 1.29. The stock’s 50-day simple moving average is $37.60 and its 200-day simple moving average is $30.54.

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

Insider Activity at Doximity

In other Doximity news, CFO Anna Bryson sold 30,000 shares of the stock in a transaction that occurred on Friday, August 9th. The shares were sold at an average price of $35.00, for a total value of $1,050,000.00. Following the transaction, the chief financial officer now directly owns 309,627 shares in the company, valued at $10,836,945. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. In other Doximity news, Director Kira Scherer Wampler sold 2,500 shares of the firm’s stock in a transaction dated Thursday, August 1st. The shares were sold at an average price of $28.18, for a total transaction of $70,450.00. Following the sale, the director now directly owns 10,258 shares of the company’s stock, valued at $289,070.44. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Anna Bryson sold 30,000 shares of the firm’s stock in a transaction dated Friday, August 9th. The stock was sold at an average price of $35.00, for a total value of $1,050,000.00. Following the completion of the sale, the chief financial officer now directly owns 309,627 shares in the company, valued at approximately $10,836,945. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 35,451 shares of company stock worth $1,201,018. Corporate insiders own 39.40% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages recently commented on DOCS. Canaccord Genuity Group upped their price target on shares of Doximity from $37.00 to $40.00 and gave the company a “buy” rating in a report on Tuesday, August 20th. Truist Financial reiterated a “hold” rating and set a $35.00 target price (up from $31.00) on shares of Doximity in a research report on Wednesday, August 14th. Wells Fargo & Company downgraded shares of Doximity from an “equal weight” rating to an “underweight” rating and reduced their price target for the stock from $27.00 to $19.00 in a research note on Thursday, July 18th. Evercore ISI boosted their price target on Doximity from $34.00 to $45.00 and gave the company an “in-line” rating in a report on Tuesday. Finally, Robert W. Baird upped their price objective on shares of Doximity from $41.00 to $45.00 and gave the stock an “outperform” rating in a research note on Tuesday, September 17th. Two analysts have rated the stock with a sell rating, eight have issued a hold rating, four have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $34.42.

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.