Farallon Capital Management LLC Makes New Investment in Doximity, Inc. $DOCS

Farallon Capital Management LLC bought a new stake in Doximity, Inc. (NYSE:DOCS) during the third quarter, HoldingsChannel reports. The institutional investor bought 374,000 shares of the company’s stock, valued at approximately $27,358,000.

A number of other institutional investors and hedge funds have also recently modified their holdings of DOCS. Root Financial Partners LLC purchased a new stake in shares of Doximity during the 3rd quarter worth approximately $30,000. Whittier Trust Co. of Nevada Inc. lifted its stake in Doximity by 59.5% in the third quarter. Whittier Trust Co. of Nevada Inc. now owns 480 shares of the company’s stock valued at $35,000 after purchasing an additional 179 shares during the last quarter. Toth Financial Advisory Corp grew its holdings in Doximity by 150.0% during the third quarter. Toth Financial Advisory Corp now owns 500 shares of the company’s stock valued at $37,000 after purchasing an additional 300 shares during the period. Atlantic Union Bankshares Corp increased its position in Doximity by 136.9% in the third quarter. Atlantic Union Bankshares Corp now owns 616 shares of the company’s stock worth $45,000 after buying an additional 356 shares during the last quarter. Finally, First Horizon Corp purchased a new stake in Doximity in the third quarter worth $58,000. 87.19% of the stock is owned by institutional investors.

Insider Transactions at Doximity

In related news, Director Kira Scherer Wampler sold 2,000 shares of the business’s stock in a transaction that occurred on Tuesday, March 3rd. The stock was sold at an average price of $26.00, for a total value of $52,000.00. Following the completion of the sale, the director owned 19,839 shares in the company, valued at $515,814. The trade was a 9.16% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Siddharth Sitaram sold 2,319 shares of the company’s stock in a transaction that occurred on Tuesday, March 10th. The stock was sold at an average price of $25.37, for a total value of $58,833.03. Following the completion of the sale, the insider directly owned 84,132 shares of the company’s stock, valued at approximately $2,134,428.84. This represents a 2.68% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 6,601 shares of company stock valued at $174,455 over the last quarter. Company insiders own 31.30% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on DOCS shares. Wells Fargo & Company dropped their price target on Doximity from $55.00 to $45.00 and set an “overweight” rating on the stock in a research report on Friday, February 6th. Royal Bank Of Canada reissued an “outperform” rating and issued a $44.00 price objective on shares of Doximity in a report on Monday, March 9th. BMO Capital Markets set a $25.00 price objective on Doximity in a research note on Friday, February 6th. The Goldman Sachs Group dropped their price objective on shares of Doximity from $46.00 to $34.00 and set a “neutral” rating on the stock in a report on Friday, February 6th. Finally, Truist Financial cut their target price on shares of Doximity from $62.00 to $37.00 and set a “buy” rating for the company in a research report on Friday, February 6th. One research analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and six have given a Hold rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $47.50.

Doximity Stock Performance

DOCS stock opened at $24.37 on Monday. The stock has a 50 day moving average of $32.64. The company has a market capitalization of $4.50 billion, a PE ratio of 20.30, a price-to-earnings-growth ratio of 1.37 and a beta of 1.44. Doximity, Inc. has a 1-year low of $23.53 and a 1-year high of $76.51.

Doximity (NYSE:DOCS) last posted its quarterly earnings data on Thursday, February 5th. The company reported $0.46 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.45 by $0.01. Doximity had a net margin of 37.54% and a return on equity of 23.84%. During the same quarter in the prior year, the company posted $0.45 earnings per share. Doximity’s revenue was up 9.8% on a year-over-year basis.

Doximity announced that its Board of Directors has authorized a share buyback program on Thursday, February 5th that allows the company to repurchase $500.00 million in shares. This repurchase authorization allows the company to purchase up to 8% of its stock through open market purchases. Stock repurchase programs are often an indication that the company’s board believes its stock is undervalued.

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.