State of Michigan Retirement System Raises Position in Doximity, Inc. (NASDAQ:DOCS)

State of Michigan Retirement System increased its stake in Doximity, Inc. (NASDAQ:DOCS) by 5.6% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 32,000 shares of the company’s stock after acquiring an additional 1,700 shares during the period. State of Michigan Retirement System’s holdings in Doximity were worth $1,857,000 at the end of the most recent reporting period.

Several other hedge funds have also modified their holdings of DOCS. Allworth Financial LP grew its position in shares of Doximity by 104.0% during the first quarter. Allworth Financial LP now owns 563 shares of the company’s stock worth $32,000 after buying an additional 287 shares in the last quarter. Spire Wealth Management lifted its stake in Doximity by 73.2% in the first quarter. Spire Wealth Management now owns 615 shares of the company’s stock worth $36,000 after acquiring an additional 260 shares during the last quarter. Optimum Investment Advisors purchased a new position in Doximity in the fourth quarter worth approximately $43,000. Kapitalo Investimentos Ltda acquired a new stake in shares of Doximity in the 4th quarter valued at $50,000. Finally, Huntington National Bank raised its holdings in shares of Doximity by 1,440.8% in the 4th quarter. Huntington National Bank now owns 1,094 shares of the company’s stock valued at $58,000 after purchasing an additional 1,023 shares in the last quarter. 87.19% of the stock is currently owned by institutional investors and hedge funds.

Doximity Stock Up 2.1%

Shares of Doximity stock opened at $61.47 on Tuesday. Doximity, Inc. has a 52-week low of $25.00 and a 52-week high of $85.21. The company’s 50-day simple moving average is $57.24 and its 200-day simple moving average is $59.22. The firm has a market cap of $11.54 billion, a price-to-earnings ratio of 61.47, a price-to-earnings-growth ratio of 4.10 and a beta of 1.37.

Doximity (NASDAQ:DOCS) last posted its quarterly earnings results on Thursday, May 15th. The company reported $0.38 EPS for the quarter, beating the consensus estimate of $0.27 by $0.11. Doximity had a return on equity of 21.75% and a net margin of 36.60%. The firm’s revenue was up 17.1% compared to the same quarter last year. During the same period in the previous year, the company posted $0.25 earnings per share. Equities research analysts anticipate that Doximity, Inc. will post 0.99 EPS for the current year.

Insider Activity at Doximity

In other Doximity news, Director Regina M. Benjamin sold 5,000 shares of the company’s stock in a transaction on Friday, July 11th. The stock was sold at an average price of $60.04, for a total value of $300,200.00. Following the sale, the director owned 16,618 shares of the company’s stock, valued at approximately $997,744.72. This represents a 23.13% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Kira Scherer Wampler sold 2,000 shares of the company’s stock in a transaction on Monday, June 2nd. The shares were sold at an average price of $52.89, for a total value of $105,780.00. Following the completion of the sale, 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 disclosure for this sale can be found here. Insiders sold a total of 76,000 shares of company stock worth $4,400,970 in the last ninety days. Corporate insiders own 37.40% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts recently commented on DOCS shares. Robert W. Baird dropped their target price on Doximity from $87.00 to $65.00 and set an “outperform” rating on the stock in a report on Tuesday, May 20th. Needham & Company LLC decreased their target price on Doximity from $82.00 to $67.00 and set a “buy” rating for the company in a research note on Friday, May 16th. The Goldman Sachs Group set a $50.00 target price on Doximity and gave the stock a “neutral” rating in a research note on Wednesday, May 21st. Morgan Stanley cut their price objective on shares of Doximity from $71.00 to $60.00 and set an “equal weight” rating on the stock in a report on Thursday, April 24th. Finally, Mizuho cut their price objective on shares of Doximity from $65.00 to $60.00 and set a “neutral” rating on the stock in a report on Friday, May 16th. Ten research analysts have rated the stock with a hold rating, ten have given a buy rating and two have given a strong buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $64.42.

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.