Lord Abbett & CO. LLC Has $47.54 Million Stake in Doximity, Inc. (NASDAQ:DOCS)

Lord Abbett & CO. LLC raised its stake in Doximity, Inc. (NASDAQ:DOCS) by 25.1% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 819,177 shares of the company’s stock after acquiring an additional 164,614 shares during the quarter. Lord Abbett & CO. LLC’s holdings in Doximity were worth $47,537,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently made changes to their positions in the company. VSM Wealth Advisory LLC bought a new position in shares of Doximity in the first quarter worth about $29,000. Allworth Financial LP lifted its holdings in shares of Doximity by 104.0% in the first quarter. Allworth Financial LP now owns 563 shares of the company’s stock worth $32,000 after acquiring an additional 287 shares during the last quarter. National Bank of Canada FI bought a new position in shares of Doximity in the first quarter worth about $33,000. Spire Wealth Management lifted its holdings in shares of 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. Finally, Kapitalo Investimentos Ltda bought a new position in shares of Doximity in the fourth quarter worth about $50,000. Institutional investors own 87.19% of the company’s stock.

Insider Transactions at Doximity

In other news, Director Regina M. Benjamin sold 5,000 shares of the firm’s stock in a transaction that occurred on Friday, August 8th. The shares were sold at an average price of $63.00, for a total transaction of $315,000.00. Following the completion of the sale, the director owned 16,618 shares of the company’s stock, valued at $1,046,934. This trade represents a 23.13% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. Also, Director Kira Scherer Wampler sold 2,000 shares of the firm’s stock in a transaction that occurred on Friday, August 1st. The stock was sold at an average price of $57.09, for a total transaction of $114,180.00. Following the sale, the director directly owned 16,618 shares of the company’s stock, valued at approximately $948,721.62. This trade represents a 10.74% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 36,000 shares of company stock valued at $2,140,940 in the last quarter. 31.30% of the stock is currently owned by company insiders.

Doximity Stock Down 0.7%

Shares of DOCS stock opened at $63.54 on Friday. The company has a market cap of $11.94 billion, a price-to-earnings ratio of 63.54, a price-to-earnings-growth ratio of 4.10 and a beta of 1.36. Doximity, Inc. has a 52 week low of $34.34 and a 52 week high of $85.21. The firm has a 50 day moving average of $59.89 and a 200-day moving average of $60.19.

Doximity (NASDAQ:DOCS) last announced its quarterly earnings data on Thursday, August 7th. The company reported $0.36 EPS for the quarter, topping the consensus estimate of $0.31 by $0.05. Doximity had a net margin of 36.60% and a return on equity of 21.75%. The company’s revenue was up 15.2% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.28 earnings per share. Analysts anticipate that Doximity, Inc. will post 0.99 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on DOCS. Piper Sandler raised their price objective on shares of Doximity from $65.00 to $69.00 and gave the company an “overweight” rating in a report on Monday. BTIG Research upgraded shares of Doximity from a “neutral” rating to a “buy” rating and set a $80.00 price objective for the company in a report on Monday, June 2nd. Bank of America raised their price objective on shares of Doximity from $55.00 to $62.00 and gave the company a “neutral” rating in a report on Wednesday, June 25th. Robert W. Baird dropped their price objective on shares of Doximity from $87.00 to $65.00 and set an “outperform” rating for the company in a report on Tuesday, May 20th. Finally, Truist Financial raised their price objective on shares of Doximity from $52.00 to $61.00 and gave the company a “hold” rating in a report on Thursday, July 17th. Ten equities research analysts have rated the stock with a hold rating, ten have issued a buy rating and two have given a strong buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $66.21.

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.