On September 19, 2023, Harbor Capital Advisors Inc. announced that it had significantly increased its stake in Doximity, Inc. (NASDAQ: DOCS) during the second quarter of the year. According to the company’s 13F filing with the Securities and Exchange Commission (SEC), Harbor Capital Advisors Inc. purchased an additional 18,538 shares, resulting in a 430.2% increase in its stake. As of the most recent SEC filing, the firm now owns a total of 22,847 shares of Doximity stock, valued at approximately $777,000.
Doximity, Inc., a leading digital platform for healthcare professionals, recently reported its quarterly earnings results on August 8th. The company exceeded analysts’ expectations by posting earnings per share (EPS) of $0.14 for the quarter compared to the consensus estimate of $0.11 EPS. This positive outcome reflects a favorable net margin of 27.20% and a return on equity of 13.11%. In terms of revenue, Doximity generated $108.47 million during the quarter, slightly surpassing analyst estimates of $106.98 million.
Looking ahead to the current year, equities research analysts predict that Doximity will achieve an EPS of around $0.63 based on their average forecasts.
In other news related to Doximity’s financial activity and insider trading actions, Director Timothy S. Cabral completed several sales transactions involving Doximity stock during July and August. On July 12th and July 28th respectively Cabral sold a total of 12,214 shares at average prices of $35 and $34.96 per share resulting in total values of $262,500 and $164,801 respectively.
The extensive sales activities undertaken by Director Timothy S.Cabral were disclosed through official filings with the SEC accessible via provided hyperlinks.This significant selling spree was followed by further sales of 7,500 shares that took place on another occasion during July 12th. These shares were sold at an average price of $35.00 each, amounting to a total transaction value of $262,500.
After these multiple sales transactions, Director Timothy S. Cabral now holds the revised direct ownership of 10,258 shares in Doximity, totaling an estimated value of $358,619.
Since the beginning of the current quarter and over the course of the last three months, insiders have collectively sold 22,214 shares of Doximity stock with a combined worth of $765,301. As a result of these insider activities, approximately 39.40% of Doximity’s stock is currently owned by company insiders.
The mentioned information signifies important financial developments that may impact investor sentiment and market perception regarding Doximity’s performance as well as provide insight into the company’s internal decision-making processes. Investors and stakeholders alike will be closely observing how these financial activities influence future developments within Doximity and its position within the healthcare industry.
Updated on: 19/09/2023
Debt to equity ratio: Neutral
Price to earnings ratio: Strong Buy
Price to book ratio: Strong Buy
DCF: Strong Buy
We did not find social sentiment data for this stock
|Analyst / firm||Rating|
Loop Capital Markets
Bank of America Securities
Cowen & Co.
Doximity’s Growing Appeal Draws Attention from Institutional Investors, But Mixed Reviews Leave Investors Cautious
Doximity, Inc. (NASDAQ:DOCS), a leading healthcare technology company, has recently seen some shifts in its holdings by institutional investors and hedge funds. This comes as no surprise, considering the company’s growing presence in the industry and its potential for future growth.
One notable investor is Quarry LP, which recently purchased a new stake in Doximity during the first quarter of this year. The investment amounted to approximately $38,000, highlighting the confidence placed in the company’s prospects. Furthermore, American International Group Inc., Geneos Wealth Management Inc., and Neo Ivy Capital Management have also acquired positions in Doximity, further strengthening their belief in its long-term success.
The involvement of these institutional investors and hedge funds is significant as it demonstrates the appeal of Doximity within the financial community. With expertise in various sectors, these entities carefully analyze opportunities before making their investment decisions. Their interest in Doximity speaks volumes about its potential as an investment option.
Doximity’s stock performance provides additional insight into its current standing. As of September 19, 2023, the stock opened at $20.76 on the NASDAQ market. However, it is worth noting that the stock has experienced fluctuations over time. It had a fifty-two week low of $20.55 and a high of $40.12, indicating some volatility within the market.
Considering Doximity’s market capitalization stands at around $4.04 billion as of now, its sizeable presence cannot be overlooked. A key measure used to analyze a stock’s valuation is its price-to-earnings (P/E) ratio – an indicator of how much investors are willing to pay for each dollar of earnings produced by the company. In this case, Doximity has a P/E ratio of 37.75 – higher than average compared to other companies.
Furthermore, another closely watched metric is the price-to-earnings growth (P/E/G) ratio, which represents the stock’s P/E ratio divided by its expected earnings growth rate. Doximity currently has a P/E/G ratio of 4.76, implying that investors are paying a premium for the stock relative to its projected growth. This indicates that expectations may be high for Doximity’s earnings in the future.
Various research reports have shed light on investor sentiment towards Doximity. Some recent changes in price targets and ratings have raised questions about the company’s outlook. Truist Financial downgraded their price target from $33.00 to $28.00, citing a “hold” rating for Doximity. Guggenheim also adjusted its rating from “buy” to “neutral,” contributing to a general lack of enthusiasm.
Morgan Stanley, Piper Sandler, and Raymond James all lowered their price targets as well, expressing concerns regarding the company’s performance. These reports reveal mixed opinions within the financial community and underline the need for further examination before making investment decisions.
In conclusion, Doximity’s recent activities in terms of institutional investors and hedge funds have highlighted its appeal as a potential investment opportunity. However, with mixed reviews and some downward adjustments in price targets, caution should be exercised when considering investing in this stock. As always, thorough research and proper analysis should be conducted before making any financial decisions.
Disclaimer: The information provided above is solely based on publicly available data at the time of writing and should not be considered as financial advice. Investors are advised to consult with a professional financial advisor before making any investment decisions.
1. Bloomberg.com – “Doximity consensus rating and price target” (Accessed September 19, 2023)