West Michigan Advisors LLC Takes $306,000 Position in Doximity, Inc. (NASDAQ:DOCS)

West Michigan Advisors LLC purchased a new position in Doximity, Inc. (NASDAQ:DOCS - Free Report) in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor purchased 5,740 shares of the company's stock, valued at approximately $306,000.

A number of other hedge funds also recently bought and sold shares of the business. FMR LLC grew its position in shares of Doximity by 30.5% in the third quarter. FMR LLC now owns 6,837,733 shares of the company's stock valued at $297,920,000 after purchasing an additional 1,598,602 shares during the period. State Street Corp boosted its holdings in Doximity by 2.5% in the 3rd quarter. State Street Corp now owns 3,693,982 shares of the company's stock worth $160,947,000 after buying an additional 88,922 shares during the last quarter. Geode Capital Management LLC increased its stake in Doximity by 19.8% during the 3rd quarter. Geode Capital Management LLC now owns 2,856,984 shares of the company's stock worth $124,503,000 after buying an additional 472,565 shares in the last quarter. Los Angeles Capital Management LLC increased its stake in Doximity by 33.7% during the 4th quarter. Los Angeles Capital Management LLC now owns 870,322 shares of the company's stock worth $46,466,000 after buying an additional 219,448 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. raised its holdings in shares of Doximity by 4.4% during the third quarter. Charles Schwab Investment Management Inc. now owns 753,001 shares of the company's stock valued at $32,808,000 after acquiring an additional 31,966 shares during the last quarter. Hedge funds and other institutional investors own 87.19% of the company's stock.

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Doximity Stock Up 2.5 %

NASDAQ:DOCS traded up $1.69 during trading hours on Wednesday, reaching $69.52. 1,695,354 shares of the stock were exchanged, compared to its average volume of 2,464,402. The business has a 50-day moving average of $62.53 and a two-hundred day moving average of $51.31. Doximity, Inc. has a twelve month low of $22.96 and a twelve month high of $85.21. The company has a market capitalization of $12.98 billion, a price-to-earnings ratio of 69.52, a PEG ratio of 4.10 and a beta of 1.39.

Insiders Place Their Bets

In related news, Director Timothy S. Cabral sold 20,000 shares of the stock in a transaction on Monday, February 3rd. The shares were sold at an average price of $57.62, for a total value of $1,152,400.00. Following the transaction, the director now directly owns 6,360 shares of the company's stock, valued at $366,463.20. This trade represents a 75.87 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. 37.40% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

DOCS has been the topic of a number of research analyst reports. JPMorgan Chase & Co. lifted their price target on Doximity from $30.00 to $48.00 and gave the stock a "neutral" rating in a research note on Thursday, November 21st. Stephens started coverage on shares of Doximity in a research note on Friday, December 20th. They set an "equal weight" rating and a $55.00 target price on the stock. Piper Sandler upgraded shares of Doximity from a "neutral" rating to an "overweight" rating and increased their target price for the company from $31.00 to $78.00 in a research report on Friday, February 7th. Raymond James reissued an "outperform" rating and issued a $83.00 price target (up from $65.00) on shares of Doximity in a research note on Friday, February 7th. Finally, Canaccord Genuity Group cut shares of Doximity from a "buy" rating to a "hold" rating and upped their price objective for the company from $40.00 to $60.00 in a research note on Wednesday, November 13th. Eleven analysts have rated the stock with a hold rating, eight have issued a buy rating and two have given a strong buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $64.22.

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.