Lord Abbett & CO. LLC Makes New Investment in Doximity, Inc. (NASDAQ:DOCS)

Lord Abbett & CO. LLC purchased a new stake in Doximity, Inc. (NASDAQ:DOCS - Free Report) during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm purchased 676,000 shares of the company's stock, valued at approximately $29,453,000. Lord Abbett & CO. LLC owned 0.36% of Doximity at the end of the most recent quarter.

A number of other hedge funds also recently made changes to their positions in DOCS. FMR LLC grew its position in Doximity by 30.5% in the 3rd quarter. FMR LLC now owns 6,837,733 shares of the company's stock valued at $297,920,000 after buying an additional 1,598,602 shares in the last quarter. William Blair Investment Management LLC grew its stake in Doximity by 15.8% during the 2nd quarter. William Blair Investment Management LLC now owns 6,404,068 shares of the company's stock valued at $179,122,000 after acquiring an additional 873,682 shares in the last quarter. Los Angeles Capital Management LLC grew its position in Doximity by 6,242.6% during the third quarter. Los Angeles Capital Management LLC now owns 650,874 shares of the company's stock valued at $28,359,000 after purchasing an additional 640,612 shares in the last quarter. Wilmington Savings Fund Society FSB acquired a new position in shares of Doximity in the third quarter worth $24,691,000. Finally, Geode Capital Management LLC increased its position in Doximity by 19.8% in the 3rd quarter. Geode Capital Management LLC now owns 2,856,984 shares of the company's stock worth $124,503,000 after purchasing an additional 472,565 shares during the last quarter. Institutional investors own 87.19% of the company's stock.

Doximity Trading Up 2.2 %

Shares of Doximity stock traded up $1.14 during trading on Monday, reaching $53.28. The company's stock had a trading volume of 1,408,096 shares, compared to its average volume of 1,749,146. Doximity, Inc. has a one year low of $22.96 and a one year high of $61.75. The stock has a 50-day moving average price of $48.25 and a two-hundred day moving average price of $38.19. The stock has a market capitalization of $9.95 billion, a P/E ratio of 61.24, a price-to-earnings-growth ratio of 4.16 and a beta of 1.40.

Analyst Ratings Changes

DOCS has been the subject of several analyst reports. Canaccord Genuity Group reaffirmed a "hold" rating and issued a $60.00 price objective (up previously from $40.00) on shares of Doximity in a research note on Wednesday, November 13th. JPMorgan Chase & Co. boosted their price objective on Doximity from $30.00 to $48.00 and gave the stock a "neutral" rating in a research report on Thursday, November 21st. KeyCorp raised Doximity from a "sector weight" rating to an "overweight" rating and set a $70.00 price objective for the company in a research report on Friday, November 8th. Canaccord Genuity Group downgraded Doximity from a "buy" rating to a "hold" rating and raised their price objective for the stock from $40.00 to $60.00 in a research report on Wednesday, November 13th. Finally, Morgan Stanley upgraded Doximity from an "underweight" rating to an "equal weight" rating and upped their target price for the company from $33.00 to $53.00 in a research note on Thursday, November 14th. Twelve equities research analysts have rated the stock with a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, Doximity has a consensus rating of "Hold" and a consensus price target of $52.44.

Doximity 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.