Arrowstreet Capital Limited Partnership Grows Position in Doximity, Inc. (NASDAQ:DOCS)

Arrowstreet Capital Limited Partnership boosted its holdings in Doximity, Inc. (NASDAQ:DOCS - Free Report) by 708.7% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,510,416 shares of the company's stock after buying an additional 1,323,634 shares during the quarter. Arrowstreet Capital Limited Partnership owned approximately 0.81% of Doximity worth $80,641,000 at the end of the most recent reporting period.

Several other hedge funds have also added to or reduced their stakes in the business. Global Retirement Partners LLC lifted its stake in shares of Doximity by 468.1% in the fourth quarter. Global Retirement Partners LLC now owns 534 shares of the company's stock worth $29,000 after acquiring an additional 440 shares during the period. UMB Bank n.a. increased its stake in shares of Doximity by 69.1% in the 4th quarter. UMB Bank n.a. now owns 575 shares of the company's stock valued at $31,000 after acquiring an additional 235 shares in the last quarter. Larson Financial Group LLC increased its stake in Doximity by 49.4% in the fourth quarter. Larson Financial Group LLC now owns 756 shares of the company's stock valued at $40,000 after purchasing an additional 250 shares in the last quarter. Optimum Investment Advisors bought a new position in shares of Doximity during the 4th quarter worth about $43,000. Finally, Morse Asset Management Inc bought a new position in Doximity in the third quarter worth approximately $46,000. 87.19% of the stock is currently owned by institutional investors and hedge funds.

Doximity Stock Performance

Shares of DOCS stock traded up $1.24 during trading hours on Wednesday, reaching $57.96. The company had a trading volume of 1,819,929 shares, compared to its average volume of 1,940,779. The firm has a market cap of $10.82 billion, a PE ratio of 57.96, a price-to-earnings-growth ratio of 4.10 and a beta of 1.34. The business has a fifty day moving average price of $65.63 and a 200-day moving average price of $54.84. Doximity, Inc. has a one year low of $22.96 and a one year high of $85.21.

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Analysts Set New Price Targets

DOCS has been the topic of several analyst reports. Stephens initiated coverage on shares of Doximity in a report on Friday, December 20th. They set an "equal weight" rating and a $55.00 price target on the stock. Mizuho boosted their price target on shares of Doximity from $55.00 to $65.00 and gave the stock a "neutral" rating in a research note on Monday, February 10th. Leerink Partnrs upgraded shares of Doximity from a "hold" rating to a "strong-buy" rating in a research report on Friday, February 7th. Needham & Company LLC upped their price objective on shares of Doximity from $65.00 to $82.00 and gave the company a "buy" rating in a research note on Friday, February 7th. Finally, Piper Sandler upgraded Doximity from a "neutral" rating to an "overweight" rating and boosted their price objective for the company from $31.00 to $78.00 in a research report on Friday, February 7th. Eleven research analysts have rated the stock with a hold rating, eight have issued a buy rating and two have assigned a strong buy rating to the company's stock. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $64.22.

Insiders Place Their Bets

In other Doximity news, Director Timothy S. Cabral sold 20,000 shares of the firm's stock in a transaction dated Monday, February 3rd. The stock was 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 approximately $366,463.20. This trade represents a 75.87 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 37.40% of the stock is currently owned by insiders.

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.