Rakuten Securities Inc. Boosts Stake in Doximity, Inc. (NASDAQ:DOCS)

Rakuten Securities Inc. boosted its stake in shares of Doximity, Inc. (NASDAQ:DOCS - Free Report) by 696.2% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 18,393 shares of the company's stock after acquiring an additional 16,083 shares during the quarter. Rakuten Securities Inc.'s holdings in Doximity were worth $982,000 as of its most recent SEC filing.

Other hedge funds have also added to or reduced their stakes in the company. Sequoia Financial Advisors LLC bought a new position in shares of Doximity in the fourth quarter valued at $282,000. HighTower Advisors LLC grew its stake in shares of Doximity by 14.5% during the 4th quarter. HighTower Advisors LLC now owns 28,684 shares of the company's stock valued at $1,531,000 after purchasing an additional 3,630 shares during the period. Wealthfront Advisers LLC bought a new stake in shares of Doximity in the fourth quarter worth about $196,000. Moran Wealth Management LLC bought a new position in Doximity in the 4th quarter worth about $3,306,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank grew its stake in Doximity by 31.2% during the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 30,879 shares of the company's stock worth $1,649,000 after buying an additional 7,351 shares during the last quarter. Institutional investors and hedge funds own 87.19% of the company's stock.

Doximity Stock Performance

DOCS traded up $2.53 during midday trading on Friday, hitting $63.33. The stock had a trading volume of 1,738,536 shares, compared to its average volume of 2,416,367. The company has a market cap of $11.82 billion, a P/E ratio of 63.33, a price-to-earnings-growth ratio of 4.10 and a beta of 1.34. The business has a fifty day moving average of $63.47 and a 200 day moving average of $52.31. Doximity, Inc. has a 1 year low of $22.96 and a 1 year high of $85.21.

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Insider Buying and Selling at Doximity

In other Doximity news, Director Timothy S. Cabral sold 20,000 shares of the 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 completion of the sale, the director now directly owns 6,360 shares in the company, valued at approximately $366,463.20. This trade represents a 75.87 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. 37.40% of the stock is owned by company insiders.

Analysts Set New Price Targets

DOCS has been the subject of several research reports. Piper Sandler raised Doximity from a "neutral" rating to an "overweight" rating and lifted their target price for the company from $31.00 to $78.00 in a research report on Friday, February 7th. JPMorgan Chase & Co. upped their price objective on Doximity from $30.00 to $48.00 and gave the stock a "neutral" rating in a research note on Thursday, November 21st. Truist Financial upped their target price on Doximity from $35.00 to $49.00 and gave the company a "hold" rating in a report on Thursday, November 14th. Canaccord Genuity Group raised their target price on Doximity from $60.00 to $71.00 and gave the stock a "hold" rating in a research report on Friday, February 7th. Finally, Needham & Company LLC increased their price target on Doximity from $65.00 to $82.00 and gave the company a "buy" rating in a research note on Friday, February 7th. Eleven investment 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 stock. Based on data from MarketBeat, Doximity presently has a consensus rating of "Moderate Buy" and an average price target of $64.22.

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.