Twin Peaks Wealth Advisors Expands Portfolio with Doximity Stake

Twin Peaks Wealth Advisors LLC has made a notable investment in Doximity, Inc. (NASDAQ: DOCS), acquiring a new stake valued at approximately $629,000 during the second quarter of 2023. This acquisition, detailed in the firm’s recent Form 13F filing with the Securities and Exchange Commission, includes the purchase of 10,181 shares of the company’s stock.

Several other institutional investors have also shown increased interest in Doximity. For instance, Edgestream Partners L.P. raised its position by an impressive 92.7% during the same period, now holding 80,114 shares valued at approximately $4,914,000. Additionally, Norges Bank entered the market with a new position worth about $6,205,000. Other firms, such as Capital Fund Management S.A. and the State Board of Administration of Florida Retirement System, also increased their holdings, underscoring strong institutional interest in the company.

Analyst Ratings and Market Performance

Recent reports from analysts indicate a positive outlook for Doximity. Needham & Company LLC raised its price target on Doximity from $67.00 to $75.00, maintaining a “buy” rating as of August 8, 2023. Raymond James Financial upgraded its rating from “outperform” to “strong-buy,” adjusting its target price downward from $75.00 to $65.00. Meanwhile, Bank of America lifted its rating from “neutral” to “buy,” increasing its price target from $75.00 to $82.00.

Doximity’s stock has experienced fluctuations, opening at $50.51 on November 6, 2023, reflecting a 1.1% decrease. The company’s market capitalization stands at $9.51 billion, with a price-to-earnings ratio of 50.51 and a PEG ratio of 4.10. The stock has a 52-week range with a low of $46.04 and a high of $85.21.

In its latest earnings report released on November 6, Doximity reported earnings per share (EPS) of $0.45, exceeding the consensus estimate of $0.38 by $0.07. The company’s revenue for the quarter increased by 23.2% year-over-year, demonstrating robust growth potential.

Insider Transactions and Ownership Structure

Recent insider trading activity includes Kira Scherer Wampler, a director at Doximity, who sold 2,000 shares for a total of $132,880 on November 3, 2023. After this transaction, she retains 19,839 shares valued at approximately $1,318,103. Another director, Regina M. Benjamin, sold 5,000 shares on October 10, 2023, for $354,200. Following this sale, she holds 19,839 shares, valued at around $1,405,394.

Overall, insiders have sold a total of 32,000 shares in the last three months, amounting to $2,339,580. Currently, corporate insiders own 31.30% of Doximity’s stock, while hedge funds and institutional investors hold a substantial 87.19% of shares.

Doximity operates a cloud-based digital platform for healthcare professionals in the United States, offering tools for collaboration, patient care coordination, virtual consultations, and career management. The growing interest from institutional investors and positive analyst ratings indicate a strong future for Doximity as it continues to innovate in the medical technology sector.