Meridian Growth Fund’s New Addition: Doximity (DOCS)

Meridian Funds, managed by ArrowMark Partners, released its “Meridian Growth Fund” second quarter 2022 investor letter. A copy of the same can be downloaded here. The fund outperformed its benchmark index, the Russell 2500 Growth Index, and returned -22.24% net at the end of the second quarter. The firm’s investment strategy prioritizes risk management over potential returns. In addition, you can check the top 5 holdings of the fund to know its best picks in 2022.

Meridian Funds discussed stocks like Doximity, Inc. (NYSE:DOCS) in the second quarter investor letter. Headquartered in San Francisco, California, Doximity, Inc. (NYSE:DOCS) is a US-based company that provides a cloud platform for medical professionals. On September 14, 2022, Doximity, Inc. (NYSE:DOCS) stock closed at $33.14 per share. One-month return of Doximity, Inc. (NYSE:DOCS)  was -5.12% and its shares lost 64.85% of their value over the last 52 weeks. Doximity, Inc. (NYSE:DOCS) has a market capitalization of $6.34 billion.

Here is what Meridian Funds specifically said about Doximity, Inc. (NYSE:DOCS) in its Q2 2022 investor letter:

“Doximity, Inc. (NYSE:DOCS), a digital platform for medical providers, was another new addition to the Fund in the quarter. The company’s cloud-based platform is essentially the LinkedIn for medical professionals, providing tools for collaboration, patient care, virtual patient visits, medical news, research, and career management. Doximity’s stock tumbled along with the broader healthcare information technology sector and was down approximately 75% from a recent high, which provided a more attractive entry point. We believe the company’s advertising and telehealth verticals both have considerable upside as Doximity is used by roughly 80% of U.S. doctors, which makes it an attractive advertising platform for pharmaceutical companies. An increase in telemedicine appointments during the pandemic also has provided a nice tailwind to growth, with year-over-year revenue increasing 66% in fiscal year 2022. Even without pandemic-spurred trends, Doximity projects revenue will grow more than 30% in fiscal year 2023.”

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Doximity, Inc. (NYSE:DOCS) is not on the list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 12 hedge fund portfolios held Doximity, Inc. (NYSE:DOCS) at the end of the second quarter which was 28 in the previous quarter.

We discussed Doximity, Inc. (NYSE:DOCS) in another article and shared ClearBridge Investments’ views on the company. In addition, please check out our hedge fund investor letters Q2 2022 page for more investor letters from hedge funds and other leading investors.

Disclosure: None. This article is originally published at Insider Monkey.