Doximity, Inc. $DOCS Shares Sold by Geode Capital Management LLC

Geode Capital Management LLC cut its stake in Doximity, Inc. (NYSE:DOCS) by 1.2% during the 4th quarter, Holdings Channel.com reports. The institutional investor owned 3,789,422 shares of the company’s stock after selling 44,859 shares during the period. Geode Capital Management LLC’s holdings in Doximity were worth $167,820,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors have also recently added to or reduced their stakes in the company. Vanguard Group Inc. increased its position in Doximity by 4.1% in the fourth quarter. Vanguard Group Inc. now owns 13,285,485 shares of the company’s stock worth $588,281,000 after buying an additional 518,916 shares during the period. UBS Group AG increased its position in Doximity by 26.5% in the fourth quarter. UBS Group AG now owns 680,260 shares of the company’s stock worth $30,122,000 after buying an additional 142,408 shares during the period. Northwestern Mutual Wealth Management Co. increased its position in Doximity by 325,436.6% in the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 1,298,891 shares of the company’s stock worth $57,515,000 after buying an additional 1,298,492 shares during the period. Blair William & Co. IL increased its position in Doximity by 1,990.7% in the third quarter. Blair William & Co. IL now owns 362,740 shares of the company’s stock worth $26,534,000 after buying an additional 345,390 shares during the period. Finally, William Blair Investment Management LLC increased its position in Doximity by 11.7% in the third quarter. William Blair Investment Management LLC now owns 5,829,169 shares of the company’s stock worth $426,404,000 after buying an additional 609,775 shares during the period. 87.19% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other news, insider Siddharth Sitaram sold 2,427 shares of the firm’s stock in a transaction on Friday, April 10th. The stock was sold at an average price of $21.09, for a total transaction of $51,185.43. Following the transaction, the insider directly owned 86,705 shares of the company’s stock, valued at approximately $1,828,608.45. This trade represents a 2.72% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director Kira Scherer Wampler sold 9,000 shares of the firm’s stock in a transaction on Thursday, May 7th. The shares were sold at an average price of $26.06, for a total value of $234,540.00. Following the transaction, the director directly owned 19,839 shares in the company, valued at $517,004.34. This trade represents a 31.21% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 16,055 shares of company stock worth $404,061 over the last three months. Corporate insiders own 31.30% of the company’s stock.

Analyst Ratings Changes

Several brokerages have weighed in on DOCS. Weiss Ratings lowered Doximity from a “hold (c-)” rating to a “sell (d+)” rating in a research report on Friday, May 15th. Morgan Stanley dropped their target price on Doximity from $49.00 to $35.00 and set an “overweight” rating on the stock in a research report on Thursday, May 14th. Royal Bank Of Canada reaffirmed an “outperform” rating and issued a $44.00 target price on shares of Doximity in a research report on Monday, March 9th. Bank of America dropped their target price on Doximity from $56.00 to $47.00 and set a “buy” rating on the stock in a research report on Thursday, April 16th. Finally, Barclays reissued an “equal weight” rating and issued a $20.00 price target (down from $38.00) on shares of Doximity in a research note on Thursday, May 14th. Two investment analysts have rated the stock with a Strong Buy rating, seven have assigned a Buy rating, thirteen have assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $30.62.

Doximity Price Performance

Shares of DOCS opened at $21.09 on Thursday. The firm has a market capitalization of $3.86 billion, a price-to-earnings ratio of 21.30, a price-to-earnings-growth ratio of 3.66 and a beta of 1.30. Doximity, Inc. has a one year low of $17.15 and a one year high of $76.51. The company’s fifty day simple moving average is $22.78.

Doximity declared that its Board of Directors has authorized a stock buyback plan on Thursday, February 5th that permits the company to buyback $500.00 million in shares. This buyback authorization permits the company to reacquire up to 8% of its shares through open market purchases. Shares buyback plans are typically a sign that the company’s leadership believes its stock is undervalued.

Doximity Company Profile

Doximity, trading as DOCS, operates a digital professional network and communications platform designed primarily for clinicians. Headquartered in San Francisco, the company connects physicians, nurse practitioners, physician assistants and other healthcare professionals, providing tools that streamline clinical communication, telehealth delivery and access to specialty-specific medical information. Its platform is positioned as a professional hub where clinicians manage their workflows, stay current with medical news and collaborate securely with peers.

The company’s offerings include secure messaging and video telehealth capabilities that enable clinicians to consult with patients and colleagues while protecting patient information.