William Blair Investment Management LLC Trims Holdings in Doximity, Inc. $DOCS

William Blair Investment Management LLC decreased its holdings in Doximity, Inc. (NYSE:DOCS) by 6.4% in the 4th quarter, Holdings Channel reports. The firm owned 5,456,985 shares of the company’s stock after selling 372,184 shares during the period. William Blair Investment Management LLC’s holdings in Doximity were worth $241,635,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also recently bought and sold shares of the business. Vanguard Group Inc. raised its position in Doximity by 4.1% in the 4th quarter. Vanguard Group Inc. now owns 13,285,485 shares of the company’s stock valued at $588,281,000 after purchasing an additional 518,916 shares during the last quarter. Capital World Investors increased its stake in Doximity by 25.7% in the 3rd quarter. Capital World Investors now owns 5,381,431 shares of the company’s stock valued at $393,652,000 after buying an additional 1,101,848 shares during the period. Franklin Resources Inc. increased its stake in Doximity by 6.2% in the 3rd quarter. Franklin Resources Inc. now owns 3,357,505 shares of the company’s stock valued at $245,601,000 after buying an additional 194,912 shares during the period. Invesco Ltd. increased its stake in Doximity by 22.9% in the 3rd quarter. Invesco Ltd. now owns 2,328,300 shares of the company’s stock valued at $170,315,000 after buying an additional 433,983 shares during the period. Finally, Dimensional Fund Advisors LP increased its stake in Doximity by 4.3% in the 3rd quarter. Dimensional Fund Advisors LP now owns 1,301,299 shares of the company’s stock valued at $95,203,000 after buying an additional 54,110 shares during the period. Hedge funds and other institutional investors own 87.19% of the company’s stock.

Doximity Price Performance

Shares of NYSE DOCS opened at $20.00 on Friday. Doximity, Inc. has a 52 week low of $17.15 and a 52 week high of $76.51. The company has a 50-day moving average of $23.38. The firm has a market capitalization of $3.69 billion, a PE ratio of 20.20, a price-to-earnings-growth ratio of 2.59 and a beta of 1.36.

Doximity announced that its Board of Directors has approved a stock buyback plan on Thursday, February 5th that authorizes the company to repurchase $500.00 million in shares. This repurchase authorization authorizes the company to reacquire up to 8% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s leadership believes its shares are undervalued.

Insider Activity

In related news, insider Siddharth Sitaram sold 2,309 shares of the firm’s stock in a transaction dated Monday, May 11th. The shares were sold at an average price of $25.77, for a total value of $59,502.93. Following the completion of the sale, the insider owned 89,396 shares in the company, valued at $2,303,734.92. This trade represents a 2.52% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 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 dated Thursday, May 7th. The shares were sold at an average price of $26.06, for a total transaction of $234,540.00. Following the completion of the sale, the director owned 19,839 shares of the company’s stock, valued at $517,004.34. This trade represents a 31.21% decrease in their position. 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 sold 18,055 shares of company stock valued at $456,061 in the last quarter. Company insiders own 31.30% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on DOCS. The Goldman Sachs Group dropped their price objective on shares of Doximity from $28.00 to $24.00 and set a “neutral” rating on the stock in a research note on Thursday, May 14th. Truist Financial reissued a “hold” rating and issued a $19.00 price objective (down from $29.00) on shares of Doximity in a research note on Thursday, May 14th. Morgan Stanley dropped their price objective on shares of Doximity from $49.00 to $35.00 and set an “overweight” rating on the stock in a research note on Thursday, May 14th. Piper Sandler boosted their price objective on shares of Doximity from $40.00 to $42.00 and gave the company an “overweight” rating in a research note on Friday, February 20th. Finally, Evercore cut shares of Doximity from an “outperform” rating to an “in-line” rating and set a $25.00 price objective on the stock. in a research note on Wednesday, April 8th. Two research analysts have rated the stock with a Strong Buy rating, seven have issued a Buy rating, thirteen have given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, Doximity has a consensus rating of “Hold” and a consensus price target of $30.62.

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.