BNP Paribas Financial Markets Raises Position in Doximity, Inc. $DOCS

BNP Paribas Financial Markets increased its holdings in Doximity, Inc. (NYSE:DOCS) by 407.2% during the fourth quarter, according to its most recent disclosure with the SEC. The institutional investor owned 566,068 shares of the company’s stock after buying an additional 454,452 shares during the period. BNP Paribas Financial Markets’ holdings in Doximity were worth $25,065,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently made changes to their positions in DOCS. Royal Bank of Canada raised its position in shares of Doximity by 24.2% in the first quarter. Royal Bank of Canada now owns 106,845 shares of the company’s stock worth $6,200,000 after buying an additional 20,847 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position in Doximity by 0.5% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 38,978 shares of the company’s stock valued at $2,262,000 after purchasing an additional 210 shares in the last quarter. NewEdge Advisors LLC raised its position in Doximity by 613.7% during the first quarter. NewEdge Advisors LLC now owns 6,323 shares of the company’s stock valued at $367,000 after purchasing an additional 5,437 shares in the last quarter. Goldman Sachs Group Inc. raised its position in Doximity by 33.3% during the first quarter. Goldman Sachs Group Inc. now owns 255,529 shares of the company’s stock valued at $14,828,000 after purchasing an additional 63,873 shares in the last quarter. Finally, Focus Partners Wealth purchased a new stake in Doximity during the first quarter valued at about $283,000. Hedge funds and other institutional investors own 87.19% of the company’s stock.

Doximity Stock Down 1.9%

NYSE DOCS opened at $20.64 on Friday. The company has a market capitalization of $3.77 billion, a PE ratio of 20.84, a PEG ratio of 3.58 and a beta of 1.30. Doximity, Inc. has a 1 year low of $17.15 and a 1 year high of $76.51. The business has a 50-day simple moving average of $22.71.

Doximity announced that its board has authorized a stock buyback plan on Thursday, February 5th that permits the company to buyback $500.00 million in outstanding shares. This buyback authorization permits the company to repurchase up to 8% of its shares through open market purchases. Shares buyback plans are generally an indication that the company’s board believes its stock is undervalued.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on DOCS. Barclays restated an “equal weight” rating and set a $20.00 price target (down from $38.00) on shares of Doximity in a research report on Thursday, May 14th. Truist Financial restated a “hold” rating and set a $19.00 price target (down from $29.00) on shares of Doximity in a research report on Thursday, May 14th. BTIG Research downgraded Doximity from a “buy” rating to a “neutral” rating in a research report on Thursday, May 14th. Royal Bank Of Canada restated an “outperform” rating and set a $44.00 price target on shares of Doximity in a research report on Monday, March 9th. Finally, BMO Capital Markets lowered their price target on Doximity from $25.00 to $20.00 and set a “market perform” rating on the stock in a research report on Thursday, May 14th. Two investment analysts have rated the stock with a Strong Buy rating, seven have issued a Buy rating, twelve have assigned a Hold rating and two have given a Sell rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and an average target price of $30.62.

Insider Activity

In related news, Director Kira Scherer Wampler sold 9,000 shares of the firm’s stock in a transaction dated Thursday, May 7th. The stock was sold at an average price of $26.06, for a total value of $234,540.00. Following the sale, the director directly owned 19,839 shares of the company’s stock, valued at $517,004.34. This trade represents a 31.21% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Siddharth Sitaram sold 2,309 shares of the firm’s stock in a transaction dated Monday, May 11th. The stock was sold at an average price of $25.77, for a total value of $59,502.93. Following the completion of the sale, the insider directly owned 89,396 shares in the company, valued at $2,303,734.92. The trade was a 2.52% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 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. Insiders sold 16,055 shares of company stock worth $404,061 over the last three months. 31.30% of the stock is owned by insiders.

About Doximity

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.