Geode Capital Management LLC Decreases Stock Position in Doximity, Inc. $DOCS

Geode Capital Management LLC lessened its stake in Doximity, Inc. (NYSE:DOCS) by 1.2% in the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 3,789,422 shares of the company’s stock after selling 44,859 shares during the quarter. Geode Capital Management LLC owned about 2.01% of Doximity worth $167,820,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Atlantic Union Bankshares Corp boosted its holdings in Doximity by 136.9% in the 3rd quarter. Atlantic Union Bankshares Corp now owns 616 shares of the company’s stock worth $45,000 after acquiring an additional 356 shares during the period. Toth Financial Advisory Corp boosted its holdings in Doximity by 100.0% in the 4th quarter. Toth Financial Advisory Corp now owns 1,000 shares of the company’s stock worth $44,000 after acquiring an additional 500 shares during the period. Hantz Financial Services Inc. boosted its holdings in Doximity by 221.0% in the 3rd quarter. Hantz Financial Services Inc. now owns 1,454 shares of the company’s stock worth $106,000 after acquiring an additional 1,001 shares during the period. Advisory Services Network LLC purchased a new position in Doximity in the 3rd quarter worth approximately $111,000. Finally, Farther Finance Advisors LLC boosted its holdings in Doximity by 35.7% in the 4th quarter. Farther Finance Advisors LLC now owns 1,539 shares of the company’s stock worth $68,000 after acquiring an additional 405 shares during the period. Hedge funds and other institutional investors own 87.19% of the company’s stock.

Doximity Stock Performance

Doximity stock opened at $21.09 on Thursday. The stock has a market cap of $3.86 billion, a PE ratio of 21.30, a P/E/G ratio of 3.66 and a beta of 1.30. Doximity, Inc. has a 52 week low of $17.15 and a 52 week high of $76.51. The firm’s 50 day simple moving average is $22.78.

Doximity announced that its board has initiated 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 purchase up to 8% of its shares through open market purchases. Shares buyback plans are often an indication that the company’s management believes its stock is undervalued.

Analyst Upgrades and Downgrades

DOCS has been the subject of several research analyst reports. Royal Bank Of Canada reiterated an “outperform” rating and set a $44.00 target price on shares of Doximity in a research note on Monday, March 9th. Zacks Research upgraded Doximity from a “strong sell” rating to a “hold” rating in a research note on Tuesday, April 21st. The Goldman Sachs Group reduced their target price on Doximity from $28.00 to $24.00 and set a “neutral” rating for the company in a research note on Thursday, May 14th. Piper Sandler increased their target price on Doximity from $40.00 to $42.00 and gave the company an “overweight” rating in a research note on Friday, February 20th. Finally, Loop Capital set a $31.00 target price on Doximity in a research note on Tuesday, March 17th. Two equities research analysts have rated the stock with a Strong Buy rating, seven have given a Buy rating, thirteen have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $30.62.

Insider Activity at Doximity

In related news, Director Kira Scherer Wampler sold 9,000 shares of the company’s stock in a transaction that occurred on Thursday, May 7th. The stock was sold at an average price of $26.06, for a total transaction of $234,540.00. Following the sale, the director directly owned 19,839 shares of the company’s stock, valued at approximately $517,004.34. This represents a 31.21% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Siddharth Sitaram sold 2,309 shares of the company’s stock in a transaction that occurred on Monday, May 11th. The shares were sold at an average price of $25.77, for a total value of $59,502.93. Following the sale, the insider directly owned 89,396 shares in the company, valued at approximately $2,303,734.92. This represents a 2.52% 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. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last three months, insiders have sold 16,055 shares of company stock worth $404,061. Corporate insiders own 31.30% of the company’s stock.

Doximity 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.