Handelsbanken Fonder AB Sells 315,900 Shares of Doximity, Inc. $DOCS

Handelsbanken Fonder AB lessened its stake in Doximity, Inc. (NYSE:DOCS) by 50.7% in the fourth quarter, HoldingsChannel reports. The firm owned 307,300 shares of the company’s stock after selling 315,900 shares during the period. Handelsbanken Fonder AB’s holdings in Doximity were worth $13,607,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in the stock. Whittier Trust Co. of Nevada Inc. increased its holdings in Doximity by 59.5% in the third quarter. Whittier Trust Co. of Nevada Inc. now owns 480 shares of the company’s stock valued at $35,000 after purchasing an additional 179 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its holdings in Doximity by 0.5% in 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 during the last quarter. BOKF NA grew its stake in Doximity by 5.3% in the third quarter. BOKF NA now owns 5,356 shares of the company’s stock valued at $392,000 after acquiring an additional 269 shares during the period. Northwestern Mutual Investment Management Company LLC grew its stake in Doximity by 1.1% in the fourth quarter. Northwestern Mutual Investment Management Company LLC now owns 30,736 shares of the company’s stock valued at $1,361,000 after acquiring an additional 333 shares during the period. Finally, Atlantic Union Bankshares Corp grew its stake in Doximity by 136.9% in the third quarter. Atlantic Union Bankshares Corp now owns 616 shares of the company’s stock valued at $45,000 after acquiring an additional 356 shares during the period. Institutional investors own 87.19% of the company’s stock.

Doximity Stock Down 2.3%

DOCS stock opened at $19.41 on Friday. The firm has a market capitalization of $3.58 billion, a PE ratio of 19.60, a P/E/G ratio of 2.58 and a beta of 1.36. The stock’s 50-day moving average price is $23.47. Doximity, Inc. has a fifty-two week low of $17.15 and a fifty-two week high of $76.51.

Doximity declared that its board has authorized a stock repurchase program on Thursday, February 5th that permits the company to buyback $500.00 million in shares. This buyback authorization permits the company to repurchase up to 8% of its shares through open market purchases. Shares buyback programs are usually a sign that the company’s board of directors believes its shares are undervalued.

Wall Street Analysts Forecast Growth

A number of research firms have issued reports on DOCS. Royal Bank Of Canada reissued an “outperform” rating and issued a $44.00 target price on shares of Doximity in a research note on Monday, March 9th. Loop Capital set a $31.00 target price on Doximity in a research note on Tuesday, March 17th. BTIG Research cut Doximity from a “buy” rating to a “neutral” rating in a research note on Thursday, May 14th. Needham & Company LLC decreased their target price on Doximity from $55.00 to $27.00 and set a “buy” rating for the company in a research note on Thursday, May 14th. Finally, Bank of America decreased their target price on Doximity from $56.00 to $47.00 and set a “buy” rating for the company in a research note on Thursday, April 16th. Two analysts have rated the stock with a Strong Buy rating, seven have given a Buy rating, thirteen have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $30.62.

Insider Activity

In other news, insider Siddharth Sitaram sold 2,427 shares of the company’s stock in a transaction dated Friday, April 10th. The stock was sold at an average price of $21.09, for a total transaction of $51,185.43. Following the completion of the transaction, the insider directly owned 86,705 shares of the company’s stock, valued at $1,828,608.45. This represents a 2.72% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 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 company’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 transaction, the director directly owned 19,839 shares of the company’s stock, valued at $517,004.34. This 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 18,055 shares of company stock valued at $456,061 over the last ninety days. 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.