William Blair Investment Management LLC Decreases Stake in Doximity, Inc. $DOCS

William Blair Investment Management LLC lowered its position in Doximity, Inc. (NYSE:DOCS) by 6.4% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 5,456,985 shares of the company’s stock after selling 372,184 shares during the quarter. William Blair Investment Management LLC owned approximately 2.90% of Doximity worth $241,635,000 as of its most recent SEC filing.

A number of other institutional investors also recently added to or reduced their stakes in the company. Legato Capital Management LLC lifted its stake in Doximity by 15.4% in the fourth quarter. Legato Capital Management LLC now owns 5,397 shares of the company’s stock worth $239,000 after acquiring an additional 722 shares during the last quarter. Leonteq Securities AG purchased a new position in Doximity in the fourth quarter worth approximately $78,000. GSA Capital Partners LLP purchased a new position in Doximity in the fourth quarter worth approximately $1,095,000. North Dakota State Investment Board purchased a new position in Doximity in the fourth quarter worth approximately $206,000. Finally, Abacus Wealth Partners LLC acquired a new stake in Doximity during the fourth quarter worth approximately $223,000. Hedge funds and other institutional investors own 87.19% of the company’s stock.

Insider Buying and Selling at Doximity

In related news, insider Siddharth Sitaram sold 2,309 shares of the company’s stock in a transaction 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 completion of the sale, the insider owned 89,396 shares in the company, valued at $2,303,734.92. This represents a 2.52% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available 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 company’s stock in a transaction on 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 approximately $517,004.34. This trade represents a 31.21% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last quarter, insiders sold 18,055 shares of company stock valued at $456,061. 31.30% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on DOCS. KeyCorp cut shares of Doximity from an “overweight” rating to a “sector weight” rating in a report on Thursday, May 14th. Loop Capital set a $31.00 price objective on shares of Doximity in a report on Tuesday, March 17th. Piper Sandler raised their price objective on shares of Doximity from $40.00 to $42.00 and gave the stock an “overweight” rating in a report on Friday, February 20th. Barclays reissued an “equal weight” rating and set a $20.00 price objective (down from $38.00) on shares of Doximity in a report on Thursday, May 14th. Finally, Jefferies Financial Group cut shares of Doximity from a “buy” rating to a “hold” rating and cut their price objective for the stock from $51.00 to $19.00 in a report on Thursday, May 14th. Two investment analysts have rated the stock with a Strong Buy rating, seven have assigned a Buy rating, thirteen have given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $30.62.

Doximity Trading Up 3.1%

DOCS stock opened at $20.00 on Friday. Doximity, Inc. has a twelve month low of $17.15 and a twelve month high of $76.51. The business’s 50 day moving average is $23.38. The firm has a market capitalization of $3.69 billion, a PE ratio of 20.20, a P/E/G ratio of 2.59 and a beta of 1.36.

Doximity announced that its board has approved a stock repurchase plan on Thursday, February 5th that allows the company to repurchase $500.00 million in shares. This repurchase authorization allows the company to reacquire up to 8% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s board of directors believes its shares are 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.