Legal & General Group Plc Decreases Stock Position in Doximity, Inc. $DOCS

Legal & General Group Plc trimmed its stake in shares of Doximity, Inc. (NYSE:DOCS) by 21.0% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 203,069 shares of the company’s stock after selling 54,024 shares during the quarter. Legal & General Group Plc’s holdings in Doximity were worth $8,992,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. Toth Financial Advisory Corp lifted its holdings in shares of Doximity by 100.0% in the fourth quarter. Toth Financial Advisory Corp now owns 1,000 shares of the company’s stock worth $44,000 after buying an additional 500 shares in the last quarter. Atlantic Union Bankshares Corp lifted its holdings in shares of Doximity by 136.9% in the third quarter. Atlantic Union Bankshares Corp now owns 616 shares of the company’s stock worth $45,000 after buying an additional 356 shares in the last quarter. Farther Finance Advisors LLC lifted its holdings in shares of Doximity by 35.7% in the fourth quarter. Farther Finance Advisors LLC now owns 1,539 shares of the company’s stock worth $68,000 after buying an additional 405 shares in the last quarter. Leonteq Securities AG purchased a new stake in shares of Doximity in the fourth quarter worth about $78,000. Finally, Dara Capital US Inc. purchased a new stake in shares of Doximity in the fourth quarter worth about $91,000. 87.19% of the stock is currently owned by institutional investors.

Doximity Stock Performance

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

Doximity announced that its board has authorized a stock repurchase program on Thursday, February 5th that authorizes the company to repurchase $500.00 million in outstanding shares. This repurchase authorization authorizes the company to reacquire up to 8% of its stock through open market purchases. Stock repurchase programs are often a sign that the company’s leadership believes its stock is undervalued.

Wall Street Analyst Weigh In

DOCS has been the subject of several research analyst reports. Royal Bank Of Canada reissued an “outperform” rating and set a $44.00 price objective on shares of Doximity in a research note on Monday, March 9th. Loop Capital set a $31.00 price objective on Doximity in a research note on Tuesday, March 17th. KeyCorp lowered Doximity from an “overweight” rating to a “sector weight” rating in a research note on Thursday, May 14th. Weiss Ratings lowered Doximity from a “hold (c-)” rating to a “sell (d+)” rating in a research note on Friday, May 15th. Finally, Bank of America dropped their price objective 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 research analysts have rated the stock with a Strong Buy rating, seven have assigned a Buy rating, twelve have issued a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $30.62.

Insider Transactions at Doximity

In related news, insider Siddharth Sitaram sold 2,427 shares of the business’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 transaction, the insider owned 86,705 shares in the company, valued at $1,828,608.45. The trade was a 2.72% decrease in their position. 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 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 value of $234,540.00. Following the transaction, the director owned 19,839 shares in the company, valued at $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 90 days, insiders have sold 16,055 shares of company stock worth $404,061. 31.30% of the stock is owned by company insiders.

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.