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

Key Points

• BNP Paribas Financial Markets boosted its Doximity stake by 407.2% in the fourth quarter, ending with 566,068 shares worth about $25.1 million.
• Doximity announced a $500 million share repurchase program authorizing it to buy back up to 8% of its stock, which can signal management believes shares are undervalued.
• The stock was down 1.9% to $20.64, while analyst sentiment was mixed: the consensus rating is Hold with an average price target of $30.62.

BNP Paribas Financial Markets increased its holdings in Doximity, Inc. (NYSE:DOCS - Free Report) by 407.2% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 566,068 shares of the company's stock after acquiring an additional 454,452 shares during the period. BNP Paribas Financial Markets owned about 0.30% of Doximity worth $25,065,000 at the end of the most recent quarter.

Several other institutional investors also recently modified their holdings of DOCS. Northwestern Mutual Wealth Management Co. grew its holdings in shares of Doximity by 325,436.6% in the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 1,298,891 shares of the company's stock valued at $57,515,000 after acquiring an additional 1,298,492 shares in the last quarter. Capital World Investors grew its holdings in shares of Doximity by 25.7% in the third quarter. Capital World Investors now owns 5,381,431 shares of the company's stock valued at $393,652,000 after acquiring an additional 1,101,848 shares in the last quarter. Victory Capital Management Inc. grew its holdings in shares of Doximity by 525.3% in the third quarter. Victory Capital Management Inc. now owns 1,096,965 shares of the company's stock valued at $80,243,000 after acquiring an additional 921,533 shares in the last quarter. Holocene Advisors LP bought a new position in shares of Doximity in the second quarter valued at approximately $44,983,000. Finally, William Blair Investment Management LLC grew its holdings in shares of Doximity by 11.7% in the third quarter. William Blair Investment Management LLC now owns 5,829,169 shares of the company's stock valued at $426,404,000 after acquiring an additional 609,775 shares in the last quarter. 87.19% of the stock is owned by institutional investors.

Doximity Stock Down 1.9%

Doximity stock opened at $20.64 on Friday. Doximity, Inc. has a one year low of $17.15 and a one year high of $76.51. The stock has a fifty day moving average of $22.71. The company has a market capitalization of $3.77 billion, a price-to-earnings ratio of 20.84, a P/E/G ratio of 3.58 and a beta of 1.30.

Doximity announced that its Board of Directors has initiated a share buyback program on Thursday, February 5th that allows the company to repurchase $500.00 million in outstanding shares. This repurchase authorization allows the company to buy up to 8% of its stock through open market purchases. Stock repurchase programs are typically a sign that the company's board believes its stock is undervalued.

Insiders Place Their Bets

In other news, Director Kira Scherer Wampler sold 9,000 shares of the firm's stock in a transaction 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 completion of the transaction, 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 legal filing with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Siddharth Sitaram sold 2,427 shares of the firm's stock in a transaction on Friday, April 10th. The stock was sold at an average price of $21.09, for a total value 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. The trade was a 2.72% 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. Insiders sold 16,055 shares of company stock valued at $404,061 over the last ninety days. Corporate insiders own 31.30% of the company's stock.

Analyst Upgrades and Downgrades

Several equities analysts have recently issued reports on DOCS shares. Canaccord Genuity Group reduced their target price on Doximity from $34.00 to $30.00 and set a "buy" rating for the company in a report on Thursday, May 14th. Royal Bank Of Canada reissued an "outperform" rating and set a $44.00 price objective on shares of Doximity in a report on Monday, March 9th. Zacks Research lowered Doximity from a "hold" rating to a "strong sell" rating in a report on Tuesday. Truist Financial reissued a "hold" rating and set a $19.00 price objective (down from $29.00) on shares of Doximity in a report on Thursday, May 14th. Finally, KeyCorp lowered Doximity from an "overweight" rating to a "sector weight" rating in a report on Thursday, May 14th. Two equities research analysts have rated the stock with a Strong Buy rating, seven have assigned a Buy rating, twelve have given a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat, Doximity currently has an average rating of "Hold" and a consensus price target of $30.62.

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.

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