Doximity, Inc. $DOCS Shares Acquired by Whittier Trust Co.

Key Points

• Whittier Trust Co. dramatically increased its stake in Doximity in the first quarter, buying 183,733 additional shares and lifting its holding to 183,950 shares worth about $4.24 million.
• Institutional ownership remains very high, with hedge funds and other institutions owning 87.19% of Doximity’s stock; several large investors also added to their positions.
• Wall Street sentiment has cooled, with multiple analysts cutting ratings and price targets; Doximity’s consensus rating is now Hold with an average target price of $29.33.

Whittier Trust Co. boosted its position in Doximity, Inc. (NYSE:DOCS - Free Report) by 84,669.6% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 183,950 shares of the company's stock after purchasing an additional 183,733 shares during the period. Whittier Trust Co. owned about 0.10% of Doximity worth $4,242,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the company. Vanguard Group Inc. increased its position in shares of Doximity by 4.1% in the fourth quarter. Vanguard Group Inc. now owns 13,285,485 shares of the company's stock valued at $588,281,000 after buying an additional 518,916 shares in the last quarter. UBS Group AG boosted its position in shares of Doximity by 26.5% in the 4th quarter. UBS Group AG now owns 680,260 shares of the company's stock worth $30,122,000 after buying an additional 142,408 shares in the last quarter. Northwestern Mutual Wealth Management Co. boosted its position in shares of Doximity by 325,436.6% in the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 1,298,891 shares of the company's stock worth $57,515,000 after buying an additional 1,298,492 shares in the last quarter. Franklin Resources Inc. boosted its position in shares of Doximity by 6.2% in the 3rd quarter. Franklin Resources Inc. now owns 3,357,505 shares of the company's stock worth $245,601,000 after buying an additional 194,912 shares in the last quarter. Finally, Fort Washington Investment Advisors Inc. OH grew its stake in Doximity by 103.1% in the 4th quarter. Fort Washington Investment Advisors Inc. OH now owns 456,701 shares of the company's stock valued at $20,223,000 after acquiring an additional 231,790 shares during the last quarter. 87.19% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on the stock. Jefferies Financial Group cut shares of Doximity from a "buy" rating to a "hold" rating and cut their target price for the stock from $51.00 to $19.00 in a research report on Thursday, May 14th. Truist Financial reiterated a "hold" rating and issued a $19.00 price target (down from $29.00) on shares of Doximity in a research report on Thursday, May 14th. Bank of America reissued an "underperform" rating and set a $20.00 price objective (down from $38.00) on shares of Doximity in a research note on Monday, June 29th. BTIG Research downgraded Doximity from a "buy" rating to a "neutral" rating in a research report on Thursday, May 14th. Finally, Freedom Capital raised Doximity to a "strong-buy" rating in a research note on Tuesday, March 17th. Two research analysts have rated the stock with a Strong Buy rating, six have issued a Buy rating, twelve have given a Hold rating and four have assigned a Sell rating to the company's stock. Based on data from MarketBeat.com, Doximity currently has an average rating of "Hold" and a consensus target price of $29.33.

Doximity Stock Performance

Doximity stock traded up $0.08 during midday trading on Tuesday, reaching $22.94. 510,151 shares of the company were exchanged, compared to its average volume of 3,792,135. The firm's 50-day simple moving average is $21.62 and its 200-day simple moving average is $28.09. Doximity, Inc. has a 1 year low of $17.15 and a 1 year high of $76.51. The company has a market capitalization of $4.20 billion, a price-to-earnings ratio of 23.07, a P/E/G ratio of 6.79 and a beta of 1.30.

Insider Transactions at Doximity

In other news, insider Siddharth Sitaram sold 2,444 shares of the business's stock in a transaction that occurred on Monday, June 8th. The shares were sold at an average price of $20.41, for a total value of $49,882.04. Following the completion of the transaction, the insider owned 90,706 shares of the company's stock, valued at $1,851,309.46. The trade was a 2.62% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at 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 that occurred 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 transaction, the director directly owned 19,839 shares in the company, valued at $517,004.34. The trade was a 31.21% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last quarter, insiders have sold 16,180 shares of company stock valued at $395,110. Insiders own 31.30% of the company's stock.

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.

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