Doximity, Inc. $DOCS Shares Sold by Hsbc Holdings PLC

Key Points

• Hsbc Holdings PLC reduced its Doximity stake by 75.3% in the first quarter, selling 93,579 shares and retaining 30,778 shares valued at approximately $728,000.
• Other major institutional investors increased their positions, including Vanguard, Capital World Investors, Invesco, Renaissance Technologies and Carmignac Gestion. Institutions collectively own 87.19% of Doximity’s outstanding shares.
• Doximity shares opened at $21.25, near the lower end of their 52-week range, while analysts’ consensus rating remained “Hold” with an average price target of $29.33 after several firms cut ratings or targets.

Hsbc Holdings PLC cut its position in shares of Doximity, Inc. (NYSE:DOCS - Free Report) by 75.3% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 30,778 shares of the company's stock after selling 93,579 shares during the quarter. Hsbc Holdings PLC's holdings in Doximity were worth $728,000 at the end of the most recent quarter.

Other institutional investors have also modified their holdings of the company. Vanguard Group Inc. grew its stake in Doximity by 4.1% in the 4th quarter. Vanguard Group Inc. now owns 13,285,485 shares of the company's stock worth $588,281,000 after acquiring an additional 518,916 shares during the period. Capital World Investors lifted its stake in shares of Doximity by 5.1% during the 4th quarter. Capital World Investors now owns 5,654,875 shares of the company's stock worth $250,398,000 after purchasing an additional 273,444 shares during the period. Invesco Ltd. lifted its stake in shares of Doximity by 4.2% during the 4th quarter. Invesco Ltd. now owns 2,426,819 shares of the company's stock worth $107,460,000 after purchasing an additional 98,519 shares during the period. Renaissance Technologies LLC boosted its holdings in shares of Doximity by 8.5% during the fourth quarter. Renaissance Technologies LLC now owns 2,365,449 shares of the company's stock worth $104,742,000 after purchasing an additional 185,247 shares during the last quarter. Finally, Carmignac Gestion boosted its holdings in shares of Doximity by 355.9% during the fourth quarter. Carmignac Gestion now owns 1,893,026 shares of the company's stock worth $83,831,000 after purchasing an additional 1,477,798 shares during the last quarter. Institutional investors and hedge funds own 87.19% of the company's stock.

Insiders Place Their Bets

In other Doximity news, Director Kira Scherer Wampler sold 9,000 shares of the business's stock in a transaction dated Thursday, May 7th. The stock was 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. The trade was 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 accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Siddharth Sitaram sold 2,444 shares of the company's stock in a transaction dated Monday, June 8th. The stock was sold at an average price of $20.41, for a total value of $49,882.04. Following the sale, the insider owned 90,706 shares of the company's stock, valued at $1,851,309.46. This represents a 2.62% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 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 13,753 shares of company stock worth $343,925 in the last quarter. 31.80% of the stock is owned by insiders.

Doximity Stock Down 1.8%

DOCS stock opened at $21.25 on Friday. The company has a market cap of $3.89 billion, a price-to-earnings ratio of 21.46, a PEG ratio of 7.85 and a beta of 1.30. The business has a fifty day simple moving average of $21.04 and a 200-day simple moving average of $25.06. Doximity, Inc. has a 52 week low of $17.15 and a 52 week high of $76.51.

Analyst Upgrades and Downgrades

Several equities analysts recently commented on the company. Citigroup lowered Doximity to an "underperform" rating in a research note on Monday, June 29th. Needham & Company LLC decreased their price target on Doximity from $55.00 to $27.00 and set a "buy" rating on the stock in a research note on Thursday, May 14th. Bank of America restated an "underperform" rating and issued a $20.00 price target (down from $38.00) on shares of Doximity in a report on Monday, June 29th. Barclays reaffirmed an "equal weight" rating and set a $20.00 price objective (down from $38.00) on shares of Doximity in a research note on Thursday, May 14th. Finally, KeyCorp lowered shares of Doximity from an "overweight" rating to a "sector weight" rating in a report on Thursday, May 14th. Two analysts have rated the stock with a Strong Buy rating, six have issued a Buy rating, thirteen have assigned a Hold rating and three have issued a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of "Hold" and a consensus target price of $29.33.

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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