Handelsbanken Fonder AB Sells 315,900 Shares of Doximity, Inc. $DOCS

Key Points

• Handelsbanken Fonder AB cut its Doximity stake by 50.7% in the fourth quarter, selling 315,900 shares and leaving it with 307,300 shares worth about $13.6 million.
• Analyst sentiment on Doximity has softened, with Goldman Sachs and Morgan Stanley lowering price targets and Weiss Ratings downgrading the stock. The consensus rating remains Hold, with an average price target of $30.62.
• Doximity shares were trading down 2.3% at $19.41, well below the stock’s 12-month high of $76.51. The company also recently authorized a $500 million share repurchase program, which can signal management believes the stock is undervalued.

Handelsbanken Fonder AB decreased its holdings in Doximity, Inc. (NYSE:DOCS - Free Report) by 50.7% in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 307,300 shares of the company's stock after selling 315,900 shares during the quarter. Handelsbanken Fonder AB owned approximately 0.16% of Doximity worth $13,607,000 as of its most recent SEC filing.

Several other institutional investors have also recently bought and sold shares of DOCS. Root Financial Partners LLC bought a new position in Doximity in the 3rd quarter valued at $30,000. Whittier Trust Co. of Nevada Inc. raised its position in Doximity by 59.5% in the 3rd quarter. Whittier Trust Co. of Nevada Inc. now owns 480 shares of the company's stock valued at $35,000 after purchasing an additional 179 shares during the last quarter. Toth Financial Advisory Corp raised its position in Doximity by 100.0% in the 4th quarter. Toth Financial Advisory Corp now owns 1,000 shares of the company's stock valued at $44,000 after purchasing an additional 500 shares during the last quarter. Atlantic Union Bankshares Corp raised its position in Doximity by 136.9% in the 3rd quarter. Atlantic Union Bankshares Corp now owns 616 shares of the company's stock valued at $45,000 after purchasing an additional 356 shares during the last quarter. Finally, Farther Finance Advisors LLC raised its position in Doximity by 35.7% in the 4th quarter. Farther Finance Advisors LLC now owns 1,539 shares of the company's stock valued at $68,000 after purchasing an additional 405 shares during the last quarter. Institutional investors own 87.19% of the company's stock.

Analysts Set New Price Targets

Several equities analysts have issued reports on the company. The Goldman Sachs Group cut their price objective on Doximity from $28.00 to $24.00 and set a "neutral" rating for the company in a research report on Thursday, May 14th. Weiss Ratings downgraded Doximity from a "hold (c-)" rating to a "sell (d+)" rating in a research report on Friday, May 15th. Morgan Stanley dropped their target price on Doximity from $49.00 to $35.00 and set an "overweight" rating for the company in a research report on Thursday, May 14th. Zacks Research upgraded Doximity from a "strong sell" rating to a "hold" rating in a research report on Tuesday, April 21st. Finally, Loop Capital set a $31.00 target price on Doximity in a research report on Tuesday, March 17th. Two investment analysts have rated the stock with a Strong Buy rating, seven have given a Buy rating, thirteen have assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the stock has a consensus rating of "Hold" and an average price target of $30.62.

Doximity Trading Down 2.3%

DOCS stock opened at $19.41 on Friday. The company has a market capitalization of $3.58 billion, a P/E ratio of 19.60, a P/E/G ratio of 2.58 and a beta of 1.36. Doximity, Inc. has a twelve month low of $17.15 and a twelve month high of $76.51. The business's fifty day moving average price is $23.47.

Doximity announced that its board has approved a share repurchase plan on Thursday, February 5th that authorizes the company to repurchase $500.00 million in shares. This repurchase authorization authorizes the company to buy up to 8% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company's management believes its stock is undervalued.

Insiders Place Their Bets

In related news, Director Kira Scherer Wampler sold 9,000 shares of the company's stock in a transaction dated 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 sale, the director owned 19,839 shares in the company, valued at approximately $517,004.34. This represents a 31.21% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Siddharth Sitaram sold 2,309 shares of the company's stock in a transaction dated 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 of the company's stock, valued at $2,303,734.92. This represents a 2.52% 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. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last 90 days, insiders have sold 18,055 shares of company stock valued at $456,061. 31.30% of the stock is currently owned by corporate insiders.

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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