Hsbc Holdings PLC Raises Position in Doximity, Inc. $DOCS

Key Points

• HSBC Holdings PLC boosted its Doximity stake by 76.5% in the fourth quarter, ending with 124,357 shares worth about $5.5 million. Institutional ownership remains high, with roughly 87.19% of the stock held by institutions.
• Doximity shares were up 1.6% to $22.03, giving the company a market cap of about $4.03 billion. The stock has traded between a 1-year low of $17.15 and a high of $76.51.
• Analyst sentiment has turned more cautious, with several firms cutting ratings or price targets; the stock now carries an average “Hold” rating and a consensus target price of $29.33. Insiders also sold shares recently, including director Kira Scherer Wampler and insider Siddharth Sitaram.

Hsbc Holdings PLC increased its position in Doximity, Inc. (NYSE:DOCS - Free Report) by 76.5% in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 124,357 shares of the company's stock after purchasing an additional 53,888 shares during the quarter. Hsbc Holdings PLC owned approximately 0.07% of Doximity worth $5,535,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds also recently made changes to their positions in DOCS. Northwestern Mutual Wealth Management Co. raised its stake in Doximity by 99.5% during the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 796 shares of the company's stock valued at $35,000 after buying an additional 397 shares during the last quarter. Toth Financial Advisory Corp grew its stake 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 acquiring an additional 500 shares during the last quarter. Farther Finance Advisors LLC grew its stake 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 acquiring an additional 405 shares during the last quarter. Leonteq Securities AG bought a new position in shares of Doximity during the fourth quarter valued at $78,000. Finally, Kestra Advisory Services LLC bought a new position in shares of Doximity during the fourth quarter valued at $87,000. 87.19% of the stock is currently owned by institutional investors.

Doximity Trading Up 1.6%

Shares of DOCS opened at $22.03 on Friday. The firm has a fifty day simple moving average of $21.48 and a two-hundred day simple moving average of $27.49. The firm has a market cap of $4.03 billion, a PE ratio of 22.25, a P/E/G ratio of 6.74 and a beta of 1.30. Doximity, Inc. has a 1-year low of $17.15 and a 1-year high of $76.51.

Insider Buying and Selling at Doximity

In other Doximity news, insider Siddharth Sitaram sold 2,444 shares of the firm'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 transaction, the insider directly owned 90,706 shares of the company's stock, valued at approximately $1,851,309.46. This trade represents a 2.62% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 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 business's stock in a transaction dated Thursday, May 7th. The shares were sold at an average price of $26.06, for a total value of $234,540.00. Following the sale, the director owned 19,839 shares of the company's stock, valued at approximately $517,004.34. This represents a 31.21% 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. Insiders sold 13,753 shares of company stock valued at $343,925 in the last ninety days. 31.30% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on DOCS shares. Citigroup cut Doximity to an "underperform" rating in a research report on Monday, June 29th. Barclays restated an "equal weight" rating and issued a $20.00 price target (down from $38.00) on shares of Doximity in a research note on Thursday, May 14th. KeyCorp downgraded Doximity from an "overweight" rating to a "sector weight" rating in a report on Thursday, May 14th. BMO Capital Markets dropped their price objective on Doximity from $25.00 to $20.00 and set a "market perform" rating on the stock in a research report on Thursday, May 14th. Finally, Freedom Capital upgraded Doximity to a "strong-buy" rating in a report on Tuesday, March 17th. Two research analysts have rated the stock with a Strong Buy rating, six have assigned a Buy rating, twelve have given a Hold rating and four have given a Sell rating to the company's stock. According to MarketBeat, the stock presently has an average rating of "Hold" and an average 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.

Want to see what other hedge funds are holding DOCS? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Doximity, Inc. (NYSE:DOCS - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.