Lazard Asset Management LLC Trims Holdings in Doximity, Inc. $DOCS

Key Points

• Lazard Asset Management cut its Doximity stake by 51.9% in the first quarter, selling 155,753 shares and retaining 144,369 shares worth approximately $3.36 million. Institutional investors still own 87.19% of DOCS.
• Several major investors increased their positions, including Vanguard, Capital World Investors, Renaissance Technologies, Invesco and Carmignac Gestion. Company insiders, however, sold 13,753 shares worth $343,925 over the past 90 days.
• Analyst sentiment is mixed but centers on a “Hold” consensus, with an average price target of $29.33. Doximity shares opened at $20.95, near their 52-week low of $17.15 and well below the 52-week high of $76.51.

Lazard Asset Management LLC lowered its holdings in Doximity, Inc. (NYSE:DOCS - Free Report) by 51.9% in the 1st quarter, according to the company in its most recent filing with the SEC. The firm owned 144,369 shares of the company's stock after selling 155,753 shares during the quarter. Lazard Asset Management LLC owned approximately 0.08% of Doximity worth $3,364,000 at the end of the most recent quarter.

Other large investors have also recently made changes to their positions in the company. Vanguard Group Inc. increased its stake in shares of Doximity by 4.1% during 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 during the period. Capital World Investors lifted its stake in Doximity by 5.1% in the fourth quarter. Capital World Investors now owns 5,654,875 shares of the company's stock worth $250,398,000 after acquiring an additional 273,444 shares during the period. Renaissance Technologies LLC lifted its stake in Doximity by 29.4% in the first quarter. Renaissance Technologies LLC now owns 3,059,749 shares of the company's stock worth $71,292,000 after acquiring an additional 694,300 shares during the period. Invesco Ltd. boosted its holdings in Doximity by 4.2% in the fourth quarter. Invesco Ltd. now owns 2,426,819 shares of the company's stock valued at $107,460,000 after acquiring an additional 98,519 shares in the last quarter. Finally, Carmignac Gestion boosted its holdings in Doximity by 355.9% in the fourth quarter. Carmignac Gestion now owns 1,893,026 shares of the company's stock valued at $83,831,000 after acquiring an additional 1,477,798 shares in the last quarter. 87.19% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other news, insider Siddharth Sitaram sold 2,444 shares of the company's stock in a transaction dated Monday, June 8th. The shares were sold at an average price of $20.41, for a total value of $49,882.04. Following the sale, the insider directly owned 90,706 shares of the company's stock, valued at $1,851,309.46. This represents a 2.62% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through 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 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 transaction, 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 SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last 90 days, insiders have sold 13,753 shares of company stock worth $343,925. Company insiders own 31.80% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on the stock. Leerink Partners reduced their price objective on shares of Doximity from $31.00 to $25.00 and set an "outperform" rating on the stock in a research report on Thursday, May 14th. Evercore cut shares of Doximity from an "outperform" rating to an "in-line" rating and set a $25.00 target price for the company. in a research report on Wednesday, April 8th. BTIG Research lowered shares of Doximity from a "buy" rating to a "neutral" rating in a research note on Thursday, May 14th. Robert W. Baird reiterated a "neutral" rating and set a $18.00 price target (down from $40.00) on shares of Doximity in a research report on Thursday, May 14th. Finally, Bank of America reissued an "underperform" rating and issued a $20.00 price target (down from $38.00) on shares of Doximity in a research note on Monday, June 29th. Two analysts have rated the stock with a Strong Buy rating, six have given a Buy rating, thirteen have issued a Hold rating and three have assigned a Sell rating to the company's stock. Based on data from MarketBeat.com, the company has a consensus rating of "Hold" and an average price target of $29.33.

Doximity Trading Down 1.4%

DOCS opened at $20.95 on Friday. The stock has a fifty day simple moving average of $21.06 and a two-hundred day simple moving average of $25.03. The company has a market cap of $3.83 billion, a price-to-earnings ratio of 21.16, a price-to-earnings-growth ratio of 7.59 and a beta of 1.30. Doximity, Inc. has a 12-month low of $17.15 and a 12-month high of $76.51.

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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