Legal & General Group Plc Sells 54,024 Shares of Doximity, Inc. $DOCS

Key Points

• Legal & General Group Plc cut its Doximity stake by 21% in the fourth quarter, selling 54,024 shares and leaving it with 203,069 shares worth about $8.99 million.
• Doximity announced a $500 million share buyback plan in February, authorizing repurchases of up to 8% of outstanding shares, which can signal management thinks the stock is undervalued.
• The stock was recently trading lower at $20.64, while analysts have a consensus rating of Hold with an average price target of $30.62.

Legal & General Group Plc trimmed its stake in shares of Doximity, Inc. (NYSE:DOCS - Free Report) by 21.0% in the fourth quarter, according to the company in its most recent filing with the SEC. The firm owned 203,069 shares of the company's stock after selling 54,024 shares during the quarter. Legal & General Group Plc owned about 0.11% of Doximity worth $8,992,000 as of its most recent SEC filing.

Other institutional investors have also recently modified their holdings of the company. Toth Financial Advisory Corp raised its holdings in shares of Doximity by 100.0% during the 4th quarter. Toth Financial Advisory Corp now owns 1,000 shares of the company's stock worth $44,000 after buying an additional 500 shares in the last quarter. Atlantic Union Bankshares Corp raised its holdings in shares of Doximity by 136.9% during the 3rd quarter. Atlantic Union Bankshares Corp now owns 616 shares of the company's stock worth $45,000 after buying an additional 356 shares in the last quarter. Farther Finance Advisors LLC raised its holdings in shares of Doximity by 35.7% during the 4th quarter. Farther Finance Advisors LLC now owns 1,539 shares of the company's stock worth $68,000 after buying an additional 405 shares in the last quarter. Leonteq Securities AG acquired a new position in shares of Doximity during the 4th quarter worth $78,000. Finally, Dara Capital US Inc. acquired a new position in shares of Doximity during the 4th quarter worth $91,000. 87.19% of the stock is currently owned by institutional investors.

Doximity Trading Down 1.9%

Shares of Doximity stock opened at $20.64 on Friday. Doximity, Inc. has a one year low of $17.15 and a one year high of $76.51. The company's 50-day simple moving average is $22.71. The company has a market cap of $3.77 billion, a price-to-earnings ratio of 20.84, a price-to-earnings-growth ratio of 3.58 and a beta of 1.30.

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

Insider Activity at Doximity

In other news, insider Siddharth Sitaram sold 2,427 shares of the stock in a transaction that occurred on Friday, April 10th. The stock was sold at an average price of $21.09, for a total value of $51,185.43. Following the completion of the sale, the insider directly owned 86,705 shares of the company's stock, valued at $1,828,608.45. This represents a 2.72% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available 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 stock in a transaction that occurred on 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 directly owned 19,839 shares of the company's stock, valued at approximately $517,004.34. This trade 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. In the last quarter, insiders sold 16,055 shares of company stock worth $404,061. Corporate insiders own 31.30% of the company's stock.

Wall Street Analyst Weigh In

DOCS has been the subject of a number of recent research reports. Weiss Ratings cut Doximity from a "hold (c-)" rating to a "sell (d+)" rating in a report on Friday, May 15th. Needham & Company LLC lowered their target price on Doximity from $55.00 to $27.00 and set a "buy" rating for the company in a report on Thursday, May 14th. Freedom Capital raised Doximity to a "strong-buy" rating in a report on Tuesday, March 17th. Piper Sandler upped their target price on Doximity from $40.00 to $42.00 and gave the stock an "overweight" rating in a report on Friday, February 20th. Finally, Canaccord Genuity Group lowered their target price on Doximity from $34.00 to $30.00 and set a "buy" rating for the company in a report on Thursday, May 14th. Two research analysts have rated the stock with a Strong Buy rating, seven have assigned a Buy rating, twelve have given a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat, the stock has a consensus rating of "Hold" and a consensus price target of $30.62.

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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