Pictet Asset Management Holding SA Sells 735,384 Shares of Doximity, Inc. $DOCS

Key Points

• Pictet Asset Management sold 735,384 Doximity shares in Q4, cutting its stake by 97.6% to just 18,068 shares valued at about $800,000 at period end.
• Doximity approved a $500 million share repurchase program (up to 8% of shares) and reported Q earnings of $0.46 per share (vs. $0.45 consensus) with revenue up 9.8% and a 37.5% net margin.
• Analysts have trimmed targets and ratings recently—Morgan Stanley cut its target from $65 to $49 and several firms lowered price targets, leaving a MarketBeat average target near $41.26 and an overall "Moderate Buy" consensus.

Pictet Asset Management Holding SA decreased its holdings in shares of Doximity, Inc. (NYSE:DOCS - Free Report) by 97.6% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 18,068 shares of the company's stock after selling 735,384 shares during the period. Pictet Asset Management Holding SA's holdings in Doximity were worth $800,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also bought and sold shares of the business. Capital World Investors increased its stake in shares of Doximity by 25.7% during the third quarter. Capital World Investors now owns 5,381,431 shares of the company's stock valued at $393,652,000 after buying an additional 1,101,848 shares during the period. Victory Capital Management Inc. lifted its stake in Doximity by 525.3% in the third quarter. Victory Capital Management Inc. now owns 1,096,965 shares of the company's stock worth $80,243,000 after acquiring an additional 921,533 shares during the period. Holocene Advisors LP bought a new stake in Doximity in the second quarter valued at $44,983,000. William Blair Investment Management LLC increased its position in Doximity by 11.7% during the 3rd quarter. William Blair Investment Management LLC now owns 5,829,169 shares of the company's stock valued at $426,404,000 after purchasing an additional 609,775 shares during the period. Finally, E. Ohman J or Asset Management AB purchased a new position in Doximity during the 4th quarter valued at $24,699,000. Hedge funds and other institutional investors own 87.19% of the company's stock.

Doximity Trading Up 1.3%

Shares of Doximity stock opened at $26.04 on Friday. The stock has a 50-day moving average price of $24.22. Doximity, Inc. has a 1 year low of $20.55 and a 1 year high of $76.51. The company has a market cap of $4.81 billion, a PE ratio of 21.70, a price-to-earnings-growth ratio of 1.83 and a beta of 1.36.

Doximity (NYSE:DOCS - Get Free Report) last announced its quarterly earnings data on Thursday, February 5th. The company reported $0.46 earnings per share for the quarter, topping analysts' consensus estimates of $0.45 by $0.01. Doximity had a net margin of 37.54% and a return on equity of 23.84%. During the same period last year, the company posted $0.45 earnings per share. The business's revenue for the quarter was up 9.8% compared to the same quarter last year. Research analysts anticipate that Doximity, Inc. will post 1.11 earnings per share for the current fiscal year.

Doximity announced that its Board of Directors has approved a share repurchase program on Thursday, February 5th that authorizes the company to repurchase $500.00 million in shares. This repurchase authorization authorizes the company to repurchase up to 8% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company's leadership believes its stock is undervalued.

Insiders Place Their Bets

In related news, Director Kira Scherer Wampler sold 2,000 shares of the stock in a transaction on Tuesday, March 3rd. The stock was sold at an average price of $26.00, for a total transaction of $52,000.00. Following the sale, the director directly owned 19,839 shares of the company's stock, valued at $515,814. This trade represents a 9.16% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Siddharth Sitaram sold 2,427 shares of Doximity stock in a transaction dated 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 owned 86,705 shares of the company's stock, valued at $1,828,608.45. The trade was a 2.72% 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. In the last three months, insiders sold 9,028 shares of company stock valued at $225,641. Corporate insiders own 31.30% of the company's stock.

Analyst Upgrades and Downgrades

Several equities research analysts have recently commented on DOCS shares. Morgan Stanley dropped their target price on shares of Doximity from $65.00 to $49.00 and set an "overweight" rating for the company in a research report on Friday, February 6th. Wall Street Zen downgraded shares of Doximity from a "buy" rating to a "hold" rating in a research note on Saturday, January 10th. The Goldman Sachs Group lowered their price objective on shares of Doximity from $34.00 to $28.00 and set a "neutral" rating for the company in a report on Thursday, April 9th. Evercore downgraded Doximity from an "outperform" rating to an "in-line" rating and set a $25.00 target price on the stock. in a report on Wednesday, April 8th. Finally, Truist Financial reissued a "hold" rating and issued a $29.00 target price (down from $37.00) on shares of Doximity in a research report on Monday, April 20th. Two analysts have rated the stock with a Strong Buy rating, twelve have given a Buy rating and eight have assigned a Hold rating to the company. According to MarketBeat, the company has an average rating of "Moderate Buy" and an average price target of $41.26.

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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