Doximity (NYSE:DOCS) Upgraded to Hold at Zacks Research

Doximity (NYSE:DOCS) was upgraded by equities researchers at Zacks Research from a “strong sell” rating to a “hold” rating in a research report issued to clients and investors on Monday,Zacks.com reports.

Several other equities research analysts have also commented on DOCS. Citigroup lowered shares of Doximity to an “underperform” rating in a research note on Monday, June 29th. Evercore lowered Doximity from an “outperform” rating to an “in-line” rating and set a $25.00 price objective for the company. in a report on Wednesday, April 8th. Leerink Partners lowered their target price on Doximity from $31.00 to $25.00 and set an “outperform” rating on the stock in a research report on Thursday, May 14th. BMO Capital Markets cut their target price on Doximity from $25.00 to $20.00 and set a “market perform” rating on the stock in a research note on Thursday, May 14th. Finally, Freedom Capital upgraded Doximity to a “strong-buy” rating in a research report on Tuesday, March 17th. Two investment analysts have rated the stock with a Strong Buy rating, six have assigned a Buy rating, thirteen have given a Hold rating and three have assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $29.33.

Doximity Stock Down 2.2%

Doximity stock opened at $21.80 on Monday. The firm has a 50-day moving average price of $21.31 and a two-hundred day moving average price of $27.02. The firm has a market capitalization of $3.99 billion, a price-to-earnings ratio of 22.02, a PEG ratio of 6.92 and a beta of 1.30. Doximity has a 52-week low of $17.15 and a 52-week high of $76.51.

Insider Transactions at Doximity

In other news, insider Siddharth Sitaram sold 2,444 shares of the firm’s stock in a transaction dated Monday, June 8th. The shares were sold at an average price of $20.41, for a total transaction of $49,882.04. Following the completion of the transaction, the insider owned 90,706 shares in the company, valued at approximately $1,851,309.46. This trade represents a 2.62% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. 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 Doximity stock in a transaction that occurred on 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 directly owned 19,839 shares in the company, valued at $517,004.34. This represents a 31.21% 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. Over the last ninety days, insiders have sold 13,753 shares of company stock worth $343,925. 31.30% of the stock is owned by corporate insiders.

Institutional Trading of Doximity

A number of hedge funds and other institutional investors have recently made changes to their positions in DOCS. Northwestern Mutual Wealth Management Co. grew its position in Doximity by 99.5% in the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 796 shares of the company’s stock worth $35,000 after buying an additional 397 shares during the last quarter. Toth Financial Advisory Corp lifted its position 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 valued at $44,000 after acquiring an additional 500 shares during the last quarter. Parallel Advisors LLC boosted its stake in shares of Doximity by 111.0% during the 1st quarter. Parallel Advisors LLC now owns 2,560 shares of the company’s stock worth $60,000 after acquiring an additional 1,347 shares in the last quarter. EverSource Wealth Advisors LLC boosted its stake in shares of Doximity by 937.7% during the 1st quarter. EverSource Wealth Advisors LLC now owns 2,833 shares of the company’s stock worth $66,000 after acquiring an additional 2,560 shares in the last quarter. Finally, Farther Finance Advisors LLC grew its holdings in shares of Doximity by 35.7% in the 4th 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. 87.19% of the stock is currently owned by institutional investors.

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.