Doximity (NYSE:DOCS) Trading 4.5% Higher – Time to Buy?

Doximity, Inc. (NYSE:DOCS) rose 4.5% during mid-day trading on Friday . The company traded as high as $26.82 and last traded at $26.74. Approximately 589,090 shares changed hands during trading, a decline of 86% from the average daily volume of 4,175,360 shares. The stock had previously closed at $25.59.

Analyst Ratings Changes

A number of brokerages recently issued reports on DOCS. Jefferies Financial Group lowered shares of Doximity from a “buy” rating to a “hold” rating and dropped their price target for the stock from $51.00 to $19.00 in a research note on Thursday, May 14th. Wells Fargo & Company downgraded shares of Doximity from an “equal weight” rating to an “underweight” rating and set a $18.00 price objective on the stock. in a research note on Monday, August 10th. Leerink Partners decreased their price objective on shares of Doximity from $31.00 to $25.00 and set an “outperform” rating for the company in a report on Thursday, May 14th. Bank of America reissued an “underperform” rating and issued a $20.00 target price (down from $38.00) on shares of Doximity in a research report on Monday, June 29th. Finally, Evercore set a $40.00 target price on shares of Doximity in a research note on Friday, August 7th. Two investment analysts have rated the stock with a Strong Buy rating, seven have issued a Buy rating, twelve have given a Hold rating and four have given a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $32.43.

Doximity Stock Performance

The firm has a market capitalization of $4.75 billion, a P/E ratio of 31.37, a P/E/G ratio of 19.35 and a beta of 1.29. The stock has a fifty day moving average price of $22.58 and a two-hundred day moving average price of $23.05.

Doximity (NYSE:DOCS) last announced its quarterly earnings data on Thursday, August 6th. The company reported $0.29 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.16 by $0.13. The firm had revenue of $156.62 million for the quarter. Doximity had a return on equity of 18.06% and a net margin of 25.48%.The business’s revenue for the quarter was up 7.3% compared to the same quarter last year. During the same quarter last year, the business earned $0.36 earnings per share. As a group, research analysts anticipate that Doximity, Inc. will post 0.74 earnings per share for the current fiscal year.

Insider Transactions at Doximity

In other news, Director Kira Scherer Wampler sold 2,000 shares of Doximity stock in a transaction dated Tuesday, August 25th. The shares were sold at an average price of $24.95, for a total value of $49,900.00. Following the completion of the transaction, the director directly owned 19,839 shares of the company’s stock, valued at approximately $494,983.05. The trade was a 9.16% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Siddharth Sitaram sold 2,444 shares of the business’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 sale, the insider directly owned 90,706 shares of the company’s stock, valued at approximately $1,851,309.46. This represents a 2.62% 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. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last three months, insiders have sold 13,714 shares of company stock worth $437,251. 31.80% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Doximity

Institutional investors have recently made changes to their positions in the stock. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position in shares of Doximity by 0.5% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 38,978 shares of the company’s stock worth $2,262,000 after purchasing an additional 210 shares during the period. BOKF NA boosted its position in Doximity by 5.3% during the 3rd quarter. BOKF NA now owns 5,356 shares of the company’s stock valued at $392,000 after purchasing an additional 269 shares during the period. Northwestern Mutual Investment Management Company LLC grew its stake in Doximity by 1.1% during the 4th quarter. Northwestern Mutual Investment Management Company LLC now owns 30,736 shares of the company’s stock worth $1,361,000 after buying an additional 333 shares during the last quarter. Lifestyle Asset Management Inc. grew its stake in Doximity by 5.9% during the 4th quarter. Lifestyle Asset Management Inc. now owns 7,083 shares of the company’s stock worth $314,000 after buying an additional 396 shares during the last quarter. Finally, Northwestern Mutual Wealth Management Co. increased 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 period. 87.19% of the stock is owned by institutional investors.

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.