Siddharth Sitaram Sells 2,319 Shares of Doximity (NYSE:DOCS) Stock

Doximity, Inc. (NYSE:DOCS) insider Siddharth Sitaram sold 2,319 shares of the company’s stock in a transaction that occurred on Tuesday, March 10th. The stock was sold at an average price of $25.37, for a total transaction of $58,833.03. Following the sale, the insider directly owned 84,132 shares in the company, valued at $2,134,428.84. This trade represents a 2.68% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink.

Siddharth Sitaram also recently made the following trade(s):

• On Tuesday, February 10th, Siddharth Sitaram sold 2,282 shares of Doximity stock. The shares were sold at an average price of $27.88, for a total transaction of $63,622.16.

Doximity Price Performance

DOCS opened at $24.37 on Friday. The firm’s fifty day moving average price is $32.64. The stock has a market cap of $4.50 billion, a price-to-earnings ratio of 20.30, a P/E/G ratio of 1.36 and a beta of 1.44. Doximity, Inc. has a one year low of $23.53 and a one year high of $76.51.

Doximity (NYSE:DOCS) last released its quarterly earnings results on Thursday, February 5th. The company reported $0.46 earnings per share for the quarter, topping the consensus estimate 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 in the previous year, the company earned $0.45 EPS. The company’s revenue was up 9.8% on a year-over-year basis.

Doximity declared that its board has approved a stock buyback program on Thursday, February 5th that allows the company to buyback $500.00 million in shares. This buyback authorization allows the company to purchase up to 8% of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s leadership believes its shares are undervalued.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on the company. Piper Sandler lifted their price target on Doximity from $40.00 to $42.00 and gave the company an “overweight” rating in a research report on Friday, February 20th. BTIG Research decreased their price objective on shares of Doximity from $80.00 to $50.00 and set a “buy” rating on the stock in a research report on Friday, February 6th. Needham & Company LLC raised shares of Doximity to a “moderate buy” rating in a research note on Friday, February 6th. Mizuho dropped their target price on shares of Doximity from $45.00 to $34.00 and set a “neutral” rating for the company in a research report on Tuesday, February 10th. Finally, Barclays cut their price target on shares of Doximity from $63.00 to $38.00 and set an “overweight” rating for the company in a research note on Wednesday, February 11th. One analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and six have given a Hold rating to the company’s stock. According to data from MarketBeat, Doximity has a consensus rating of “Moderate Buy” and an average price target of $47.50.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the stock. Royal Bank of Canada boosted its holdings in Doximity by 24.2% during the 1st quarter. Royal Bank of Canada now owns 106,845 shares of the company’s stock valued at $6,200,000 after acquiring an additional 20,847 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its stake in Doximity by 0.5% in 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. NewEdge Advisors LLC increased its stake in Doximity by 613.7% in the 1st quarter. NewEdge Advisors LLC now owns 6,323 shares of the company’s stock worth $367,000 after purchasing an additional 5,437 shares during the period. Goldman Sachs Group Inc. lifted its position in Doximity by 33.3% in the first quarter. Goldman Sachs Group Inc. now owns 255,529 shares of the company’s stock valued at $14,828,000 after purchasing an additional 63,873 shares during the last quarter. Finally, Focus Partners Wealth purchased a new stake in shares of Doximity during the first quarter valued at approximately $283,000. Hedge funds and other institutional investors own 87.19% of the company’s stock.

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.