Doximity (NYSE:DOCS) Hits New 12-Month Low – What’s Next?

Shares of Doximity, Inc. (NYSE:DOCS) hit a new 52-week low during trading on Wednesday . The stock traded as low as $23.53 and last traded at $23.8730, with a volume of 584408 shares traded. The stock had previously closed at $24.34.

Analysts Set New Price Targets

A number of research analysts have recently issued reports on DOCS shares. KeyCorp set a $38.00 price target on shares of Doximity in a research report on Friday, February 6th. Weiss Ratings reiterated a “hold (c+)” rating on shares of Doximity in a research note on Wednesday, December 24th. Morgan Stanley cut their target price on shares of Doximity from $65.00 to $49.00 and set an “overweight” rating on the stock in a report on Friday, February 6th. Barclays lowered their target price on Doximity from $63.00 to $38.00 and set an “overweight” rating for the company in a report on Wednesday, February 11th. Finally, Piper Sandler increased their price target on Doximity from $40.00 to $42.00 and gave the stock an “overweight” rating in a research report on Friday, February 20th. Two analysts have rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and six have assigned a Hold rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $46.63.

Doximity Stock Performance

The company has a market cap of $4.48 billion, a PE ratio of 20.23, a P/E/G ratio of 1.35 and a beta of 1.44. The stock’s 50-day moving average price is $29.22.

Doximity (NYSE:DOCS) last released its quarterly earnings results on Thursday, February 5th. The company reported $0.46 EPS 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%. Doximity’s revenue was up 9.8% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.45 EPS.

Doximity announced that its Board of Directors has approved a stock buyback program on Thursday, February 5th that permits the company to buyback $500.00 million in outstanding shares. This buyback authorization permits the company to buy up to 8% of its shares through open market purchases. Shares buyback programs are usually an indication that the company’s board of directors believes its shares are undervalued.

Insider Buying and Selling

In other news, insider Siddharth Sitaram sold 2,319 shares of Doximity stock in a transaction 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 transaction, the insider directly owned 84,132 shares in the company, valued at approximately $2,134,428.84. This trade represents a 2.68% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Kira Scherer Wampler sold 2,000 shares of the business’s stock in a transaction on Tuesday, March 3rd. The stock was sold at an average price of $26.00, for a total value of $52,000.00. Following the completion of the sale, the director directly owned 19,839 shares in the company, valued at $515,814. This represents a 9.16% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 6,601 shares of company stock valued at $174,455 over the last 90 days. 31.30% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the company. Root Financial Partners LLC bought a new stake in Doximity in the third quarter worth about $30,000. Whittier Trust Co. of Nevada Inc. grew its stake in shares of Doximity by 59.5% in the 3rd quarter. Whittier Trust Co. of Nevada Inc. now owns 480 shares of the company’s stock worth $35,000 after purchasing an additional 179 shares during the last quarter. Toth Financial Advisory Corp grew its stake in shares of Doximity by 150.0% in the 3rd quarter. Toth Financial Advisory Corp now owns 500 shares of the company’s stock worth $37,000 after purchasing an additional 300 shares during the last quarter. Atlantic Union Bankshares Corp raised its holdings in shares of Doximity by 136.9% in the 3rd quarter. Atlantic Union Bankshares Corp now owns 616 shares of the company’s stock worth $45,000 after purchasing an additional 356 shares in the last quarter. Finally, First Horizon Corp acquired a new stake in Doximity during the third quarter valued at approximately $58,000. Institutional investors own 87.19% of the company’s stock.

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.