Doximity (NYSE:DOCS) Rating Lowered to Strong Sell at Zacks Research

Doximity (NYSE:DOCS) was downgraded by analysts at Zacks Research from a “hold” rating to a “strong sell” rating in a report issued on Monday,Zacks.com reports.

DOCS has been the topic of a number of other research reports. Wall Street Zen cut Doximity from a “buy” rating to a “hold” rating in a research note on Saturday, January 10th. Morgan Stanley reduced their price objective on Doximity from $65.00 to $49.00 and set an “overweight” rating on the stock in a research note on Friday, February 6th. Royal Bank Of Canada restated an “outperform” rating and set a $44.00 price objective on shares of Doximity in a research note on Monday, March 9th. Piper Sandler boosted their price objective on Doximity from $40.00 to $42.00 and gave the stock an “overweight” rating in a research note on Friday, February 20th. Finally, Canaccord Genuity Group set a $34.00 price objective on Doximity and gave the stock a “buy” rating in a research note on Monday, February 9th. Two investment analysts have rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating, six have issued a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $44.26.

Doximity Price Performance

Doximity stock traded down $0.42 during midday trading on Monday, reaching $22.08. The stock had a trading volume of 962,865 shares, compared to its average volume of 3,404,249. Doximity has a twelve month low of $21.66 and a twelve month high of $76.51. The stock has a market capitalization of $4.08 billion, a PE ratio of 18.43, a PEG ratio of 1.28 and a beta of 1.42. The firm has a 50-day moving average price of $26.42.

Doximity (NYSE:DOCS) last issued its earnings results on Thursday, February 5th. The company reported $0.46 earnings per share for the quarter, beating analysts’ consensus estimates of $0.45 by $0.01. Doximity had a return on equity of 23.84% and a net margin of 37.54%.During the same period in the previous year, the company earned $0.45 EPS. The firm’s revenue was up 9.8% compared to the same quarter last year.

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

Insider Activity

In related news, Director Kira Scherer Wampler sold 2,000 shares of the business’s stock in a transaction dated Tuesday, March 3rd. The stock was sold at an average price of $26.00, for a total value of $52,000.00. Following the transaction, the director owned 19,839 shares in the company, valued at approximately $515,814. The trade was a 9.16% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Siddharth Sitaram sold 2,319 shares of the business’s stock in a transaction dated Tuesday, March 10th. The stock was sold at an average price of $25.37, for a total value of $58,833.03. Following the completion of the transaction, the insider owned 84,132 shares in the company, valued at approximately $2,134,428.84. This trade represents a 2.68% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders sold 6,601 shares of company stock worth $174,455. Insiders own 31.30% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the business. Synergy Asset Management LLC increased its holdings in Doximity by 100.0% in the third quarter. Synergy Asset Management LLC now owns 604,502 shares of the company’s stock valued at $44,219,000 after buying an additional 302,251 shares during the last quarter. Liontrust Investment Partners LLP increased its holdings in Doximity by 1,189.9% in the second quarter. Liontrust Investment Partners LLP now owns 272,065 shares of the company’s stock valued at $16,688,000 after buying an additional 250,973 shares during the last quarter. SG Americas Securities LLC increased its holdings in Doximity by 335.9% in the third quarter. SG Americas Securities LLC now owns 52,993 shares of the company’s stock valued at $3,876,000 after buying an additional 40,837 shares during the last quarter. Aubrey Capital Management Ltd bought a new stake in Doximity in the third quarter valued at about $4,572,000. Finally, Voya Investment Management LLC increased its holdings in Doximity by 932.8% in the third quarter. Voya Investment Management LLC now owns 1,567,668 shares of the company’s stock valued at $114,267,000 after buying an additional 1,415,882 shares during the last quarter. Institutional investors and hedge funds 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.