Doximity (NYSE:DOCS) Downgraded to Strong Sell Rating by Zacks Research

Zacks Research cut shares of Doximity (NYSE:DOCS) from a hold rating to a strong sell rating in a research report sent to investors on Monday,Zacks.com reports.

Several other equities analysts have also weighed in on DOCS. Evercore restated an “outperform” rating on shares of Doximity in a report on Thursday, January 8th. BMO Capital Markets set a $25.00 target price on shares of Doximity in a report on Friday, February 6th. Mizuho reduced their target price on shares of Doximity from $45.00 to $34.00 and set a “neutral” rating on the stock in a report on Tuesday, February 10th. Canaccord Genuity Group set a $34.00 target price on shares of Doximity and gave the company a “buy” rating in a report on Monday, February 9th. Finally, Freedom Capital upgraded shares of Doximity to a “strong-buy” rating in a report on Tuesday, March 17th. Two equities research analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating, six have issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $44.26.

Doximity Trading Down 1.3%

Shares of DOCS stock traded down $0.30 during trading hours on Monday, hitting $22.20. The company’s stock had a trading volume of 817,472 shares, compared to its average volume of 3,400,214. The stock has a fifty day moving average of $26.42. The firm has a market capitalization of $4.10 billion, a PE ratio of 18.48, a price-to-earnings-growth ratio of 1.28 and a beta of 1.42. Doximity has a twelve month low of $21.66 and a twelve month high of $76.51.

Doximity (NYSE:DOCS) last announced its earnings results on Thursday, February 5th. The company reported $0.46 earnings per share (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%. The business’s revenue for the quarter was up 9.8% compared to the same quarter last year. During the same quarter last year, the company earned $0.45 EPS.

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

Insider Activity

In other news, insider Siddharth Sitaram sold 2,319 shares of the stock in a transaction that occurred on Tuesday, March 10th. The shares were sold at an average price of $25.37, for a total value of $58,833.03. Following the completion of the transaction, 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 ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Kira Scherer Wampler sold 2,000 shares of the stock in a transaction that occurred on Tuesday, March 3rd. The shares were sold at an average price of $26.00, for a total transaction of $52,000.00. Following the completion of the transaction, the director owned 19,839 shares of the company’s stock, valued at $515,814. This trade represents a 9.16% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last 90 days, insiders sold 6,601 shares of company stock valued at $174,455. 31.30% of the stock is owned by insiders.

Institutional Investors Weigh In On Doximity

Several hedge funds have recently made changes to their positions in the company. Whittier Trust Co. of Nevada Inc. lifted its position 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 valued at $35,000 after acquiring an additional 179 shares in the last quarter. Oregon Public Employees Retirement Fund lifted its position in Doximity by 0.7% in the 3rd quarter. Oregon Public Employees Retirement Fund now owns 27,500 shares of the company’s stock worth $2,012,000 after buying an additional 200 shares in the last quarter. Fairvoy Private Wealth LLC lifted its position in Doximity by 1.1% in the 3rd quarter. Fairvoy Private Wealth LLC now owns 19,253 shares of the company’s stock worth $1,408,000 after buying an additional 206 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position 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 buying an additional 210 shares in the last quarter. Finally, Rakuten Securities Inc. lifted its position in Doximity by 14.0% in the 3rd quarter. Rakuten Securities Inc. now owns 1,763 shares of the company’s stock worth $129,000 after buying an additional 217 shares in the last quarter. Hedge funds and other 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.