Doximity (NYSE:DOCS) Shares Gap Down – Time to Sell?

Doximity, Inc. (NYSE:DOCS)’s share price gapped down before the market opened on Monday . The stock had previously closed at $24.71, but opened at $23.50. Doximity shares last traded at $23.7650, with a volume of 447,675 shares traded.

Analyst Upgrades and Downgrades

DOCS has been the topic of a number of recent analyst reports. Evercore lowered Doximity from an “outperform” rating to an “in-line” rating and set a $25.00 target price on the stock. in a research report on Wednesday, April 8th. JPMorgan Chase & Co. cut their target price on Doximity from $40.00 to $33.00 and set a “neutral” rating on the stock in a research report on Friday, February 20th. Morgan Stanley cut their target price on Doximity from $65.00 to $49.00 and set an “overweight” rating on the stock in a research report on Friday, February 6th. Zacks Research lowered Doximity from a “hold” rating to a “strong sell” rating in a research report on Monday, April 6th. Finally, Canaccord Genuity Group set a $34.00 target price on Doximity and gave the stock a “buy” rating in a research report on Monday, February 9th. Two investment analysts have rated the stock with a Strong Buy rating, twelve have issued a Buy rating, seven have issued a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $41.26.

Doximity Stock Down 2.9%

The firm has a market capitalization of $4.43 billion, a PE ratio of 19.99, a price-to-earnings-growth ratio of 1.77 and a beta of 1.42. The stock’s 50-day simple moving average is $24.40.

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

Doximity declared that its board has authorized a stock repurchase plan on Thursday, February 5th that allows the company to buyback $500.00 million in outstanding shares. This buyback authorization allows the company to purchase up to 8% of its shares through open market purchases. Shares buyback plans are typically a sign that the company’s management believes its shares are undervalued.

Insider Buying and Selling at Doximity

In related news, insider Siddharth Sitaram sold 2,427 shares of the company’s stock in a transaction on Friday, April 10th. The stock was sold at an average price of $21.09, for a total transaction of $51,185.43. Following the transaction, the insider directly owned 86,705 shares of the company’s stock, valued at approximately $1,828,608.45. The trade was a 2.72% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. 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. Also, Director Kira Scherer Wampler sold 2,000 shares of the company’s stock in a transaction on Tuesday, March 3rd. The shares were sold at an average price of $26.00, for a total value of $52,000.00. Following the transaction, the director directly owned 19,839 shares in the company, valued at $515,814. The trade was a 9.16% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 9,028 shares of company stock worth $225,641 over the last three months. 31.30% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of DOCS. Carmignac Gestion increased its position in Doximity by 355.9% in the 4th quarter. Carmignac Gestion now owns 1,893,026 shares of the company’s stock worth $83,831,000 after purchasing an additional 1,477,798 shares during the last quarter. SG Americas Securities LLC increased its position in Doximity by 3,403.2% in the 1st quarter. SG Americas Securities LLC now owns 1,408,597 shares of the company’s stock worth $32,820,000 after purchasing an additional 1,368,388 shares during the last quarter. Northwestern Mutual Wealth Management Co. increased its position in Doximity by 325,436.6% in the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 1,298,891 shares of the company’s stock worth $57,515,000 after purchasing an additional 1,298,492 shares during the last quarter. Federated Hermes Inc. increased its position in Doximity by 3,422.7% in the 4th quarter. Federated Hermes Inc. now owns 1,249,085 shares of the company’s stock worth $55,309,000 after purchasing an additional 1,213,627 shares during the last quarter. Finally, Capital World Investors increased its position in Doximity by 25.7% in the 3rd quarter. Capital World Investors now owns 5,381,431 shares of the company’s stock worth $393,652,000 after purchasing an additional 1,101,848 shares during the last quarter. 87.19% of the stock is owned by institutional investors and hedge funds.

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.