Doximity, Inc. (NYSE:DOCS) Given Average Recommendation of “Moderate Buy” by Brokerages

Shares of Doximity, Inc. (NYSE:DOCS) have been given an average rating of “Moderate Buy” by the twenty-two brokerages that are currently covering the stock, Marketbeat Ratings reports. Eight research analysts have rated the stock with a hold rating, twelve have assigned a buy rating and two have issued a strong buy rating on the company. The average twelve-month price target among brokerages that have issued a report on the stock in the last year is $41.2632.

A number of brokerages have recently commented on DOCS. Wall Street Zen cut shares of Doximity from a “buy” rating to a “hold” rating in a research note on Saturday, January 10th. KeyCorp dropped their price objective on shares of Doximity from $38.00 to $30.00 and set an “overweight” rating on the stock in a research note on Monday, April 13th. Royal Bank Of Canada reiterated an “outperform” rating and set a $44.00 target price on shares of Doximity in a research report on Monday, March 9th. Zacks Research upgraded Doximity from a “strong sell” rating to a “hold” rating in a research report on Tuesday. Finally, Truist Financial reiterated a “hold” rating and set a $29.00 target price (down from $37.00) on shares of Doximity in a research report on Monday, April 20th.

Insider Buying and Selling

In other news, insider Siddharth Sitaram sold 2,427 shares of the stock in a transaction that occurred 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 owned 86,705 shares in the company, valued at $1,828,608.45. This trade represents a 2.72% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at 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 stock in a transaction that occurred 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 owned 19,839 shares in the company, valued at $515,814. This trade represents a 9.16% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 9,028 shares of company stock worth $225,641 in the last quarter. Insiders own 31.30% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in DOCS. Synergy Asset Management LLC lifted its holdings in Doximity by 100.0% in the 3rd quarter. Synergy Asset Management LLC now owns 604,502 shares of the company’s stock valued at $44,219,000 after purchasing an additional 302,251 shares in the last quarter. SG Americas Securities LLC lifted its holdings in Doximity by 335.9% in the 3rd quarter. SG Americas Securities LLC now owns 52,993 shares of the company’s stock valued at $3,876,000 after purchasing an additional 40,837 shares in the last quarter. Aubrey Capital Management Ltd purchased a new position in Doximity in the 3rd quarter valued at $4,572,000. Blair William & Co. IL lifted its holdings in Doximity by 1,990.7% in the 3rd quarter. Blair William & Co. IL now owns 362,740 shares of the company’s stock valued at $26,534,000 after purchasing an additional 345,390 shares in the last quarter. Finally, William Blair Investment Management LLC lifted its holdings in Doximity by 11.7% in the 3rd quarter. William Blair Investment Management LLC now owns 5,829,169 shares of the company’s stock valued at $426,404,000 after purchasing an additional 609,775 shares in the last quarter. Hedge funds and other institutional investors own 87.19% of the company’s stock.

Doximity Stock Up 3.4%

Shares of NYSE DOCS opened at $23.96 on Monday. The firm has a market cap of $4.43 billion, a PE ratio of 19.97, a price-to-earnings-growth ratio of 1.65 and a beta of 1.42. Doximity has a 12 month low of $20.55 and a 12 month high of $76.51. The stock’s 50 day moving average price is $24.19.

Doximity (NYSE:DOCS) last issued its quarterly earnings data 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%. The firm’s quarterly revenue was up 9.8% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.45 EPS. On average, equities analysts forecast that Doximity will post 1.11 EPS for the current year.

Doximity declared that its Board of Directors has initiated a share 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 buy up to 8% of its stock through open market purchases. Stock buyback plans are often a sign that the company’s board of directors believes its stock is undervalued.

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.