Doximity, Inc. (NYSE:DOCS) Receives Average Rating of “Moderate Buy” from Brokerages

Shares of Doximity, Inc. (NYSE:DOCS) have earned a consensus recommendation of “Moderate Buy” from the twenty-two ratings firms that are currently covering the firm, Marketbeat.com reports. Six investment analysts have rated the stock with a hold recommendation, fourteen have issued a buy recommendation and two have assigned a strong buy recommendation to the company. The average 12 month price objective among brokers that have updated their coverage on the stock in the last year is $46.6316.

A number of brokerages have issued reports on DOCS. Morgan Stanley lowered their price objective on Doximity from $65.00 to $49.00 and set an “overweight” rating for the company in a research note on Friday, February 6th. Freedom Capital raised Doximity to a “strong-buy” rating in a research note on Tuesday, March 17th. BTIG Research reduced their price target on Doximity from $80.00 to $50.00 and set a “buy” rating for the company in a report on Friday, February 6th. Royal Bank Of Canada reaffirmed an “outperform” rating and issued a $44.00 price target on shares of Doximity in a research report on Monday, March 9th. Finally, Canaccord Genuity Group set a $34.00 price target on shares of Doximity and gave the stock a “buy” rating in a research note on Monday, February 9th.

Doximity Stock Down 0.8%

Shares of NYSE DOCS opened at $24.15 on Thursday. Doximity has a fifty-two week low of $23.53 and a fifty-two week high of $76.51. The firm’s 50 day simple moving average is $29.55. The company has a market capitalization of $4.46 billion, a P/E ratio of 20.13, a price-to-earnings-growth ratio of 1.36 and a beta of 1.44.

Doximity (NYSE:DOCS) last issued 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 return on equity of 23.84% and a net margin of 37.54%.The business’s revenue was up 9.8% on a year-over-year basis. During the same period in the previous year, the company posted $0.45 EPS.

Doximity declared that its Board of Directors has initiated 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 purchase up to 8% of its shares through open market purchases. Shares repurchase programs are typically a sign that the company’s board believes its shares are undervalued.

Insider Activity at Doximity

In related news, Director Kira Scherer Wampler sold 2,000 shares of the business’s 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 completion of 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 position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Siddharth Sitaram sold 2,319 shares of the company’s 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 SEC filing for this sale provides additional information. 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 Trading of Doximity

Institutional investors and hedge funds have recently modified their holdings of the business. Carmignac Gestion lifted its holdings in shares of Doximity by 355.9% during the fourth quarter. Carmignac Gestion now owns 1,893,026 shares of the company’s stock valued at $83,831,000 after purchasing an additional 1,477,798 shares in the last quarter. Voya Investment Management LLC boosted its position in shares of Doximity by 932.8% during 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. Northwestern Mutual Wealth Management Co. increased its holdings 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 buying an additional 1,298,492 shares in the last quarter. Federated Hermes Inc. raised 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 buying an additional 1,213,627 shares during the last quarter. Finally, Capital World Investors raised 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 buying an additional 1,101,848 shares during the last quarter. Institutional investors own 87.19% of the company’s stock.

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.