Doximity, Inc. (NYSE:DOCS) Receives Consensus Rating of "Hold" from Brokerages

Key Points

• Doximity has a consensus “Hold” rating from 26 analysts, with 14 holds, seven buys, two strong buys, and three sells. The average 12-month price target is $32.18.
• The stock opened at $25.91, while Doximity’s latest quarterly results exceeded expectations: earnings per share were $0.29 versus a $0.16 consensus estimate, and revenue rose 7.3% year over year to $156.62 million.
• Insiders sold $441,412 worth of shares in the last quarter, while institutional investors own 87.19% of the company. Recent analyst actions were mixed, including a Wells Fargo downgrade to “underweight” and price-target increases from Barclays and JPMorgan.

Shares of Doximity, Inc. (NYSE:DOCS - Get Free Report) have been assigned an average recommendation of "Hold" from the twenty-six research firms that are currently covering the stock, MarketBeat Ratings reports. Three research analysts have rated the stock with a sell recommendation, fourteen have given a hold recommendation, seven have assigned a buy recommendation and two have assigned a strong buy recommendation to the company. The average 12 month target price among brokers that have updated their coverage on the stock in the last year is $32.1818.

Several research analysts recently commented on DOCS shares. Stifel Nicolaus set a $27.00 price objective on shares of Doximity in a report on Tuesday, September 8th. Wells Fargo & Company downgraded Doximity from an "equal weight" rating to an "underweight" rating and set a $18.00 target price on the stock. in a research report on Monday, August 10th. Barclays raised their price target on Doximity from $20.00 to $27.00 and gave the stock an "equal weight" rating in a report on Friday, August 21st. Canaccord Genuity Group set a $36.00 price target on Doximity in a research report on Friday, August 7th. Finally, JPMorgan Chase & Co. boosted their price objective on Doximity from $26.00 to $31.00 and gave the company a "neutral" rating in a research note on Friday, August 7th.

Doximity Stock Up 0.4%

NYSE DOCS opened at $25.91 on Thursday. The company has a market cap of $4.62 billion, a PE ratio of 30.48, a price-to-earnings-growth ratio of 20.19 and a beta of 1.25. Doximity has a 52 week low of $17.15 and a 52 week high of $76.51. The firm's 50-day simple moving average is $23.91 and its two-hundred day simple moving average is $23.12.

Doximity (NYSE:DOCS - Get Free Report) last posted its earnings results on Thursday, August 6th. The company reported $0.29 earnings per share for the quarter, topping the consensus estimate of $0.16 by $0.13. Doximity had a net margin of 25.48% and a return on equity of 18.06%. The firm had revenue of $156.62 million during the quarter. During the same quarter in the previous year, the business earned $0.36 EPS. Doximity's revenue for the quarter was up 7.3% on a year-over-year basis. As a group, equities research analysts anticipate that Doximity will post 0.74 EPS for the current year.

Insiders Place Their Bets

In other news, Director Kira Wampler sold 2,000 shares of the stock in a transaction dated Tuesday, August 25th. The shares were sold at an average price of $24.95, for a total value of $49,900.00. Following the sale, the director directly owned 19,839 shares of the company's stock, valued at approximately $494,983.05. This represents a 9.16% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Timothy S. Cabral sold 7,500 shares of the stock in a transaction dated Friday, August 7th. The stock was sold at an average price of $39.11, for a total transaction of $293,325.00. Following the completion of the sale, the director directly owned 3,221 shares in the company, valued at approximately $125,973.31. The trade was a 69.96% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 13,347 shares of company stock worth $441,412 in the last quarter. 31.80% of the stock is owned by company insiders.

Institutional Trading of Doximity

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Tidal Investments LLC boosted its holdings in Doximity by 207.9% in the 2nd quarter. Tidal Investments LLC now owns 43,761 shares of the company's stock valued at $908,000 after purchasing an additional 29,546 shares during the period. Engineers Gate Manager LP increased its holdings in shares of Doximity by 15.9% in the second quarter. Engineers Gate Manager LP now owns 285,198 shares of the company's stock worth $5,915,000 after purchasing an additional 39,223 shares during the period. RFG Advisory LLC bought a new position in shares of Doximity in the second quarter worth $1,161,000. Nykredit A S purchased a new stake in shares of Doximity in the second quarter worth $96,000. Finally, VIRGINIA RETIREMENT SYSTEMS ET Al purchased a new stake in shares of Doximity in the second quarter worth $1,515,000. Institutional investors own 87.19% of the company's stock.

About Doximity

Doximity, Inc operates a digital platform for U.S. medical professionals. Its network enables physicians and other healthcare providers to communicate, collaborate, access medical news and research, maintain professional profiles, and connect with colleagues and patients.

The company offers a range of tools for healthcare organizations and professionals, including telehealth services, digital faxing, scheduling and communication products, and solutions for recruiting and marketing. Doximity also provides pharmaceutical and healthcare companies with digital engagement services designed to reach medical professionals through its platform.

Founded in 2010, Doximity is headquartered in San Francisco and primarily serves the United States healthcare market.

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