Doximity, Inc. (NYSE:DOCS) Receives Consensus Recommendation of "Hold" from Analysts

Key Points

• Analysts maintain a “Hold” consensus on Doximity, with 12 hold, 7 buy, 2 strong-buy and 4 sell ratings. The average 12-month price target is $32.43, though recent target changes have been mixed.
• Doximity shares opened at $25.23 after a 2.7% decline, trading well below their 52-week high of $76.51. The company recently reported quarterly EPS of $0.29, beating estimates of $0.16, while revenue rose 7.3% year over year to $156.62 million.
• Insiders have sold 11,714 shares worth approximately $387,351 over the past 90 days, while institutional investors own 87.19% of the stock.

Doximity, Inc. (NYSE:DOCS - Get Free Report) has been assigned an average recommendation of "Hold" from the twenty-five ratings firms that are presently covering the firm, MarketBeat.com reports. Four equities research analysts have rated the stock with a sell rating, twelve have issued a hold rating, seven have given a buy rating and two have issued a strong buy rating on the company. The average 1-year price objective among analysts that have issued a report on the stock in the last year is $32.4286.

DOCS has been the topic of several analyst reports. Morgan Stanley dropped their target price on Doximity from $49.00 to $35.00 and set an "overweight" rating on the stock in a report on Thursday, May 14th. Citigroup downgraded Doximity to an "underperform" rating in a research note on Monday, June 29th. JPMorgan Chase & Co. boosted their price target on Doximity from $26.00 to $31.00 and gave the stock a "neutral" rating in a research report on Friday, August 7th. Robert W. Baird reiterated a "neutral" rating and set a $18.00 price objective (down from $40.00) on shares of Doximity in a research note on Thursday, May 14th. Finally, Evercore set a $40.00 price objective on Doximity in a report on Friday, August 7th.

Insiders Place Their Bets

In related news, Director Timothy S. Cabral sold 7,500 shares of the business's stock in a transaction on Friday, August 7th. The shares were sold at an average price of $39.11, for a total transaction of $293,325.00. Following the transaction, 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 sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Siddharth Sitaram sold 2,444 shares of the company's stock in a transaction on Monday, June 8th. The stock was sold at an average price of $20.41, for a total transaction of $49,882.04. Following the sale, the insider directly owned 90,706 shares in the company, valued at $1,851,309.46. This trade represents a 2.62% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 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. Over the last 90 days, insiders have sold 11,714 shares of company stock worth $387,351. 31.80% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Doximity

Institutional investors and hedge funds have recently modified their holdings of the company. Northwestern Mutual Wealth Management Co. grew its holdings in Doximity by 99.5% during the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 796 shares of the company's stock worth $35,000 after purchasing an additional 397 shares during the period. Parallel Advisors LLC increased its position in Doximity by 111.0% during the first quarter. Parallel Advisors LLC now owns 2,560 shares of the company's stock worth $60,000 after buying an additional 1,347 shares during the last quarter. EverSource Wealth Advisors LLC raised its stake in Doximity by 937.7% in the first quarter. EverSource Wealth Advisors LLC now owns 2,833 shares of the company's stock valued at $66,000 after buying an additional 2,560 shares during the period. Continuum Advisory LLC bought a new stake in Doximity in the second quarter valued at approximately $67,000. Finally, Farther Finance Advisors LLC raised its stake in Doximity by 35.7% in the fourth quarter. Farther Finance Advisors LLC now owns 1,539 shares of the company's stock valued at $68,000 after buying an additional 405 shares during the period. 87.19% of the stock is owned by institutional investors.

Doximity Trading Down 2.7%

Doximity stock opened at $25.23 on Friday. Doximity has a 1-year low of $17.15 and a 1-year high of $76.51. The company has a fifty day simple moving average of $22.22 and a 200 day simple moving average of $23.37. The company has a market cap of $4.50 billion, a P/E ratio of 29.68, a price-to-earnings-growth ratio of 19.81 and a beta of 1.29.

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

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.

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