Doximity (NASDAQ:DOCS) Insider Sells $63,622.16 in Stock

Key Points

• Insider sold: Director Siddharth Sitaram sold 2,282 shares on Feb 10 at $27.88 ($63,622.16) and 2,319 shares on Mar 10 at $25.37 ($58,833.03), trimming his position to 81,451 shares (about $2.27M), a 2.73% reduction.
• $500 million stock buyback announced by Doximity and the company reported a modest beat on quarterly EPS ($0.46 vs. $0.45) with revenue up 9.8% year-over-year and a 36.6% net margin.
• Doximity shares are trading near their 52-week low (recently around $24.25) with a 50-day/200-day moving average of $33.01/$50.64, and analysts carry a consensus rating of Moderate Buy with a $47.50 price target despite several recent downward price-target revisions.

Doximity, Inc. (NASDAQ:DOCS - Get Free Report) insider Siddharth Sitaram sold 2,282 shares of the firm's stock in a transaction that occurred on Tuesday, February 10th. The stock was sold at an average price of $27.88, for a total transaction of $63,622.16. Following the sale, the insider directly owned 81,451 shares in the company, valued at approximately $2,270,853.88. The trade was a 2.73% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website.

Siddharth Sitaram also recently made the following trade(s):

• On Tuesday, March 10th, Siddharth Sitaram sold 2,319 shares of Doximity stock. The shares were sold at an average price of $25.37, for a total transaction of $58,833.03.

Doximity Price Performance

Shares of NASDAQ:DOCS traded down $0.39 during trading on Thursday, reaching $24.25. The company had a trading volume of 2,876,111 shares, compared to its average volume of 3,756,602. Doximity, Inc. has a fifty-two week low of $23.53 and a fifty-two week high of $76.51. The firm has a market capitalization of $4.48 billion, a price-to-earnings ratio of 24.25, a price-to-earnings-growth ratio of 4.10 and a beta of 1.44. The stock's fifty day moving average price is $33.01 and its 200 day moving average price is $50.64.

Doximity (NASDAQ:DOCS - Get Free Report) last announced its quarterly earnings data on Thursday, February 5th. The company reported $0.46 earnings per share for the quarter, topping analysts' consensus estimates of $0.45 by $0.01. Doximity had a return on equity of 21.75% and a net margin of 36.60%.Doximity's quarterly revenue was up 9.8% on a year-over-year basis. During the same quarter last year, the firm earned $0.45 EPS. On average, equities analysts anticipate that Doximity, Inc. will post 0.99 EPS for the current fiscal year.

Doximity announced that its board has initiated a stock repurchase program 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 programs are typically a sign that the company's leadership believes its shares are undervalued.

Hedge Funds Weigh In On Doximity

Institutional investors and hedge funds have recently modified their holdings of the stock. Root Financial Partners LLC bought a new position in Doximity during the third quarter valued at about $30,000. Whittier Trust Co. of Nevada Inc. grew its position in Doximity by 59.5% during the third quarter. Whittier Trust Co. of Nevada Inc. now owns 480 shares of the company's stock worth $35,000 after buying an additional 179 shares in the last quarter. Northwestern Mutual Wealth Management Co. increased its position in shares of Doximity by 99.5% during the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 796 shares of the company's stock valued at $35,000 after purchasing an additional 397 shares during the period. Toth Financial Advisory Corp raised its stake in shares of Doximity by 150.0% in the 3rd quarter. Toth Financial Advisory Corp now owns 500 shares of the company's stock valued at $37,000 after buying an additional 300 shares in the last quarter. Finally, Atlantic Union Bankshares Corp raised its position in Doximity by 136.9% in the third quarter. Atlantic Union Bankshares Corp now owns 616 shares of the company's stock worth $45,000 after purchasing an additional 356 shares in the last quarter. 87.19% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

DOCS has been the subject of several research reports. Raymond James Financial reiterated a "strong-buy" rating on shares of Doximity in a research note on Monday, December 29th. Barclays reduced their price objective on shares of Doximity from $63.00 to $38.00 and set an "overweight" rating on the stock in a research note on Wednesday, February 11th. JPMorgan Chase & Co. decreased their target price on Doximity from $40.00 to $33.00 and set a "neutral" rating for the company in a research report on Friday, February 20th. Needham & Company LLC lowered their price objective on shares of Doximity from $75.00 to $55.00 and set a "buy" rating for the company in a research report on Friday, February 6th. Finally, Mizuho cut their target price on Doximity from $45.00 to $34.00 and set a "neutral" rating on the stock in a research note on Tuesday, February 10th. One equities research analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and five have assigned a Hold rating to the stock. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $47.50.

About Doximity

Doximity, Inc, headquartered in San Francisco, California, operates the leading professional medical network for healthcare professionals in the United States. Founded in 2011 by Jeff Tangney and Shari Buck, the company set out to create a secure digital environment where physicians, nurse practitioners and physician assistants can collaborate, share information and stay current with clinical news. Doximity went public in June 2021 and trades on the NASDAQ under the ticker symbol “DOCS.”

The core offering of Doximity is its HIPAA-compliant communication platform, which includes a secure messaging system, digital fax services and telehealth capabilities.

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