Doximity (NASDAQ:DOCS) Stock Price Down 3.7% - Here's What Happened

Doximity, Inc. (NASDAQ:DOCS - Get Free Report)'s share price fell 3.7% during mid-day trading on Friday . The stock traded as low as $59.52 and last traded at $59.34. 168,080 shares changed hands during mid-day trading, a decline of 92% from the average session volume of 2,175,509 shares. The stock had previously closed at $61.60.

Wall Street Analyst Weigh In

Several research firms recently issued reports on DOCS. Needham & Company LLC reduced their target price on shares of Doximity from $82.00 to $67.00 and set a "buy" rating for the company in a report on Friday, May 16th. Bank of America increased their target price on Doximity from $55.00 to $62.00 and gave the company a "neutral" rating in a research report on Wednesday, June 25th. Raymond James Financial lowered their price target on Doximity from $83.00 to $65.00 and set an "outperform" rating for the company in a research report on Friday, May 16th. William Blair reiterated an "outperform" rating on shares of Doximity in a research report on Friday, May 16th. Finally, Mizuho cut their price target on Doximity from $65.00 to $60.00 and set a "neutral" rating on the stock in a research note on Friday, May 16th. Ten equities research analysts have rated the stock with a hold rating, ten have assigned a buy rating and two have assigned a strong buy rating to the company's stock. According to data from MarketBeat.com, Doximity has an average rating of "Moderate Buy" and a consensus target price of $64.89.

Doximity Stock Performance

The company has a market cap of $11.28 billion, a P/E ratio of 60.07, a P/E/G ratio of 4.10 and a beta of 1.37. The firm has a 50 day moving average price of $57.47 and a 200-day moving average price of $59.44.

Doximity (NASDAQ:DOCS - Get Free Report) last issued its earnings results on Thursday, May 15th. The company reported $0.38 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.27 by $0.11. Doximity had a return on equity of 21.75% and a net margin of 36.60%. The business's revenue was up 17.1% on a year-over-year basis. During the same period in the previous year, the firm posted $0.25 earnings per share. On average, sell-side analysts forecast that Doximity, Inc. will post 0.99 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, Director Kira Scherer Wampler sold 2,000 shares of the stock in a transaction on Thursday, May 1st. The stock was sold at an average price of $56.93, for a total value of $113,860.00. Following the completion of the transaction, the director directly owned 16,618 shares in the company, valued at approximately $946,062.74. This represents a 10.74% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Regina M. Benjamin sold 10,000 shares of the stock in a transaction on Wednesday, June 25th. The shares were sold at an average price of $60.00, for a total value of $600,000.00. Following the completion of the transaction, the director owned 16,618 shares of the company's stock, valued at $997,080. The trade was a 37.57% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 76,000 shares of company stock worth $4,400,970 in the last three months. 37.40% of the stock is owned by corporate insiders.

Institutional Trading of Doximity

Several large investors have recently made changes to their positions in DOCS. VSM Wealth Advisory LLC bought a new stake in shares of Doximity in the 1st quarter worth approximately $29,000. Allworth Financial LP increased its stake in Doximity by 104.0% in the 1st quarter. Allworth Financial LP now owns 563 shares of the company's stock worth $32,000 after purchasing an additional 287 shares during the period. National Bank of Canada FI bought a new position in shares of Doximity during the first quarter valued at about $33,000. Spire Wealth Management raised its stake in Doximity by 73.2% in the first quarter. Spire Wealth Management now owns 615 shares of the company's stock worth $36,000 after buying an additional 260 shares in the last quarter. Finally, Optimum Investment Advisors bought a new position in Doximity in the fourth quarter worth about $43,000. 87.19% of the stock is currently owned by institutional investors and hedge funds.

Doximity Company Profile

Doximity, Inc operates a cloud-based digital platform for medical professionals in the United States. The company's platform provides its members with tools built for medical professionals, enabling them to collaborate with their colleagues, coordinate patient care, conduct virtual patient visits, stay up to date with the latest medical news and research, and manage their careers.