Doximity (NASDAQ:DOCS) Shares Gap Up - Still a Buy?

Doximity, Inc. (NASDAQ:DOCS - Get Free Report) shares gapped up before the market opened on Wednesday . The stock had previously closed at $61.47, but opened at $64.84. Doximity shares last traded at $63.72, with a volume of 372,284 shares changing hands.

Analyst Upgrades and Downgrades

DOCS has been the subject of several research reports. Morgan Stanley reduced their price target on shares of Doximity from $71.00 to $60.00 and set an "equal weight" rating for the company in a research report on Thursday, April 24th. BTIG Research upgraded shares of Doximity from a "neutral" rating to a "buy" rating and set a $80.00 target price for the company in a research report on Monday, June 2nd. Robert W. Baird cut their target price on shares of Doximity from $87.00 to $65.00 and set an "outperform" rating for the company in a research report on Tuesday, May 20th. Truist Financial cut their target price on shares of Doximity from $58.00 to $52.00 and set a "hold" rating for the company in a research report on Friday, May 16th. Finally, Evercore ISI upgraded shares of Doximity from an "in-line" rating to an "outperform" rating and increased their target price for the stock from $50.00 to $70.00 in a research report on Wednesday. Ten research analysts have rated the stock with a hold rating, ten have given a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat, Doximity has an average rating of "Moderate Buy" and an average target price of $64.42.

Doximity Price Performance

The business's 50 day moving average is $57.00 and its two-hundred day moving average is $59.12. The firm has a market capitalization of $11.83 billion, a PE ratio of 62.97, a P/E/G ratio of 4.10 and a beta of 1.37.

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

Insider Buying and Selling at Doximity

In other Doximity news, CFO Anna Bryson sold 45,000 shares of Doximity stock in a transaction that occurred on Thursday, May 1st. The shares were sold at an average price of $57.23, for a total transaction of $2,575,350.00. Following the transaction, the chief financial officer directly owned 357,165 shares of the company's stock, valued at approximately $20,440,552.95. This trade represents a 11.19% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Regina M. Benjamin sold 10,000 shares of Doximity stock in a transaction that occurred on Wednesday, June 25th. The stock was sold at an average price of $60.00, for a total transaction of $600,000.00. Following the transaction, the director directly owned 16,618 shares in the company, valued at $997,080. This trade represents a 37.57% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 71,000 shares of company stock valued at $4,100,770. 37.40% of the stock is owned by insiders.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the company. Wealth Enhancement Advisory Services LLC increased its stake in shares of Doximity by 196.6% in the first quarter. Wealth Enhancement Advisory Services LLC now owns 13,570 shares of the company's stock worth $787,000 after buying an additional 8,995 shares during the period. Range Financial Group LLC bought a new stake in Doximity in the first quarter valued at $916,000. New York State Teachers Retirement System boosted its holdings in Doximity by 10.9% in the first quarter. New York State Teachers Retirement System now owns 113,145 shares of the company's stock valued at $6,566,000 after acquiring an additional 11,078 shares in the last quarter. Wells Fargo & Company MN boosted its holdings in Doximity by 3.3% in the fourth quarter. Wells Fargo & Company MN now owns 368,941 shares of the company's stock valued at $19,698,000 after acquiring an additional 11,811 shares in the last quarter. Finally, Bessemer Group Inc. boosted its holdings in Doximity by 214.2% in the first quarter. Bessemer Group Inc. now owns 1,398 shares of the company's stock valued at $81,000 after acquiring an additional 953 shares in the last quarter. 87.19% of the stock is owned by hedge funds and other institutional investors.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.