Doximity (NASDAQ:DOCS) Trading Down 6.5% on Insider Selling

Key Points

• Doximity's stock price fell by 6.5% to $62.28 due to insider selling by director Regina M. Benjamin, who sold 5,000 shares at an average price of $63.00.
• Analyst ratings on Doximity are mixed, with Piper Sandler increasing their target price to $69.00 while others, like JPMorgan, lowered theirs to $60.00.
• The company reported earnings of $0.36 per share, exceeding expectations, and a 15.2% year-over-year revenue increase, indicating positive growth.

Doximity, Inc. (NASDAQ:DOCS - Get Free Report) dropped 6.5% during mid-day trading on Monday following insider selling activity. The stock traded as low as $62.43 and last traded at $62.28. Approximately 1,810,206 shares traded hands during mid-day trading, a decline of 23% from the average daily volume of 2,363,053 shares. The stock had previously closed at $66.58.

Specifically, Director Regina M. Benjamin sold 5,000 shares of the firm's stock in a transaction dated Friday, August 8th. The stock was sold at an average price of $63.00, for a total transaction of $315,000.00. Following the completion of the transaction, the director directly owned 16,618 shares in the company, valued at $1,046,934. This trade represents a 23.13% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link.

Analyst Ratings Changes

DOCS has been the subject of a number of research analyst reports. Piper Sandler raised their target price on Doximity from $65.00 to $69.00 and gave the company an "overweight" rating in a report on Monday. JPMorgan Chase & Co. lowered their target price on Doximity from $63.00 to $60.00 and set a "neutral" rating for the company in a report on Tuesday, May 27th. Morgan Stanley reduced their price target on Doximity from $71.00 to $60.00 and set an "equal weight" rating on the stock in a research report on Thursday, April 24th. Wells Fargo & Company increased their price target on Doximity from $55.00 to $62.00 and gave the company an "equal weight" rating in a research report on Monday, August 4th. Finally, Bank of America increased their price target on Doximity from $55.00 to $62.00 and gave the company a "neutral" rating in a research report on Wednesday, June 25th. 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 stock. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average price target of $66.21.

Doximity Price Performance

The company has a market cap of $11.61 billion, a price-to-earnings ratio of 61.82, a P/E/G ratio of 4.10 and a beta of 1.36. The firm's 50 day simple moving average is $59.21 and its 200-day simple moving average is $60.06.

Doximity (NASDAQ:DOCS - Get Free Report) last released its quarterly earnings data on Thursday, August 7th. The company reported $0.36 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.31 by $0.05. Doximity had a net margin of 36.60% and a return on equity of 21.75%. The firm's revenue was up 15.2% on a year-over-year basis. During the same period in the prior year, the firm earned $0.28 earnings per share. On average, analysts forecast that Doximity, Inc. will post 0.99 EPS for the current year.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in DOCS. Hantz Financial Services Inc. grew its stake in Doximity by 148.9% during the 2nd quarter. Hantz Financial Services Inc. now owns 453 shares of the company's stock worth $28,000 after buying an additional 271 shares during the last quarter. VSM Wealth Advisory LLC purchased a new position in Doximity during the 1st quarter worth approximately $29,000. Allworth Financial LP grew its stake in Doximity by 104.0% during the 1st quarter. Allworth Financial LP now owns 563 shares of the company's stock worth $32,000 after buying an additional 287 shares during the last quarter. National Bank of Canada FI purchased a new position in Doximity during the 1st quarter worth approximately $33,000. Finally, Spire Wealth Management grew its stake in shares of Doximity by 73.2% in the 1st quarter. Spire Wealth Management now owns 615 shares of the company's stock valued at $36,000 after purchasing an additional 260 shares during the last quarter. Hedge funds and other institutional investors own 87.19% of the company's stock.

About Doximity

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.

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