Doximity (NYSE:DOCS) CAO Siddharth Sitaram Sells 1,770 Shares of Stock

Key Points

• Doximity CAO Siddharth Sitaram sold 1,770 shares at an average price of $24.94, worth $44,143.80. The transaction was conducted under a Rule 10b5-1 plan to cover tax withholding on vested equity awards, reducing his ownership by 1.79%.
• Doximity reported quarterly EPS of $0.29, beating estimates of $0.16, while revenue reached $156.62 million, up 7.3% year over year. The stock recently traded near $24.60, with a $4.38 billion market capitalization.
• Analyst sentiment remains mixed, with MarketBeat reporting an overall “Hold” rating and an average price target of $32.10. Institutional investors and hedge funds own approximately 87.19% of the company.

Doximity, Inc. (NYSE:DOCS - Get Free Report) CAO Siddharth Sitaram sold 1,770 shares of the stock in a transaction that occurred on Thursday, August 13th. The shares were sold at an average price of $24.94, for a total value of $44,143.80. Following the completion of the sale, the chief accounting officer directly owned 97,004 shares of the company's stock, valued at $2,419,279.76. This represents a 1.79% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. 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.

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

• On Monday, June 8th, Siddharth Sitaram sold 2,444 shares of Doximity stock. The stock was sold at an average price of $20.41, for a total transaction of $49,882.04.

Doximity Trading Down 0.8%

NYSE:DOCS traded down $0.20 during trading hours on Monday, hitting $24.60. 3,449,905 shares of the company traded hands, compared to its average volume of 4,271,887. Doximity, Inc. has a twelve month low of $17.15 and a twelve month high of $76.51. The firm has a 50-day moving average of $21.80 and a 200 day moving average of $23.62. The stock has a market capitalization of $4.38 billion, a price-to-earnings ratio of 28.94, a P/E/G ratio of 17.10 and a beta of 1.29.

Doximity (NYSE:DOCS - Get Free Report) last posted its quarterly earnings results on Thursday, August 6th. The company reported $0.29 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.16 by $0.13. The company had revenue of $156.62 million for the quarter. Doximity had a net margin of 25.48% and a return on equity of 18.06%. The business's revenue for the quarter was up 7.3% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.36 earnings per share. Equities research analysts predict that Doximity, Inc. will post 0.84 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several equities analysts have commented on the company. Piper Sandler reaffirmed an "overweight" rating and issued a $47.00 price target (up from $42.00) on shares of Doximity in a report on Friday, August 7th. Wells Fargo & Company lowered Doximity from an "equal weight" rating to an "underweight" rating and set a $18.00 price objective on the stock. in a report on Monday, August 10th. Bank of America restated an "underperform" rating and set a $20.00 price objective (down from $38.00) on shares of Doximity in a research report on Monday, June 29th. BTIG Research cut Doximity from a "buy" rating to a "neutral" rating in a research report on Thursday, May 14th. Finally, Mizuho decreased their price target on shares of Doximity from $34.00 to $26.00 and set a "neutral" rating on the stock in a research note on Thursday, May 14th. Two research analysts have rated the stock with a Strong Buy rating, seven have issued a Buy rating, twelve have issued a Hold rating and four have issued a Sell rating to the company. According to data from MarketBeat, Doximity has an average rating of "Hold" and an average target price of $32.10.

Hedge Funds Weigh In On Doximity

Hedge funds have recently modified their holdings of the stock. Royal Bank of Canada grew its position in Doximity by 24.2% in the first quarter. Royal Bank of Canada now owns 106,845 shares of the company's stock valued at $6,200,000 after acquiring an additional 20,847 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its holdings in shares of Doximity by 0.5% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 38,978 shares of the company's stock valued at $2,262,000 after acquiring an additional 210 shares during the period. NewEdge Advisors LLC boosted its stake in shares of Doximity by 613.7% in the 1st quarter. NewEdge Advisors LLC now owns 6,323 shares of the company's stock valued at $367,000 after purchasing an additional 5,437 shares in the last quarter. Goldman Sachs Group Inc. boosted its stake in shares of Doximity by 33.3% in the 1st quarter. Goldman Sachs Group Inc. now owns 255,529 shares of the company's stock valued at $14,828,000 after purchasing an additional 63,873 shares in the last quarter. Finally, Focus Partners Wealth bought a new stake in shares of Doximity in the 1st quarter worth about $283,000. 87.19% of the stock is owned by institutional investors and hedge funds.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

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