Doximity (NYSE:DOCS) Downgraded to "In-Line" Rating by Evercore

Key Points

• Evercore downgraded Doximity from "outperform" to "in-line" and set a $25 price target, implying roughly an 11.4% upside from the prior close.
• The board approved a $500 million stock buyback (up to 8% of shares), even as insiders have recently sold shares (6,601 shares worth $174,455 in the last 90 days).
• Analyst opinion is mixed but leans positive: MarketBeat reports an average rating of "Moderate Buy" with an average price target of $44.26; DOCS trades near $22.44 with a $4.15 billion market cap and a P/E of 18.7.

Doximity (NYSE:DOCS - Get Free Report) was downgraded by equities researchers at Evercore from an "outperform" rating to an "in-line" rating in a research report issued on Wednesday,Finviz reports. They presently have a $25.00 price target on the stock. Evercore's price objective would suggest a potential upside of 11.40% from the stock's previous close.

Other equities analysts have also issued research reports about the stock. Loop Capital set a $31.00 target price on shares of Doximity in a research report on Tuesday, March 17th. Raymond James Financial reaffirmed a "strong-buy" rating on shares of Doximity in a research report on Monday, December 29th. BTIG Research decreased their price target on shares of Doximity from $80.00 to $50.00 and set a "buy" rating on the stock in a research note on Friday, February 6th. Mizuho decreased their price target on shares of Doximity from $45.00 to $34.00 and set a "neutral" rating on the stock in a research note on Tuesday, February 10th. Finally, Piper Sandler lifted their price target on shares of Doximity from $40.00 to $42.00 and gave the stock an "overweight" rating in a research note on Friday, February 20th. Two equities research analysts have rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating, six have given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $44.26.

Doximity Price Performance

Shares of DOCS stock opened at $22.44 on Wednesday. Doximity has a 1 year low of $21.82 and a 1 year high of $76.51. The business's fifty day moving average is $26.42. The company has a market capitalization of $4.15 billion, a price-to-earnings ratio of 18.70, a P/E/G ratio of 1.28 and a beta of 1.42.

Doximity (NYSE:DOCS - Get Free Report) last announced its earnings results on Thursday, February 5th. The company reported $0.46 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.45 by $0.01. Doximity had a net margin of 37.54% and a return on equity of 23.84%. During the same quarter last year, the company earned $0.45 EPS. Doximity's revenue was up 9.8% on a year-over-year basis.

Doximity announced that its Board of Directors has approved a stock buyback plan on Thursday, February 5th that permits the company to repurchase $500.00 million in outstanding shares. This repurchase authorization permits the company to buy up to 8% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company's board believes its shares are undervalued.

Insider Buying and Selling at Doximity

In other news, Director Kira Scherer Wampler sold 2,000 shares of the business's stock in a transaction on Tuesday, March 3rd. The shares were sold at an average price of $26.00, for a total value of $52,000.00. Following the sale, the director owned 19,839 shares in the company, valued at approximately $515,814. The trade was a 9.16% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Siddharth Sitaram sold 2,319 shares of the business's stock in a transaction on Tuesday, March 10th. The shares were sold at an average price of $25.37, for a total transaction of $58,833.03. Following the completion of the sale, the insider owned 84,132 shares in the company, valued at $2,134,428.84. This represents a 2.68% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 6,601 shares of company stock worth $174,455 in the last 90 days. 31.30% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Doximity

Several institutional investors and hedge funds have recently made changes to their positions in the company. Hsbc Holdings PLC boosted its stake in shares of Doximity by 76.5% in the 4th quarter. Hsbc Holdings PLC now owns 124,357 shares of the company's stock valued at $5,535,000 after purchasing an additional 53,888 shares in the last quarter. Rockefeller Capital Management L.P. raised its holdings in shares of Doximity by 264.4% in the fourth quarter. Rockefeller Capital Management L.P. now owns 3,014 shares of the company's stock valued at $133,000 after buying an additional 2,187 shares during the last quarter. Montanaro Asset Management Ltd raised its holdings in shares of Doximity by 28.0% in the fourth quarter. Montanaro Asset Management Ltd now owns 41,200 shares of the company's stock valued at $1,824,000 after buying an additional 9,000 shares during the last quarter. Pacer Advisors Inc. raised its holdings in shares of Doximity by 99.6% in the fourth quarter. Pacer Advisors Inc. now owns 436,966 shares of the company's stock valued at $19,349,000 after buying an additional 218,043 shares during the last quarter. Finally, Invesco Ltd. raised its holdings in shares of Doximity by 4.2% in the fourth quarter. Invesco Ltd. now owns 2,426,819 shares of the company's stock valued at $107,460,000 after buying an additional 98,519 shares during the last quarter. Institutional investors and hedge funds own 87.19% of the company's stock.

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.

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