Insider Selling: Doximity (NASDAQ:DOCS) Insider Sells $58,833.03 in Stock

Key Points

• Insider sale: Siddharth Sitaram sold 2,319 shares of Doximity at an average $25.37 on March 10, a transaction of $58,833 that reduced his stake by 2.68% to 84,132 shares (≈$2.13M).
• Shares are trading around $24.25 — close to the one-year low of $23.53 (one-year high $76.51) — and analysts have trimmed price targets, leaving a consensus “Moderate Buy” with an average target of $47.50.
• Doximity beat EPS expectations slightly ($0.46 vs. $0.45), reported revenue up 9.8% year-over-year, and its board approved a $500 million share repurchase program (about 8% of shares outstanding).

Doximity, Inc. (NASDAQ:DOCS - Get Free Report) insider Siddharth Sitaram sold 2,319 shares of the business's stock in a transaction that occurred on Tuesday, March 10th. The stock was sold at an average price of $25.37, for a total transaction of $58,833.03. Following the completion of the transaction, the insider owned 84,132 shares in the company, valued at $2,134,428.84. This trade represents a 2.68% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at the SEC website.

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

• On Tuesday, February 10th, Siddharth Sitaram sold 2,282 shares of Doximity stock. The shares were sold at an average price of $27.88, for a total value of $63,622.16.

Doximity Stock Performance

Shares of Doximity stock traded down $0.39 during trading hours on Thursday, reaching $24.25. The company's stock had a trading volume of 2,876,111 shares, compared to its average volume of 3,756,602. Doximity, Inc. has a one year low of $23.53 and a one year high of $76.51. The company has a market capitalization of $4.48 billion, a P/E ratio of 24.25, a P/E/G ratio of 4.10 and a beta of 1.44. The stock's fifty day simple moving average is $33.01 and its two-hundred day simple moving average is $50.64.

Doximity (NASDAQ:DOCS - Get Free Report) last issued its quarterly earnings results on Thursday, February 5th. The company reported $0.46 EPS for the quarter, topping analysts' consensus estimates of $0.45 by $0.01. Doximity had a return on equity of 21.75% and a net margin of 36.60%.The firm's quarterly revenue was up 9.8% on a year-over-year basis. During the same quarter last year, the company earned $0.45 EPS. As a group, research analysts forecast that Doximity, Inc. will post 0.99 earnings per share for the current year.

Doximity declared that its Board of Directors has approved a stock repurchase program on Thursday, February 5th that authorizes the company to repurchase $500.00 million in shares. This repurchase authorization authorizes the company to buy up to 8% of its stock through open market purchases. Stock repurchase programs are generally an indication that the company's leadership believes its shares are undervalued.

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on the stock. Barclays decreased their price target on shares of Doximity from $63.00 to $38.00 and set an "overweight" rating on the stock in a report on Wednesday, February 11th. Morgan Stanley cut their target price on shares of Doximity from $65.00 to $49.00 and set an "overweight" rating on the stock in a report on Friday, February 6th. Wells Fargo & Company lowered their price target on Doximity from $55.00 to $45.00 and set an "overweight" rating for the company in a research report on Friday, February 6th. The Goldman Sachs Group decreased their price objective on shares of Doximity from $46.00 to $34.00 and set a "neutral" rating for the company in a report on Friday, February 6th. Finally, BTIG Research dropped their price target on Doximity from $80.00 to $50.00 and set a "buy" rating on the stock in a research report on Friday, February 6th. One research analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and five have issued a Hold rating to the company's stock. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $47.50.

Institutional Investors Weigh In On Doximity

Several large investors have recently bought and sold shares of the business. Whittier Trust Co. of Nevada Inc. boosted its stake in Doximity by 59.5% during the third quarter. Whittier Trust Co. of Nevada Inc. now owns 480 shares of the company's stock worth $35,000 after buying an additional 179 shares during the period. Oregon Public Employees Retirement Fund boosted its stake in Doximity by 0.7% in the third quarter. Oregon Public Employees Retirement Fund now owns 27,500 shares of the company's stock valued at $2,012,000 after acquiring an additional 200 shares in the last quarter. Fairvoy Private Wealth LLC grew its stake in shares of Doximity by 1.1% during the third quarter. Fairvoy Private Wealth LLC now owns 19,253 shares of the company's stock worth $1,408,000 after acquiring an additional 206 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its stake in shares of Doximity by 0.5% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 38,978 shares of the company's stock worth $2,262,000 after purchasing an additional 210 shares during the last quarter. Finally, Rakuten Securities Inc. grew its position in Doximity by 14.0% during the 3rd quarter. Rakuten Securities Inc. now owns 1,763 shares of the company's stock worth $129,000 after purchasing an additional 217 shares during the period. Institutional investors own 87.19% of the company's stock.

Doximity Company Profile

Doximity, Inc, headquartered in San Francisco, California, operates the leading professional medical network for healthcare professionals in the United States. Founded in 2011 by Jeff Tangney and Shari Buck, the company set out to create a secure digital environment where physicians, nurse practitioners and physician assistants can collaborate, share information and stay current with clinical news. Doximity went public in June 2021 and trades on the NASDAQ under the ticker symbol “DOCS.”

The core offering of Doximity is its HIPAA-compliant communication platform, which includes a secure messaging system, digital fax services and telehealth capabilities.

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