Insider Selling: Doximity (NYSE:DOCS) Insider Sells 2,427 Shares of Stock

Key Points

• Siddharth Sitaram sold 2,427 Doximity shares on April 10 at an average price of $21.09 under a pre-arranged Rule 10b5‑1 plan to cover tax withholding, trimming his stake by 2.72% to 86,705 shares; he also executed similar share sales in February and March.
• Doximity beat Q earnings modestly (EPS $0.46 vs. $0.45) with revenue up 9.8%, the board authorized a $500 million buyback (≈8% of shares), and the stock trades around $22 with a market cap of $4.11 billion amid mixed analyst views (average target ≈ $43.53).

Doximity, Inc. (NYSE:DOCS - Get Free Report) insider Siddharth Sitaram sold 2,427 shares of the business's stock in a transaction dated Friday, April 10th. The stock was sold at an average price of $21.09, for a total transaction of $51,185.43. Following the transaction, the insider owned 86,705 shares in the company, valued at approximately $1,828,608.45. This trade represents a 2.72% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed 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 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 transaction of $63,622.16.
• On Tuesday, March 10th, Siddharth Sitaram sold 2,319 shares of Doximity stock. The stock was sold at an average price of $25.37, for a total transaction of $58,833.03.

Doximity Price Performance

Shares of NYSE DOCS traded down $0.42 during midday trading on Tuesday, reaching $22.24. The company's stock had a trading volume of 2,237,228 shares, compared to its average volume of 3,445,575. Doximity, Inc. has a 12-month low of $20.55 and a 12-month high of $76.51. The firm has a 50 day moving average price of $25.12. The firm has a market cap of $4.11 billion, a PE ratio of 18.53, a P/E/G ratio of 1.18 and a beta of 1.42.

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

Doximity declared that its board has authorized a stock buyback program on Thursday, February 5th that allows the company to repurchase $500.00 million in outstanding shares. This repurchase authorization allows the company to buy up to 8% of its shares through open market purchases. Shares repurchase programs are typically an indication that the company's management believes its shares are undervalued.

Institutional Investors Weigh In On Doximity

Institutional investors have recently made changes to their positions in the stock. Root Financial Partners LLC purchased a new position in shares of Doximity in the third quarter valued at $30,000. Whittier Trust Co. of Nevada Inc. lifted its holdings in Doximity by 59.5% during the 3rd quarter. Whittier Trust Co. of Nevada Inc. now owns 480 shares of the company's stock worth $35,000 after purchasing an additional 179 shares in the last quarter. Northwestern Mutual Wealth Management Co. boosted its stake in Doximity by 99.5% in the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 796 shares of the company's stock worth $35,000 after purchasing an additional 397 shares during the period. Toth Financial Advisory Corp grew its holdings in Doximity by 150.0% during the 3rd quarter. Toth Financial Advisory Corp now owns 500 shares of the company's stock valued at $37,000 after buying an additional 300 shares in the last quarter. Finally, Atlantic Union Bankshares Corp grew its holdings in Doximity by 136.9% during the 3rd quarter. Atlantic Union Bankshares Corp now owns 616 shares of the company's stock valued at $45,000 after buying an additional 356 shares in the last quarter. Hedge funds and other institutional investors own 87.19% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently commented on DOCS shares. Evercore cut Doximity from an "outperform" rating to an "in-line" rating and set a $25.00 target price on the stock. in a research note on Wednesday, April 8th. JPMorgan Chase & Co. reduced their price target on shares of Doximity from $40.00 to $33.00 and set a "neutral" rating for the company in a research report on Friday, February 20th. Loop Capital set a $31.00 price objective on shares of Doximity in a report on Tuesday, March 17th. Zacks Research lowered shares of Doximity from a "hold" rating to a "strong sell" rating in a research report on Monday, April 6th. Finally, Mizuho dropped their target price 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. Two 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 issued a Sell rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $43.53.

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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