Doximity (NYSE:DOCS) Trading Up 4.5% - What's Next?

Key Points

• Doximity shares rose 4.5% to $26.74 in Friday trading, although volume was about 86% below the stock’s average daily volume.
• Analyst sentiment remains mixed, with the stock carrying an average “Hold” rating and a consensus price target of $32.43; recent firms both raised and cut their targets and ratings.
• Doximity beat quarterly earnings estimates with EPS of $0.29 versus $0.16 expected, while revenue reached $156.62 million, up 7.3% year over year. Insiders have sold $437,251 worth of shares over the past three months.

Doximity, Inc. (NYSE:DOCS - Get Free Report) shares rose 4.5% on Friday . The stock traded as high as $26.82 and last traded at $26.74. Approximately 589,090 shares were traded during mid-day trading, a decline of 86% from the average daily volume of 4,175,360 shares. The stock had previously closed at $25.59.

Wall Street Analyst Weigh In

Several equities research analysts have recently issued reports on DOCS shares. Leerink Partners decreased their price objective on Doximity from $31.00 to $25.00 and set an "outperform" rating on the stock in a report on Thursday, May 14th. KeyCorp lowered Doximity from an "overweight" rating to a "sector weight" rating in a research note on Thursday, May 14th. Wolfe Research upgraded Doximity to an "outperform" rating in a research report on Thursday, August 13th. Bank of America reissued an "underperform" rating and issued a $20.00 price target (down from $38.00) on shares of Doximity in a research note on Monday, June 29th. Finally, Barclays lifted their price target on Doximity from $20.00 to $27.00 and gave the company an "equal weight" rating in a report on Friday, August 21st. 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's stock. According to MarketBeat.com, the stock presently has an average rating of "Hold" and an average target price of $32.43.

Doximity Stock Performance

The firm has a market capitalization of $4.75 billion, a price-to-earnings ratio of 31.37, a P/E/G ratio of 19.35 and a beta of 1.29. The business has a fifty day moving average price of $22.58 and a 200 day moving average price of $23.05.

Doximity (NYSE:DOCS - Get Free Report) last issued its earnings results on Thursday, August 6th. The company reported $0.29 earnings per share for the quarter, beating analysts' consensus estimates of $0.16 by $0.13. Doximity had a return on equity of 18.06% and a net margin of 25.48%.The firm had revenue of $156.62 million for the quarter. During the same quarter in the previous year, the business posted $0.36 EPS. Doximity's revenue was up 7.3% compared to the same quarter last year. On average, analysts expect that Doximity, Inc. will post 0.74 earnings per share for the current year.

Insider Transactions at Doximity

In other news, insider Siddharth Sitaram sold 2,444 shares of the business's stock in a transaction dated Monday, June 8th. The stock was sold at an average price of $20.41, for a total transaction of $49,882.04. Following the completion of the sale, the insider owned 90,706 shares in the company, valued at approximately $1,851,309.46. The trade was a 2.62% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 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. Also, Director Kira Scherer Wampler sold 2,000 shares of the stock in a transaction that occurred on Tuesday, August 25th. The stock was sold at an average price of $24.95, for a total transaction of $49,900.00. Following the sale, the director directly owned 19,839 shares of the company's stock, valued at approximately $494,983.05. This trade represents a 9.16% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 13,714 shares of company stock worth $437,251 in the last three months. 31.80% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of DOCS. Northwestern Mutual Wealth Management Co. raised its stake in shares of Doximity by 99.5% in the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 796 shares of the company's stock valued at $35,000 after acquiring an additional 397 shares during the period. Parallel Advisors LLC raised its position in Doximity by 111.0% in the first quarter. Parallel Advisors LLC now owns 2,560 shares of the company's stock valued at $60,000 after purchasing an additional 1,347 shares during the period. EverSource Wealth Advisors LLC grew its stake in shares of Doximity by 937.7% in the first quarter. EverSource Wealth Advisors LLC now owns 2,833 shares of the company's stock valued at $66,000 after buying an additional 2,560 shares in the last quarter. Continuum Advisory LLC acquired a new position in Doximity during the 2nd quarter worth approximately $67,000. Finally, Farther Finance Advisors LLC lifted its position in Doximity by 35.7% during the 4th quarter. Farther Finance Advisors LLC now owns 1,539 shares of the company's stock worth $68,000 after acquiring an additional 405 shares in the last quarter. 87.19% of the stock is owned by institutional investors and hedge funds.

Doximity Company Profile

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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