Doximity (NASDAQ:DOCS) Shares Down 1.8%

Doximity, Inc. (NASDAQ:DOCS)’s share price fell 1.8% during trading on Tuesday . The company traded as low as $23.03 and last traded at $23.14. 100,920 shares were traded during mid-day trading, a decline of 95% from the average session volume of 1,862,839 shares. The stock had previously closed at $23.56.

Analysts Set New Price Targets

Several research firms recently weighed in on DOCS. Needham & Company LLC lowered Doximity from a “buy” rating to a “hold” rating in a report on Wednesday, August 9th. Evercore ISI reduced their target price on shares of Doximity from $33.00 to $32.00 in a research note on Wednesday, May 17th. Guggenheim cut shares of Doximity from a “buy” rating to a “neutral” rating in a research note on Wednesday, August 9th. Piper Sandler reduced their price objective on shares of Doximity from $36.00 to $27.00 in a research report on Wednesday, August 9th. Finally, Morgan Stanley dropped their target price on Doximity from $28.00 to $21.00 and set an “underweight” rating for the company in a research report on Wednesday, August 9th. Two research analysts have rated the stock with a sell rating, seven have issued a hold rating and two have assigned a buy rating to the company’s stock. According to data from MarketBeat, Doximity currently has an average rating of “Hold” and an average price target of $30.30.

Doximity Stock Performance

The company has a fifty day simple moving average of $30.53 and a two-hundred day simple moving average of $32.13. The firm has a market capitalization of $4.68 billion, a PE ratio of 43.75, a PEG ratio of 5.22 and a beta of 0.93.

Doximity (NASDAQ:DOCS) last released its quarterly earnings data on Tuesday, August 8th. The company reported $0.14 earnings per share for the quarter, topping analysts’ consensus estimates of $0.11 by $0.03. The company had revenue of $108.47 million during the quarter, compared to analyst estimates of $106.98 million. Doximity had a net margin of 27.20% and a return on equity of 13.11%. On average, equities analysts anticipate that Doximity, Inc. will post 0.63 earnings per share for the current fiscal year.

Insider Activity at Doximity

In other Doximity news, Director Timothy S. Cabral sold 7,500 shares of the company’s stock in a transaction on Wednesday, July 12th. The stock was sold at an average price of $35.00, for a total transaction of $262,500.00. Following the completion of the sale, the director now owns 4,714 shares in the company, valued at $164,990. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. In related news, Director Timothy S. Cabral sold 7,500 shares of the company’s stock in a transaction on Wednesday, July 12th. The stock was sold at an average price of $35.00, for a total transaction of $262,500.00. Following the completion of the sale, the director now directly owns 4,714 shares in the company, valued at approximately $164,990. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Timothy S. Cabral sold 10,000 shares of the company’s stock in a transaction on Monday, July 3rd. The stock was sold at an average price of $33.80, for a total value of $338,000.00. Following the sale, the director now owns 4,714 shares of the company’s stock, valued at $159,333.20. The disclosure for this sale can be found here. Insiders have sold a total of 22,214 shares of company stock valued at $765,301 over the last ninety days. 39.40% of the stock is owned by company insiders.

Institutional Investors Weigh In On Doximity

A number of hedge funds have recently made changes to their positions in the stock. BlackRock Inc. lifted its stake in shares of Doximity by 96.0% during the 2nd quarter. BlackRock Inc. now owns 10,688,411 shares of the company’s stock worth $363,620,000 after purchasing an additional 5,235,837 shares during the last quarter. Vanguard Group Inc. raised its stake in Doximity by 13.1% in the third quarter. Vanguard Group Inc. now owns 8,652,470 shares of the company’s stock valued at $261,478,000 after buying an additional 1,000,328 shares during the last quarter. Clearbridge Investments LLC raised its stake in Doximity by 16.7% in the first quarter. Clearbridge Investments LLC now owns 6,774,436 shares of the company’s stock valued at $219,356,000 after buying an additional 969,302 shares during the last quarter. Baillie Gifford & Co. raised its stake in Doximity by 50.4% in the second quarter. Baillie Gifford & Co. now owns 6,599,164 shares of the company’s stock valued at $224,504,000 after buying an additional 2,210,439 shares during the last quarter. Finally, T. Rowe Price Investment Management Inc. raised its stake in Doximity by 1.0% in the fourth quarter. T. Rowe Price Investment Management Inc. now owns 5,456,068 shares of the company’s stock valued at $183,106,000 after buying an additional 53,201 shares during the last quarter. 54.65% of the stock is currently owned by hedge funds and other institutional investors.

About Doximity

Doximity, Inc operates a cloud-based digital platform for medical professionals in the United States. The company's platform provides its members with tools built for medical professionals, enabling them to collaborate with their colleagues, coordinate patient care, conduct virtual patient visits, stay up to date with the latest medical news and research, and manage their careers.