Doximity (NASDAQ:DOCS) Stock Price Down 3.8% Following Analyst Downgrade

Doximity, Inc. (NASDAQ:DOCS) fell 3.8% during trading on Tuesday after Robert W. Baird lowered their price target on the stock from $87.00 to $65.00. Robert W. Baird currently has an outperform rating on the stock. Doximity traded as low as $51.88 and last traded at $51.72. 846,274 shares were traded during trading, a decline of 59% from the average session volume of 2,080,301 shares. The stock had previously closed at $53.77.

Several other equities analysts have also recently weighed in on the stock. Piper Sandler upgraded shares of Doximity from a “neutral” rating to an “overweight” rating and lifted their price objective for the stock from $31.00 to $78.00 in a research report on Friday, February 7th. Canaccord Genuity Group lowered their price objective on shares of Doximity from $71.00 to $50.00 and set a “hold” rating on the stock in a research report on Friday, May 16th. Mizuho lowered their price objective on shares of Doximity from $65.00 to $60.00 and set a “neutral” rating on the stock in a research report on Friday, May 16th. Needham & Company LLC lowered their price objective on shares of Doximity from $82.00 to $67.00 and set a “buy” rating on the stock in a research report on Friday, May 16th. Finally, Truist Financial lowered their price objective on shares of Doximity from $58.00 to $52.00 and set a “hold” rating on the stock in a research report on Friday, May 16th. Eleven investment analysts have rated the stock with a hold rating, eight have given a buy rating and two have given a strong buy rating to the company. According to MarketBeat.com, Doximity presently has a consensus rating of “Moderate Buy” and an average price target of $62.89.

Insider Transactions at Doximity

In other news, CFO Anna Bryson sold 45,000 shares of the firm’s stock in a transaction dated Thursday, May 1st. The shares were sold at an average price of $57.23, for a total transaction of $2,575,350.00. Following the completion of the transaction, the chief financial officer now directly owns 357,165 shares of the company’s stock, valued at approximately $20,440,552.95. This trade represents a 11.19% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Kira Scherer Wampler sold 2,000 shares of the firm’s stock in a transaction dated Thursday, May 1st. The stock was sold at an average price of $56.93, for a total transaction of $113,860.00. Following the transaction, the director now directly owns 16,618 shares of the company’s stock, valued at $946,062.74. The trade was a 10.74% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 37.40% of the company’s stock.

Hedge Funds Weigh In On Doximity

A number of hedge funds and other institutional investors have recently made changes to their positions in DOCS. FMR LLC lifted its holdings in shares of Doximity by 37.6% during the 4th quarter. FMR LLC now owns 9,409,313 shares of the company’s stock worth $502,363,000 after acquiring an additional 2,571,580 shares during the period. Arrowstreet Capital Limited Partnership lifted its holdings in shares of Doximity by 708.7% during the 4th quarter. Arrowstreet Capital Limited Partnership now owns 1,510,416 shares of the company’s stock worth $80,641,000 after acquiring an additional 1,323,634 shares during the period. SG Americas Securities LLC bought a new position in Doximity during the 1st quarter valued at about $65,702,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its holdings in Doximity by 130.4% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 1,966,801 shares of the company’s stock valued at $114,133,000 after purchasing an additional 1,113,076 shares during the last quarter. Finally, Invesco Ltd. lifted its holdings in Doximity by 525.1% during the 4th quarter. Invesco Ltd. now owns 1,272,403 shares of the company’s stock valued at $67,934,000 after purchasing an additional 1,068,849 shares during the last quarter. 87.19% of the stock is owned by institutional investors.

Doximity Trading Down 1.4%

The stock has a market capitalization of $9.90 billion, a P/E ratio of 53.01, a P/E/G ratio of 4.10 and a beta of 1.41. The firm’s fifty day moving average is $57.04 and its 200-day moving average is $57.99.

Doximity (NASDAQ:DOCS) last announced its quarterly earnings results on Thursday, May 15th. The company reported $0.38 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.27 by $0.11. Doximity had a net margin of 36.60% and a return on equity of 21.75%. During the same quarter in the prior year, the company posted $0.25 earnings per share. The firm’s revenue was up 17.1% on a year-over-year basis. Equities research analysts expect that Doximity, Inc. will post 0.99 EPS for the current year.

Doximity Company Profile

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.