Doximity (NYSE:DOCS) Cut to “Strong Sell” at Zacks Research

Zacks Research cut shares of Doximity (NYSE:DOCS) from a hold rating to a strong sell rating in a report issued on Monday morning,Zacks.com reports.

A number of other equities analysts also recently issued reports on DOCS. Canaccord Genuity Group set a $34.00 price target on Doximity and gave the company a “buy” rating in a research note on Monday, February 9th. Barclays cut their price target on Doximity from $63.00 to $38.00 and set an “overweight” rating for the company in a research note on Wednesday, February 11th. BMO Capital Markets set a $25.00 price target on Doximity in a research note on Friday, February 6th. Freedom Capital upgraded Doximity to a “strong-buy” rating in a research note on Tuesday, March 17th. Finally, Needham & Company LLC upgraded Doximity to a “moderate buy” rating in a research note on Friday, February 6th. Two research analysts have rated the stock with a Strong Buy rating, thirteen have issued a Buy rating, six have issued a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $44.26.

Doximity Price Performance

DOCS stock opened at $21.88 on Monday. The firm has a market cap of $4.04 billion, a P/E ratio of 18.23, a P/E/G ratio of 1.28 and a beta of 1.42. Doximity has a 52-week low of $21.66 and a 52-week high of $76.51. The company’s 50-day moving average is $26.09.

Doximity (NYSE:DOCS) last released its quarterly earnings results on Thursday, February 5th. The company reported $0.46 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.45 by $0.01. Doximity had a return on equity of 23.84% and a net margin of 37.54%.Doximity’s revenue for the quarter was up 9.8% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.45 earnings per share.

Doximity declared that its Board of Directors has authorized a share repurchase program on Thursday, February 5th that allows the company to repurchase $500.00 million in outstanding shares. This repurchase authorization allows the company to reacquire up to 8% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company’s leadership believes its shares are undervalued.

Insider Buying and Selling

In other news, Director Kira Scherer Wampler sold 2,000 shares of the business’s stock in a transaction that occurred on Tuesday, March 3rd. The stock was sold at an average price of $26.00, for a total value of $52,000.00. Following the transaction, the director owned 19,839 shares in the company, valued at $515,814. The trade was a 9.16% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Siddharth Sitaram sold 2,319 shares of the company’s stock in a transaction that occurred on Tuesday, March 10th. The shares were sold at an average price of $25.37, for a total value of $58,833.03. Following the completion of the transaction, the insider owned 84,132 shares in the company, valued at approximately $2,134,428.84. The trade was a 2.68% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 6,601 shares of company stock worth $174,455 in the last 90 days. Company insiders own 31.30% of the company’s stock.

Hedge Funds Weigh In On Doximity

Several institutional investors have recently bought and sold shares of DOCS. Royal Bank of Canada lifted its stake in Doximity by 24.2% in the first quarter. Royal Bank of Canada now owns 106,845 shares of the company’s stock valued at $6,200,000 after purchasing an additional 20,847 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its stake in Doximity by 0.5% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 38,978 shares of the company’s stock valued at $2,262,000 after purchasing an additional 210 shares during the last quarter. NewEdge Advisors LLC lifted its stake in Doximity by 613.7% in the first quarter. NewEdge Advisors LLC now owns 6,323 shares of the company’s stock valued at $367,000 after purchasing an additional 5,437 shares during the last quarter. Goldman Sachs Group Inc. lifted its stake in Doximity by 33.3% in the first quarter. Goldman Sachs Group Inc. now owns 255,529 shares of the company’s stock valued at $14,828,000 after purchasing an additional 63,873 shares during the last quarter. Finally, Focus Partners Wealth purchased a new position in Doximity in the first quarter valued at approximately $283,000. Hedge funds and other institutional investors own 87.19% of the company’s stock.

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.