Doximity (NYSE:DOCS) Downgraded to “In-Line” Rating by Evercore

Evercore cut shares of Doximity (NYSE:DOCS) from an outperform rating to an in-line rating in a research note issued to investors on Wednesday morning, MarketBeat.com reports. They currently have $25.00 target price on the stock.

Several other brokerages also recently commented on DOCS. Royal Bank Of Canada reissued an “outperform” rating and set a $44.00 target price on shares of Doximity in a research note on Monday, March 9th. Wells Fargo & Company lowered their target price on Doximity from $55.00 to $45.00 and set an “overweight” rating for the company in a research note on Friday, February 6th. JPMorgan Chase & Co. lowered their target price on Doximity from $40.00 to $33.00 and set a “neutral” rating for the company in a research note on Friday, February 20th. Wall Street Zen downgraded Doximity from a “buy” rating to a “hold” rating in a research note on Saturday, January 10th. Finally, The Goldman Sachs Group lowered their price objective on Doximity from $46.00 to $34.00 and set a “neutral” rating for the company in a research note on Friday, February 6th. Two investment 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 assigned a Sell rating to the company. According to MarketBeat.com, Doximity presently has an average rating of “Moderate Buy” and an average price target of $44.26.

Doximity Stock Performance

Shares of NYSE DOCS opened at $21.88 on Wednesday. The firm has a market capitalization of $4.04 billion, a P/E ratio of 18.23, a price-to-earnings-growth ratio of 1.28 and a beta of 1.42. Doximity has a 12 month low of $21.66 and a 12 month high of $76.51. The business’s 50-day simple moving average is $26.09.

Doximity (NYSE:DOCS) last issued its earnings results on Thursday, February 5th. The company reported $0.46 EPS for the quarter, topping 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 business’s revenue was up 9.8% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.45 earnings per share.

Doximity declared that its board has initiated a stock buyback plan on Thursday, February 5th that permits the company to repurchase $500.00 million in shares. This repurchase authorization permits the company to buy up to 8% of its shares through open market purchases. Shares repurchase plans are typically a sign that the company’s board of directors believes its stock is undervalued.

Insider Activity at Doximity

In other news, Director Kira Scherer Wampler sold 2,000 shares of the company’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 completion of the transaction, the director owned 19,839 shares of the company’s stock, valued at $515,814. This represents a 9.16% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, insider Siddharth Sitaram sold 2,319 shares of the stock in a transaction that occurred on Tuesday, March 10th. The shares were sold at an average price of $25.37, for a total transaction of $58,833.03. Following the sale, the insider directly owned 84,132 shares of the company’s stock, valued at $2,134,428.84. This represents a 2.68% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 6,601 shares of company stock valued at $174,455 in the last ninety days. 31.30% of the stock is currently owned by insiders.

Institutional Trading of Doximity

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Root Financial Partners LLC acquired a new stake in shares of Doximity during the third quarter worth $30,000. Whittier Trust Co. of Nevada Inc. increased its position in shares of Doximity by 59.5% during the third quarter. Whittier Trust Co. of Nevada Inc. now owns 480 shares of the company’s stock worth $35,000 after buying an additional 179 shares during the period. Toth Financial Advisory Corp increased its position in shares of Doximity by 150.0% during the third quarter. Toth Financial Advisory Corp now owns 500 shares of the company’s stock worth $37,000 after buying an additional 300 shares during the period. Atlantic Union Bankshares Corp increased its position in shares of Doximity by 136.9% during the third quarter. Atlantic Union Bankshares Corp now owns 616 shares of the company’s stock worth $45,000 after buying an additional 356 shares during the period. Finally, First Horizon Corp acquired a new stake in shares of Doximity during the third quarter worth $58,000. Institutional investors and hedge funds own 87.19% of the company’s stock.

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.