Doximity (NYSE:DOCS) Reaches New 1-Year Low on Analyst Downgrade

Doximity, Inc. (NYSE:DOCS) reached a new 52-week low on Wednesday after Evercore downgraded the stock from an outperform rating to an in-line rating. Evercore now has a $25.00 price target on the stock. Doximity traded as low as $21.66 and last traded at $22.20, with a volume of 817472 shares trading hands. The stock had previously closed at $22.50.

Other equities analysts have also recently issued research reports about the company. Zacks Research cut Doximity from a “hold” rating to a “strong sell” rating in a report on Monday. Mizuho cut their price target on Doximity from $45.00 to $34.00 and set a “neutral” rating for the company in a report on Tuesday, February 10th. Morgan Stanley cut their price target on Doximity from $65.00 to $49.00 and set an “overweight” rating for the company in a report on Friday, February 6th. Piper Sandler raised their price target on Doximity from $40.00 to $42.00 and gave the company an “overweight” rating in a report on Friday, February 20th. Finally, Canaccord Genuity Group set a $34.00 price target on Doximity and gave the company a “buy” rating in a report on Monday, February 9th. Two investment analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating, six have issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $44.26.

Insider Activity at Doximity

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

Institutional Investors Weigh In On Doximity

Institutional investors have recently modified their holdings of the stock. Root Financial Partners LLC bought a new stake in shares of Doximity in the 3rd quarter valued at approximately $30,000. Whittier Trust Co. of Nevada Inc. lifted its stake in shares of Doximity by 59.5% in the 3rd quarter. Whittier Trust Co. of Nevada Inc. now owns 480 shares of the company’s stock valued at $35,000 after purchasing an additional 179 shares during the last quarter. Toth Financial Advisory Corp lifted its stake in shares of Doximity by 150.0% in the 3rd quarter. Toth Financial Advisory Corp now owns 500 shares of the company’s stock valued at $37,000 after purchasing an additional 300 shares during the last quarter. Atlantic Union Bankshares Corp lifted its stake in shares of Doximity by 136.9% in the 3rd quarter. Atlantic Union Bankshares Corp now owns 616 shares of the company’s stock valued at $45,000 after purchasing an additional 356 shares during the last quarter. Finally, First Horizon Corp bought a new stake in shares of Doximity in the 3rd quarter valued at approximately $58,000. 87.19% of the stock is owned by institutional investors.

Doximity Stock Down 2.8%

The company has a market capitalization of $4.04 billion, a price-to-earnings ratio of 18.23, a P/E/G ratio of 1.28 and a beta of 1.42. The firm’s 50 day moving average is $26.09.

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

Doximity announced that its Board of Directors has initiated a share buyback program on Thursday, February 5th that allows the company to buyback $500.00 million in shares. This buyback authorization allows the company to repurchase up to 8% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s board believes its shares are undervalued.

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.