Doximity (NYSE:DOCS) Upgraded at Zacks Research

Zacks Research upgraded shares of Doximity (NYSE:DOCS) from a strong sell rating to a hold rating in a research note issued to investors on Tuesday morning,Zacks.com reports.

A number of other analysts also recently weighed in on the company. Royal Bank Of Canada restated an “outperform” rating and issued a $44.00 price target on shares of Doximity in a research note on Monday, March 9th. Raymond James Financial reiterated a “strong-buy” rating on shares of Doximity in a research report on Monday, December 29th. Canaccord Genuity Group set a $34.00 target price on Doximity and gave the company a “buy” rating in a report on Monday, February 9th. Wells Fargo & Company decreased their target price on shares of Doximity from $55.00 to $45.00 and set an “overweight” rating on the stock in a research report on Friday, February 6th. Finally, Evercore cut shares of Doximity from an “outperform” rating to an “in-line” rating and set a $25.00 price target on the stock. in a research note on Wednesday, April 8th. Two research analysts have rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and eight have given a Hold rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $41.26.

Doximity Trading Down 4.4%

Shares of Doximity stock opened at $23.19 on Tuesday. The firm has a market capitalization of $4.28 billion, a price-to-earnings ratio of 19.32, a price-to-earnings-growth ratio of 1.72 and a beta of 1.42. Doximity has a 52-week low of $20.55 and a 52-week high of $76.51. The business’s 50-day moving average price is $24.21.

Doximity (NYSE:DOCS) last announced its quarterly earnings data on Thursday, February 5th. The company reported $0.46 EPS for the quarter, beating analysts’ consensus estimates of $0.45 by $0.01. Doximity had a net margin of 37.54% and a return on equity of 23.84%. During the same period in the prior year, the company earned $0.45 earnings per share. The business’s revenue was up 9.8% compared to the same quarter last year. Equities analysts forecast that Doximity will post 1.11 EPS for the current fiscal year.

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

Insider Transactions at Doximity

In other Doximity news, Director Kira Scherer Wampler sold 2,000 shares of the company’s stock in a transaction dated Tuesday, March 3rd. The shares were sold at an average price of $26.00, for a total value of $52,000.00. Following the sale, 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Siddharth Sitaram sold 2,427 shares of the stock in a transaction that occurred on Friday, April 10th. The shares were sold at an average price of $21.09, for a total transaction of $51,185.43. Following the completion of the sale, the insider owned 86,705 shares in the company, valued at $1,828,608.45. This represents a 2.72% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last three months, insiders sold 9,028 shares of company stock worth $225,641. 31.30% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Doximity

A number of institutional investors and hedge funds have recently bought and sold shares of DOCS. Royal Bank of Canada lifted its position in shares of 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 acquiring an additional 20,847 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its position in Doximity by 0.5% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 38,978 shares of the company’s stock worth $2,262,000 after purchasing an additional 210 shares in the last quarter. NewEdge Advisors LLC raised its stake in Doximity by 613.7% in the 1st 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. raised its stake in Doximity by 33.3% in the 1st 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 1st quarter valued at about $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.