Doximity (NASDAQ:DOCS) Cut to Hold at Zacks Investment Research

Doximity (NASDAQ:DOCS) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued on Tuesday, Zacks.com reports.

According to Zacks, “Doximity Inc. provides digital platform for medical professionals. The company’s network members include physicians across all specialties and practice areas. It provide its verified clinical membership with digital tools built for medicine, enabling them to collaborate with colleagues, stay up to date with the latest medical news and research, manage their careers and conduct virtual patient visits. Doximity Inc. is based in SAN FRANCISCO. “

A number of other research analysts also recently commented on DOCS. JPMorgan Chase & Co. downgraded Doximity from an “overweight” rating to a “neutral” rating and set a $70.00 price objective for the company. in a research note on Thursday, August 26th. They noted that the move was a valuation call. The Goldman Sachs Group assumed coverage on Doximity in a research report on Monday, July 19th. They set a “neutral” rating on the stock. Piper Sandler began coverage on Doximity in a research report on Monday, July 19th. They issued an “overweight” rating and a $68.00 target price on the stock. Morgan Stanley upped their price target on Doximity from $52.00 to $71.00 and gave the stock an “equal weight” rating in a research note on Tuesday, August 31st. Finally, SVB Leerink initiated coverage on Doximity in a research note on Monday, July 19th. They set an “outperform” rating and a $65.00 price target for the company. Four analysts have rated the stock with a hold rating and six have issued a buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Buy” and a consensus target price of $70.75.

Shares of NASDAQ:DOCS opened at $77.85 on Tuesday. The stock has a 50-day simple moving average of $83.15. Doximity has a 12-month low of $41.17 and a 12-month high of $107.79.

Doximity (NASDAQ:DOCS) last released its quarterly earnings data on Monday, August 9th. The company reported $0.11 earnings per share for the quarter, beating the consensus estimate of $0.04 by $0.07. The firm had revenue of $72.67 million during the quarter, compared to analyst estimates of $63.41 million. Equities analysts predict that Doximity will post 0.28 earnings per share for the current year.

In other news, CFO Anna Bryson sold 23,359 shares of the company’s stock in a transaction on Friday, August 13th. The shares were sold at an average price of $75.00, for a total transaction of $1,751,925.00. Following the completion of the transaction, the chief financial officer now directly owns 75,247 shares in the company, valued at $5,643,525. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Joseph B. Kleine sold 200,000 shares of the stock in a transaction on Friday, August 13th. The shares were sold at an average price of $75.77, for a total value of $15,154,000.00. The disclosure for this sale can be found here.

Several hedge funds have recently modified their holdings of the company. DekaBank Deutsche Girozentrale purchased a new stake in shares of Doximity during the 2nd quarter worth approximately $28,000. Legal & General Group Plc bought a new position in Doximity in the 2nd quarter valued at $59,000. Daiwa Securities Group Inc. bought a new position in Doximity in the 2nd quarter valued at $64,000. Royal Bank of Canada bought a new position in Doximity in the 2nd quarter valued at $87,000. Finally, Koshinski Asset Management Inc. bought a new stake in shares of Doximity during the 3rd quarter worth $231,000. Institutional investors own 13.04% of the company’s stock.

Doximity Company Profile

Doximity, Inc operates a cloud-based digital platform for medical professionals in the United States. The company's cloud-based 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.

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