Insider Selling: Doximity (NYSE:DOCS) Insider Sells $63,622.16 in Stock

Doximity, Inc. (NYSE:DOCS) insider Siddharth Sitaram sold 2,282 shares of Doximity stock in a transaction on Tuesday, February 10th. The stock was sold at an average price of $27.88, for a total transaction of $63,622.16. Following the transaction, the insider directly owned 81,451 shares in the company, valued at $2,270,853.88. This represents a 2.73% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website.

Siddharth Sitaram also recently made the following trade(s):

• On Tuesday, March 10th, Siddharth Sitaram sold 2,319 shares of Doximity stock. The shares were sold at an average price of $25.37, for a total value of $58,833.03.

Doximity Stock Up 0.4%

Shares of NYSE:DOCS opened at $24.37 on Friday. The stock has a market cap of $4.50 billion, a P/E ratio of 20.30, a P/E/G ratio of 1.37 and a beta of 1.44. The business has a 50-day moving average of $32.64. Doximity, Inc. has a fifty-two week low of $23.53 and a fifty-two week high of $76.51.

Doximity (NYSE:DOCS) last announced its quarterly earnings data on Thursday, February 5th. The company reported $0.46 earnings per share 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 company’s revenue was up 9.8% on a year-over-year basis. During the same period last year, the company posted $0.45 earnings per share.

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

Institutional Investors Weigh In On Doximity

Several institutional investors have recently bought and sold shares of the stock. Root Financial Partners LLC purchased a new stake in Doximity during the 3rd quarter valued at $30,000. Whittier Trust Co. of Nevada Inc. increased its holdings in Doximity by 59.5% during 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 period. Northwestern Mutual Wealth Management Co. lifted its holdings in Doximity by 99.5% in the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 796 shares of the company’s stock worth $35,000 after buying an additional 397 shares during the period. Toth Financial Advisory Corp grew its position in shares of Doximity by 150.0% in the 3rd 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 last quarter. Finally, Atlantic Union Bankshares Corp increased its stake in shares of Doximity by 136.9% during the third quarter. Atlantic Union Bankshares Corp now owns 616 shares of the company’s stock valued at $45,000 after buying an additional 356 shares during the period. 87.19% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on DOCS shares. Mizuho dropped their target price on shares of Doximity from $45.00 to $34.00 and set a “neutral” rating for the company in a research report on Tuesday, February 10th. The Goldman Sachs Group cut their target price on shares of Doximity from $46.00 to $34.00 and set a “neutral” rating for the company in a research report on Friday, February 6th. Raymond James Financial restated a “strong-buy” rating on shares of Doximity in a research report on Monday, December 29th. Piper Sandler upped their price objective on Doximity from $40.00 to $42.00 and gave the stock an “overweight” rating in a report on Friday, February 20th. Finally, Needham & Company LLC upgraded Doximity to a “moderate buy” rating in a research report on Friday, February 6th. One analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and six have given a Hold rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $47.50.

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.