Doximity (NYSE:DOCS) Reaches New 52-Week Low – Should You Sell?

Doximity, Inc. (NYSE:DOCS) hit a new 52-week low during mid-day trading on Tuesday . The stock traded as low as $22.80 and last traded at $22.5230, with a volume of 47156 shares traded. The stock had previously closed at $23.73.

Analysts Set New Price Targets

A number of research analysts have recently commented on the company. Zacks Research cut Doximity from a “strong-buy” rating to a “hold” rating in a research note on Friday, February 13th. Raymond James Financial reissued a “strong-buy” rating on shares of Doximity in a research note on Monday, December 29th. Truist Financial dropped their price objective on Doximity from $62.00 to $37.00 and set a “buy” rating for the company in a report on Friday, February 6th. Evercore reaffirmed an “outperform” rating on shares of Doximity in a research report on Thursday, January 8th. Finally, Needham & Company LLC upgraded Doximity to a “moderate buy” rating in a research note on Friday, February 6th. Two equities research analysts have rated the stock with a Strong Buy rating, fourteen have given 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 $46.63.

Doximity Trading Down 2.1%

The stock has a market cap of $4.29 billion, a PE ratio of 19.43, a PEG ratio of 1.33 and a beta of 1.44. The firm’s fifty day moving average is $28.52.

Doximity (NYSE:DOCS) last released its quarterly earnings data 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%.During the same quarter in the prior year, the company posted $0.45 EPS. Doximity’s revenue for the quarter was up 9.8% on a year-over-year basis.

Doximity declared that its Board of Directors has approved a stock repurchase plan on Thursday, February 5th that permits the company to buyback $500.00 million in outstanding shares. This buyback authorization permits the company to reacquire up to 8% of its stock through open market purchases. Stock buyback plans are typically an indication that the company’s management believes its stock is undervalued.

Insider Buying and Selling at Doximity

In related news, insider Siddharth Sitaram sold 2,319 shares of the company’s stock in a transaction dated Tuesday, March 10th. The shares were 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 represents a 2.68% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Kira Scherer Wampler sold 2,000 shares of the stock in a transaction dated Tuesday, March 3rd. The stock was sold at an average price of $26.00, for a total transaction of $52,000.00. Following the transaction, the director owned 19,839 shares in the company, valued at approximately $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. In the last 90 days, insiders have sold 6,601 shares of company stock worth $174,455. Insiders own 31.30% of the company’s stock.

Institutional Investors Weigh In On Doximity

Several hedge funds have recently modified their holdings of DOCS. Vanguard Group Inc. boosted its stake in shares of Doximity by 4.1% during the fourth quarter. Vanguard Group Inc. now owns 13,285,485 shares of the company’s stock valued at $588,281,000 after purchasing an additional 518,916 shares in the last quarter. William Blair Investment Management LLC boosted its position in Doximity by 11.7% during the 3rd quarter. William Blair Investment Management LLC now owns 5,829,169 shares of the company’s stock valued at $426,404,000 after acquiring an additional 609,775 shares in the last quarter. Capital World Investors increased its holdings in shares of Doximity by 5.1% in the 4th quarter. Capital World Investors now owns 5,654,875 shares of the company’s stock valued at $250,398,000 after acquiring an additional 273,444 shares during the period. Franklin Resources Inc. increased its holdings in shares of Doximity by 6.2% in the 3rd quarter. Franklin Resources Inc. now owns 3,357,505 shares of the company’s stock valued at $245,601,000 after acquiring an additional 194,912 shares during the period. Finally, Invesco Ltd. raised its position in shares of Doximity by 4.2% in the 4th quarter. Invesco Ltd. now owns 2,426,819 shares of the company’s stock worth $107,460,000 after acquiring an additional 98,519 shares in the last quarter. 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.