Doximity (NYSE:DOCS) Sets New 52-Week Low Following Analyst Downgrade

Shares of Doximity, Inc. (NYSE:DOCS) hit a new 52-week low during trading 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 traded. The stock had previously closed at $22.50.

Several other research firms have also issued reports on DOCS. Loop Capital set a $31.00 price objective on shares of Doximity in a research report on Tuesday, March 17th. BMO Capital Markets set a $25.00 price objective on shares of Doximity in a research report on Friday, February 6th. Canaccord Genuity Group set a $34.00 price objective on shares of Doximity and gave the stock a “buy” rating in a research report on Monday, February 9th. Royal Bank Of Canada reissued an “outperform” rating and issued a $44.00 price objective on shares of Doximity in a research report on Monday, March 9th. Finally, BTIG Research dropped their price objective on shares of Doximity from $80.00 to $50.00 and set a “buy” rating for the company in a research report on Friday, February 6th. Two analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating, six have assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $44.26.

Insiders Place Their Bets

In related news, insider Siddharth Sitaram sold 2,319 shares of the firm’s stock in a transaction on Tuesday, March 10th. The shares were sold at an average price of $25.37, for a total transaction of $58,833.03. Following the completion of the sale, the insider directly owned 84,132 shares of the company’s stock, valued at approximately $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 accessible through this link. Also, Director Kira Scherer Wampler sold 2,000 shares of the firm’s stock in a transaction on Tuesday, March 3rd. The shares were sold at an average price of $26.00, for a total transaction of $52,000.00. Following the sale, the director directly owned 19,839 shares of the company’s stock, 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. Over the last ninety days, insiders have sold 6,601 shares of company stock valued at $174,455. Company insiders own 31.30% of the company’s stock.

Institutional Investors Weigh In On Doximity

Large investors have recently added to or reduced their stakes in the company. Synergy Asset Management LLC grew its holdings in Doximity by 100.0% during the 3rd quarter. Synergy Asset Management LLC now owns 604,502 shares of the company’s stock worth $44,219,000 after acquiring an additional 302,251 shares in the last quarter. Liontrust Investment Partners LLP grew its holdings in Doximity by 1,189.9% during the 2nd quarter. Liontrust Investment Partners LLP now owns 272,065 shares of the company’s stock worth $16,688,000 after acquiring an additional 250,973 shares in the last quarter. SG Americas Securities LLC grew its holdings in Doximity by 335.9% during the 3rd quarter. SG Americas Securities LLC now owns 52,993 shares of the company’s stock worth $3,876,000 after acquiring an additional 40,837 shares in the last quarter. Aubrey Capital Management Ltd acquired a new position in Doximity during the 3rd quarter worth $4,572,000. Finally, Voya Investment Management LLC grew its holdings in Doximity by 932.8% during the 3rd quarter. Voya Investment Management LLC now owns 1,567,668 shares of the company’s stock worth $114,267,000 after acquiring an additional 1,415,882 shares in the last quarter. 87.19% of the stock is owned by institutional investors and hedge funds.

Doximity Stock Down 2.2%

The company has a market capitalization of $4.06 billion, a P/E ratio of 18.37, a price-to-earnings-growth ratio of 1.28 and a beta of 1.42. The business has a fifty day simple moving average of $26.42.

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 net margin of 37.54% and a return on equity of 23.84%. The business’s revenue for the quarter was up 9.8% compared to the same quarter last year. During the same quarter last year, the company posted $0.45 earnings per share.

Doximity declared that its Board of Directors has authorized a stock buyback program on Thursday, February 5th that authorizes the company to buyback $500.00 million in shares. This buyback authorization authorizes the company to purchase up to 8% of its shares through open market purchases. Shares buyback programs are generally an indication that the company’s board of directors believes its shares are undervalued.

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.