Doximity (NYSE:DOCS) Upgraded at Zacks Research

Doximity (NYSE:DOCS) was upgraded by research analysts at Zacks Research from a “strong sell” rating to a “hold” rating in a report issued on Monday,Zacks.com reports.

A number of other analysts have also recently weighed in on DOCS. BTIG Research cut shares of Doximity from a “buy” rating to a “neutral” rating in a research report on Thursday, May 14th. Leerink Partners reduced their price objective on Doximity from $31.00 to $25.00 and set an “outperform” rating on the stock in a research note on Thursday, May 14th. Barclays reiterated an “equal weight” rating and issued a $20.00 target price (down from $38.00) on shares of Doximity in a research note on Thursday, May 14th. Loop Capital set a $31.00 target price on Doximity in a report on Tuesday, March 17th. Finally, Morgan Stanley reduced their price target on Doximity from $49.00 to $35.00 and set an “overweight” rating on the stock in a research report on Thursday, May 14th. Two research analysts have rated the stock with a Strong Buy rating, six have issued a Buy rating, thirteen have given a Hold rating and three have assigned a Sell rating to the stock. According to MarketBeat.com, Doximity presently has an average rating of “Hold” and a consensus price target of $29.33.

Doximity Stock Down 2.2%

Doximity stock opened at $21.80 on Monday. The firm has a fifty day moving average of $21.31 and a 200-day moving average of $27.02. Doximity has a 52-week low of $17.15 and a 52-week high of $76.51. The firm has a market capitalization of $3.99 billion, a P/E ratio of 22.02, a PEG ratio of 6.92 and a beta of 1.30.

Insider Buying and Selling

In other news, insider Siddharth Sitaram sold 2,444 shares of the firm’s stock in a transaction that occurred on Monday, June 8th. The shares were sold at an average price of $20.41, for a total transaction of $49,882.04. Following the completion of the sale, the insider owned 90,706 shares of the company’s stock, valued at approximately $1,851,309.46. This trade represents a 2.62% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 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. Also, Director Kira Scherer Wampler sold 9,000 shares of the business’s stock in a transaction dated Thursday, May 7th. The stock was sold at an average price of $26.06, for a total transaction of $234,540.00. Following the completion of the sale, the director directly owned 19,839 shares of the company’s stock, valued at $517,004.34. The trade was a 31.21% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last ninety days, insiders sold 13,753 shares of company stock worth $343,925. 31.30% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Doximity

A number of institutional investors have recently made changes to their positions in DOCS. Royal Bank of Canada increased its stake in Doximity by 24.2% during the first quarter. Royal Bank of Canada now owns 106,845 shares of the company’s stock valued at $6,200,000 after purchasing an additional 20,847 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position in shares of 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 during the period. NewEdge Advisors LLC lifted its holdings in shares of Doximity by 613.7% in the 1st quarter. NewEdge Advisors LLC now owns 6,323 shares of the company’s stock worth $367,000 after purchasing an additional 5,437 shares during the last quarter. Goldman Sachs Group Inc. boosted its position in Doximity by 33.3% during 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 period. Finally, Focus Partners Wealth bought a new position in Doximity during the 1st quarter worth $283,000. 87.19% of the stock is currently owned by institutional investors.

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.