Doximity (NYSE:DOCS) Stock Price Down 5.6% – Here’s What Happened

Doximity, Inc. (NYSE:DOCS)’s stock price traded down 5.6% during trading on Friday . The company traded as low as $25.18 and last traded at $25.1140. 551,877 shares traded hands during trading, a decline of 87% from the average daily volume of 4,252,556 shares. The stock had previously closed at $26.59.

Analysts Set New Price Targets

DOCS has been the topic of a number of analyst reports. Citigroup cut shares of Doximity to an “underperform” rating in a research note on Monday, June 29th. JPMorgan Chase & Co. raised their price target on shares of Doximity from $26.00 to $31.00 and gave the stock a “neutral” rating in a research note on Friday, August 7th. Truist Financial lifted their price objective on Doximity from $19.00 to $24.00 and gave the company a “hold” rating in a report on Thursday. Wells Fargo & Company cut Doximity from an “equal weight” rating to an “underweight” rating and set a $18.00 target price for the company. in a report on Monday. Finally, KeyCorp downgraded Doximity from an “overweight” rating to a “sector weight” rating in a research report on Thursday, May 14th. Two analysts have rated the stock with a Strong Buy rating, seven have issued a Buy rating, twelve have issued a Hold rating and four have issued a Sell rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $32.10.

Doximity Stock Down 6.0%

The stock has a market capitalization of $4.57 billion, a price-to-earnings ratio of 29.39, a price-to-earnings-growth ratio of 16.86 and a beta of 1.29. The stock’s 50-day simple moving average is $21.62 and its 200 day simple moving average is $23.83.

Doximity (NYSE:DOCS) last posted its quarterly earnings data on Thursday, August 6th. The company reported $0.29 earnings per share for the quarter, topping the consensus estimate of $0.16 by $0.13. Doximity had a net margin of 25.48% and a return on equity of 18.06%. The company had revenue of $156.62 million during the quarter. During the same period in the previous year, the business posted $0.36 EPS. The business’s quarterly revenue was up 7.3% on a year-over-year basis. As a group, equities research analysts anticipate that Doximity, Inc. will post 0.86 earnings per share for the current year.

Insiders Place Their Bets

In other Doximity news, Director Timothy S. Cabral sold 7,500 shares of Doximity stock in a transaction on Friday, August 7th. The stock was sold at an average price of $39.11, for a total value of $293,325.00. Following the completion of the transaction, the director owned 3,221 shares in the company, valued at approximately $125,973.31. The trade was a 69.96% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Siddharth Sitaram sold 2,444 shares of the business’s stock in a transaction on Monday, June 8th. The stock was sold at an average price of $20.41, for a total value of $49,882.04. Following the completion of the transaction, the insider directly owned 90,706 shares in the company, valued at approximately $1,851,309.46. This represents a 2.62% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 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. Company insiders own 31.80% of the company’s stock.

Hedge Funds Weigh In On Doximity

A number of institutional investors have recently modified their holdings of the stock. Vanguard Group Inc. raised its position in Doximity by 4.1% in the 4th quarter. Vanguard Group Inc. now owns 13,285,485 shares of the company’s stock worth $588,281,000 after purchasing an additional 518,916 shares during the last quarter. Capital World Investors boosted its position in 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 buying an additional 273,444 shares during the last quarter. Carmignac Gestion increased its stake in shares of Doximity by 127.8% in the 1st quarter. Carmignac Gestion now owns 4,311,997 shares of the company’s stock valued at $100,480,000 after buying an additional 2,418,971 shares during the period. Renaissance Technologies LLC increased its stake in shares of Doximity by 29.4% in the 1st quarter. Renaissance Technologies LLC now owns 3,059,749 shares of the company’s stock valued at $71,292,000 after buying an additional 694,300 shares during the period. Finally, Invesco Ltd. raised its position in shares of Doximity by 4.2% during the fourth 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 during the last quarter. 87.19% of the stock is owned by institutional investors.

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.