Doximity (NYSE:DOCS) Lowered to Strong Sell Rating by Zacks Research

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

A number of other research firms have also issued reports on DOCS. Barclays lowered their target price on Doximity from $63.00 to $38.00 and set an “overweight” rating on the stock in a report on Wednesday, February 11th. JPMorgan Chase & Co. lowered their target price on Doximity from $40.00 to $33.00 and set a “neutral” rating on the stock in a report on Friday, February 20th. Truist Financial lowered their target price on Doximity from $62.00 to $37.00 and set a “buy” rating on the stock in a report on Friday, February 6th. Freedom Capital raised Doximity to a “strong-buy” rating in a report on Tuesday, March 17th. Finally, Royal Bank Of Canada reissued an “outperform” rating and set a $44.00 price objective on shares of Doximity in a report on Monday, March 9th. Two investment analysts have rated the stock with a Strong Buy rating, fourteen have given a Buy rating, five have assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $46.63.

Doximity Price Performance

DOCS opened at $22.44 on Monday. The firm has a market cap of $4.15 billion, a price-to-earnings ratio of 18.70, a P/E/G ratio of 1.28 and a beta of 1.42. The firm has a 50 day simple moving average of $26.42. Doximity has a 12-month low of $21.82 and a 12-month high of $76.51.

Doximity (NYSE:DOCS) last released its earnings results on Thursday, February 5th. The company reported $0.46 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.45 by $0.01. Doximity had a return on equity of 23.84% and a net margin of 37.54%.Doximity’s revenue was up 9.8% on a year-over-year basis. During the same period last year, the company posted $0.45 EPS.

Doximity announced that its Board of Directors has authorized a stock buyback program on Thursday, February 5th that permits the company to buyback $500.00 million in outstanding shares. This buyback authorization permits the company to buy up to 8% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s management believes its shares are undervalued.

Insider Activity at Doximity

In other news, insider Siddharth Sitaram sold 2,319 shares of Doximity stock in a transaction that occurred on Tuesday, March 10th. The stock was sold at an average price of $25.37, for a total transaction of $58,833.03. Following the sale, the insider 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Kira Scherer Wampler sold 2,000 shares of Doximity stock in a transaction that occurred on Tuesday, March 3rd. The stock was sold at an average price of $26.00, for a total value of $52,000.00. Following the sale, the director directly owned 19,839 shares in the company, valued at $515,814. The trade was a 9.16% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 6,601 shares of company stock worth $174,455 in the last three months. 31.30% of the stock is owned by insiders.

Institutional Trading of Doximity

Several institutional investors have recently bought and sold shares of DOCS. Root Financial Partners LLC acquired a new stake in Doximity in the 3rd quarter valued at $30,000. Whittier Trust Co. of Nevada Inc. boosted its stake in Doximity by 59.5% in the 3rd quarter. Whittier Trust Co. of Nevada Inc. now owns 480 shares of the company’s stock valued at $35,000 after buying an additional 179 shares in the last quarter. Northwestern Mutual Wealth Management Co. boosted its stake in Doximity by 99.5% in the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 796 shares of the company’s stock valued at $35,000 after buying an additional 397 shares in the last quarter. Toth Financial Advisory Corp boosted its stake in Doximity by 150.0% in the 3rd quarter. Toth Financial Advisory Corp now owns 500 shares of the company’s stock valued at $37,000 after buying an additional 300 shares in the last quarter. Finally, Atlantic Union Bankshares Corp boosted its stake in Doximity by 136.9% in the 3rd quarter. Atlantic Union Bankshares Corp now owns 616 shares of the company’s stock valued at $45,000 after buying an additional 356 shares in the last quarter. Institutional investors and hedge funds own 87.19% of the company’s stock.

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.