Doximity (NYSE:DOCS) Shares Down 7.1% – What’s Next?

Doximity, Inc. (NYSE:DOCS)’s share price fell 7.1% during trading on Tuesday . The stock traded as low as $24.47 and last traded at $24.4740. 1,827,327 shares traded hands during mid-day trading, a decline of 56% from the average daily volume of 4,118,098 shares. The stock had previously closed at $26.35.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on DOCS shares. The Goldman Sachs Group reduced their price target on Doximity from $28.00 to $24.00 and set a “neutral” rating for the company in a report on Thursday, May 14th. Citigroup cut shares of Doximity to an “underperform” rating in a research note on Monday, June 29th. Jefferies Financial Group downgraded shares of Doximity from a “buy” rating to a “hold” rating and cut their price objective for the company from $51.00 to $19.00 in a research report on Thursday, May 14th. Needham & Company LLC restated a “buy” rating and set a $41.00 price objective on shares of Doximity in a research note on Friday, August 7th. Finally, KeyCorp downgraded shares of Doximity from an “overweight” rating to a “sector weight” rating in a research note on Thursday, May 14th. Two research 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 assigned a Sell rating to the company’s stock. According to data from MarketBeat, Doximity currently has an average rating of “Hold” and a consensus price target of $32.18.

Doximity Price Performance

The business’s 50 day moving average price is $23.43 and its 200 day moving average price is $23.09. The stock has a market capitalization of $4.36 billion, a P/E ratio of 28.85, a price-to-earnings-growth ratio of 20.61 and a beta of 1.25.

Doximity (NYSE:DOCS) last issued its earnings results on Thursday, August 6th. The company reported $0.29 earnings per share (EPS) 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 for the quarter. During the same quarter in the prior year, the business posted $0.36 EPS. The company’s revenue for the quarter was up 7.3% compared to the same quarter last year. As a group, analysts forecast that Doximity, Inc. will post 0.74 earnings per share for the current fiscal year.

Insider Buying and Selling at Doximity

In other news, CAO Siddharth Sitaram sold 1,770 shares of the company’s stock in a transaction dated Thursday, August 13th. The shares were sold at an average price of $24.94, for a total transaction of $44,143.80. Following the completion of the sale, the chief accounting officer owned 97,004 shares of the company’s stock, valued at $2,419,279.76. This represents a 1.79% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 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 Timothy S. Cabral sold 7,500 shares of the stock in a transaction that occurred on Friday, August 7th. The stock was sold at an average price of $39.11, for a total transaction of $293,325.00. Following the completion of the transaction, the director owned 3,221 shares in the company, valued at $125,973.31. This trade represents a 69.96% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last 90 days, insiders have sold 11,270 shares of company stock valued at $387,369. 31.80% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of the business. Northwestern Mutual Wealth Management Co. grew its position in shares of Doximity by 99.5% during the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 796 shares of the company’s stock valued at $35,000 after acquiring an additional 397 shares during the period. Parallel Advisors LLC lifted its position in Doximity by 111.0% during the first quarter. Parallel Advisors LLC now owns 2,560 shares of the company’s stock valued at $60,000 after purchasing an additional 1,347 shares in the last quarter. EverSource Wealth Advisors LLC grew its holdings in Doximity by 937.7% during the first quarter. EverSource Wealth Advisors LLC now owns 2,833 shares of the company’s stock valued at $66,000 after purchasing an additional 2,560 shares during the period. Continuum Advisory LLC purchased a new stake in Doximity in the second quarter worth about $67,000. Finally, Leonteq Securities AG raised its stake in shares of Doximity by 65.6% in the first quarter. Leonteq Securities AG now owns 2,912 shares of the company’s stock worth $68,000 after buying an additional 1,154 shares during the period. 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.