Doximity (NASDAQ:DOCS) Stock Price Down 3.8% After Analyst Downgrade

Shares of Doximity, Inc. (NASDAQ:DOCS) fell 3.8% during mid-day trading on Tuesday after Robert W. Baird lowered their price target on the stock from $87.00 to $65.00. Robert W. Baird currently has an outperform rating on the stock. Doximity traded as low as $51.88 and last traded at $51.72. 846,274 shares were traded during mid-day trading, a decline of 59% from the average session volume of 2,080,301 shares. The stock had previously closed at $53.77.

DOCS has been the topic of several other research reports. Morgan Stanley cut their target price on Doximity from $71.00 to $60.00 and set an “equal weight” rating on the stock in a research report on Thursday, April 24th. William Blair reissued an “outperform” rating on shares of Doximity in a research report on Friday. KeyCorp cut their price target on Doximity from $83.00 to $70.00 and set an “overweight” rating on the stock in a research report on Wednesday, April 16th. Leerink Partners raised Doximity from a “market perform” rating to an “outperform” rating and lifted their price target for the stock from $60.00 to $90.00 in a research report on Friday, February 7th. Finally, Raymond James dropped their target price on Doximity from $83.00 to $65.00 and set an “outperform” rating on the stock in a report on Friday. Eleven investment analysts have rated the stock with a hold rating, eight have issued a buy rating and two have assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $62.89.

Insider Activity

In related news, Director Kira Scherer Wampler sold 2,000 shares of the company’s stock in a transaction on Thursday, May 1st. The stock was sold at an average price of $56.93, for a total value of $113,860.00. Following the completion of the transaction, the director now directly owns 16,618 shares in the company, valued at approximately $946,062.74. This represents a 10.74% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CFO Anna Bryson sold 45,000 shares of the company’s stock in a transaction dated Thursday, May 1st. The stock was sold at an average price of $57.23, for a total value of $2,575,350.00. Following the sale, the chief financial officer now owns 357,165 shares of the company’s stock, valued at $20,440,552.95. This represents a 11.19% decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 37.40% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of DOCS. Barclays PLC boosted its holdings in Doximity by 60.5% in the third quarter. Barclays PLC now owns 53,401 shares of the company’s stock valued at $2,327,000 after purchasing an additional 20,125 shares during the last quarter. UMB Bank n.a. boosted its holdings in Doximity by 69.1% in the fourth quarter. UMB Bank n.a. now owns 575 shares of the company’s stock valued at $31,000 after purchasing an additional 235 shares during the last quarter. Lifestyle Asset Management Inc. bought a new position in Doximity during the 4th quarter worth approximately $356,000. Blue Trust Inc. lifted its holdings in Doximity by 88.1% during the 4th quarter. Blue Trust Inc. now owns 5,398 shares of the company’s stock worth $288,000 after buying an additional 2,528 shares during the last quarter. Finally, KBC Group NV lifted its holdings in Doximity by 2,130.7% during the 4th quarter. KBC Group NV now owns 73,523 shares of the company’s stock worth $3,925,000 after buying an additional 70,227 shares during the last quarter. Hedge funds and other institutional investors own 87.19% of the company’s stock.

Doximity Stock Performance

The business has a fifty day simple moving average of $57.19 and a 200 day simple moving average of $58.03. The company has a market cap of $9.65 billion, a P/E ratio of 51.72, a P/E/G ratio of 4.10 and a beta of 1.41.

Doximity (NASDAQ:DOCS) last released its earnings results on Thursday, May 15th. The company reported $0.38 EPS for the quarter, topping analysts’ consensus estimates of $0.27 by $0.11. Doximity had a return on equity of 21.75% and a net margin of 36.60%. The company’s revenue for the quarter was up 17.1% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.25 EPS. Equities research analysts expect that Doximity, Inc. will post 0.99 EPS for the current year.

Doximity Company Profile

Doximity, Inc operates a cloud-based digital platform for medical professionals in the United States. The company's platform provides its members with tools built for medical professionals, enabling them to collaborate with their colleagues, coordinate patient care, conduct virtual patient visits, stay up to date with the latest medical news and research, and manage their careers.