Doximity, Inc. (NYSE:DOCS) Receives Consensus Recommendation of “Hold” from Brokerages

Doximity, Inc. (NYSE:DOCS) has been assigned a consensus recommendation of “Hold” from the twenty-three research firms that are covering the company, MarketBeat reports. One analyst has rated the stock with a sell rating, thirteen have issued a hold rating, seven have assigned a buy rating and two have assigned a strong buy rating to the company. The average 1 year target price among brokerages that have issued ratings on the stock in the last year is $30.6190.

DOCS has been the topic of a number of recent analyst reports. Leerink Partners cut their price target on shares of Doximity from $31.00 to $25.00 and set an “outperform” rating on the stock in a report on Thursday, May 14th. BTIG Research cut shares of Doximity from a “buy” rating to a “neutral” rating in a research report on Thursday, May 14th. Barclays restated an “equal weight” rating and set a $20.00 price objective (down from $38.00) on shares of Doximity in a research note on Thursday, May 14th. Needham & Company LLC reduced their price target on shares of Doximity from $55.00 to $27.00 and set a “buy” rating for the company in a research note on Thursday, May 14th. Finally, Truist Financial reiterated a “hold” rating and issued a $19.00 price target (down from $29.00) on shares of Doximity in a research note on Thursday, May 14th.

Doximity Stock Performance

DOCS stock opened at $19.26 on Friday. The company has a market cap of $3.56 billion, a price-to-earnings ratio of 19.45, a P/E/G ratio of 2.54 and a beta of 1.36. Doximity has a 52 week low of $17.15 and a 52 week high of $76.51. The firm’s fifty day simple moving average is $23.69.

Doximity announced that its Board of Directors has initiated a stock repurchase plan on Thursday, February 5th that allows the company to buyback $500.00 million in shares. This buyback authorization allows the company to purchase up to 8% of its stock through open market purchases. Stock buyback plans are usually a sign that the company’s management believes its stock is undervalued.

Insider Activity at Doximity

In other Doximity news, insider Siddharth Sitaram sold 2,309 shares of Doximity stock in a transaction that occurred on Monday, May 11th. The shares were sold at an average price of $25.77, for a total transaction of $59,502.93. Following the transaction, the insider owned 89,396 shares of the company’s stock, valued at $2,303,734.92. The trade was a 2.52% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 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 Doximity stock in a transaction that occurred on Thursday, May 7th. The shares were sold at an average price of $26.06, for a total transaction of $234,540.00. Following the transaction, the director directly owned 19,839 shares in the company, valued at $517,004.34. This represents 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. Insiders have sold 18,055 shares of company stock valued at $456,061 over the last 90 days. 31.30% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Doximity

Hedge funds have recently modified their holdings of the stock. Root Financial Partners LLC purchased a new position in shares of Doximity in the third quarter worth $30,000. Whittier Trust Co. of Nevada Inc. increased its position in Doximity by 59.5% during the third quarter. Whittier Trust Co. of Nevada Inc. now owns 480 shares of the company’s stock valued at $35,000 after acquiring an additional 179 shares during the last quarter. Northwestern Mutual Wealth Management Co. increased its position in Doximity by 99.5% during the fourth 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 last quarter. Toth Financial Advisory Corp increased its position in Doximity by 100.0% during the fourth quarter. Toth Financial Advisory Corp now owns 1,000 shares of the company’s stock valued at $44,000 after acquiring an additional 500 shares during the last quarter. Finally, Atlantic Union Bankshares Corp grew its holdings in shares of Doximity by 136.9% in the third quarter. Atlantic Union Bankshares Corp now owns 616 shares of the company’s stock worth $45,000 after purchasing an additional 356 shares during the last quarter. Hedge funds and other institutional investors 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.