Doximity (NYSE:DOCS) Earns “Underperform” Rating from Bank of America

Doximity (NYSE:DOCS)‘s stock had its “underperform” rating reaffirmed by Bank of America in a report issued on Monday,Benzinga reports. They currently have a $20.00 target price on the stock, down from their previous target price of $38.00. Bank of America‘s target price points to a potential downside of 3.88% from the stock’s current price.

DOCS has been the topic of several other reports. Zacks Research cut Doximity from a “hold” rating to a “strong sell” rating in a report on Tuesday, June 2nd. Canaccord Genuity Group reduced their price objective on Doximity from $34.00 to $30.00 and set a “buy” rating on the stock in a research report on Thursday, May 14th. Evercore lowered Doximity from an “outperform” rating to an “in-line” rating and set a $25.00 price objective on the stock. in a research note on Wednesday, April 8th. Loop Capital set a $31.00 target price on Doximity in a report on Tuesday, March 17th. Finally, Morgan Stanley dropped their target price on Doximity from $49.00 to $35.00 and set an “overweight” rating for the company in a report on Thursday, May 14th. Two investment analysts have rated the stock with a Strong Buy rating, six have issued a Buy rating, twelve have issued a Hold rating and four have issued a Sell rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $29.33.

Doximity Stock Performance

Shares of NYSE DOCS opened at $20.81 on Monday. The stock has a market cap of $3.81 billion, a PE ratio of 21.02, a PEG ratio of 3.55 and a beta of 1.30. Doximity has a 12-month low of $17.15 and a 12-month high of $76.51. The company’s 50-day simple moving average is $21.92.

Insider Transactions at Doximity

In other news, insider Siddharth Sitaram sold 2,444 shares of the business’s stock in a transaction that occurred on Monday, June 8th. The shares were sold at an average price of $20.41, for a total value of $49,882.04. Following the sale, the insider directly owned 90,706 shares of the company’s stock, valued at approximately $1,851,309.46. The trade was a 2.62% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 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 the company’s stock in a transaction that occurred on Thursday, May 7th. The stock was sold at an average price of $26.06, for a total transaction of $234,540.00. Following the completion of the transaction, the director owned 19,839 shares in the company, valued at approximately $517,004.34. This represents a 31.21% decrease in their ownership of the stock. 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. Insiders sold 16,180 shares of company stock worth $395,110 in the last ninety days. 31.30% of the stock is currently owned by corporate insiders.

Institutional Trading of Doximity

Several institutional investors have recently added to or reduced their stakes in the stock. Pacer Advisors Inc. lifted its stake in Doximity by 108.0% during the first quarter. Pacer Advisors Inc. now owns 908,938 shares of the company’s stock worth $21,178,000 after purchasing an additional 471,972 shares in the last quarter. Empowered Funds LLC grew its stake in shares of Doximity by 163.5% in the first quarter. Empowered Funds LLC now owns 32,239 shares of the company’s stock valued at $751,000 after buying an additional 20,006 shares in the last quarter. Carmignac Gestion grew its stake in shares of Doximity by 127.8% in the first 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 in the last quarter. Parallel Advisors LLC raised its holdings in shares of Doximity by 111.0% in the 1st quarter. Parallel Advisors LLC now owns 2,560 shares of the company’s stock valued at $60,000 after buying an additional 1,347 shares during the period. Finally, Essential Partners LLC lifted its stake in Doximity by 34,438.5% during the 1st quarter. Essential Partners LLC now owns 8,980 shares of the company’s stock worth $209,000 after acquiring an additional 8,954 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.