Doximity (NYSE:DOCS) Shares Climb 6.9% – Time to Buy?

Shares of Doximity, Inc. (NYSE:DOCS) were up 6.9% during trading on Wednesday. The stock traded as high as $28.25 and last traded at $28.34. Approximately 1,223,550 shares traded hands during mid-day trading, a decline of 70% from the average session volume of 4,011,666 shares. The stock had previously closed at $26.52.

Wall Street Analysts Forecast Growth

Several equities analysts have commented on DOCS shares. Zacks Research raised shares of Doximity from a “strong sell” rating to a “hold” rating in a research report on Monday, July 13th. Citigroup lowered Doximity to an “underperform” rating in a research report on Monday, June 29th. Bank of America restated an “underperform” rating and set a $20.00 price objective (down from $38.00) on shares of Doximity in a report on Monday, June 29th. BMO Capital Markets restated a “market perform” rating and set a $30.00 price target on shares of Doximity in a research note on Friday, August 7th. Finally, Wolfe Research upgraded Doximity to an “outperform” rating in a research note on Thursday, August 13th. One research analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating, fourteen have given a Hold rating and three have assigned a Sell rating to the company’s stock. According to MarketBeat.com, Doximity has an average rating of “Hold” and a consensus price target of $31.95.

Doximity Stock Up 0.6%

The business’s 50-day moving average price is $25.04 and its 200 day moving average price is $23.23. The company has a market capitalization of $5.08 billion, a P/E ratio of 33.53, a price-to-earnings-growth ratio of 22.17 and a beta of 1.22.

Doximity (NYSE:DOCS) last posted its earnings results on Thursday, August 6th. The company reported $0.29 earnings per share for the quarter, topping analysts’ consensus estimates of $0.16 by $0.13. Doximity had a net margin of 25.48% and a return on equity of 18.06%. The business had revenue of $156.62 million for the quarter. During the same period last year, the company posted $0.36 EPS. The business’s revenue was up 7.3% on a year-over-year basis. Analysts anticipate that Doximity, Inc. will post 0.74 EPS for the current fiscal year.

Insider Transactions at Doximity

In related news, Director Kira Wampler sold 2,000 shares of the business’s stock in a transaction dated Tuesday, August 25th. The stock was sold at an average price of $24.95, for a total transaction of $49,900.00. Following the completion of the transaction, the director directly owned 19,839 shares in the company, valued at $494,983.05. The trade was a 9.16% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Timothy S. Cabral sold 7,500 shares of the company’s stock in a transaction dated Friday, August 7th. The stock was sold at an average price of $39.11, for a total value 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 represents a 69.96% 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. Over the last quarter, insiders have sold 13,347 shares of company stock valued at $441,412. 31.80% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the stock. Lifestyle Asset Management Inc. lifted its position in Doximity by 5.9% in the fourth quarter. Lifestyle Asset Management Inc. now owns 7,083 shares of the company’s stock valued at $314,000 after purchasing an additional 396 shares during the last quarter. Leonteq Securities AG grew its holdings in Doximity by 65.6% in the 1st quarter. Leonteq Securities AG now owns 2,912 shares of the company’s stock worth $68,000 after acquiring an additional 1,154 shares during the last quarter. Pictet Asset Management Holding SA increased its holdings in Doximity by 6.4% during the 1st quarter. Pictet Asset Management Holding SA now owns 19,224 shares of the company’s stock valued at $448,000 after purchasing an additional 1,156 shares during the period. Parallel Advisors LLC raised its position in Doximity by 111.0% during the 1st 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 during the last quarter. Finally, Versant Capital Management Inc lifted its holdings in Doximity by 1,176.9% in the 3rd quarter. Versant Capital Management Inc now owns 1,826 shares of the company’s stock worth $52,000 after buying an additional 1,683 shares during the period. 87.19% of the stock is currently owned by institutional investors.

About Doximity

Doximity, Inc operates a digital platform designed for U.S. medical professionals. Its network enables physicians, nurse practitioners, physician assistants and other healthcare providers to connect with colleagues, exchange clinical information and access professional resources.

The company offers tools for telehealth and care coordination, including video and phone-based communication services, as well as digital faxing and secure messaging capabilities. Doximity also provides medical news and research content tailored to healthcare professionals.

Doximity generates additional business through recruiting and marketing solutions that help healthcare organizations reach clinicians and promote employment opportunities, services and products.