Insider Selling: Doximity (NASDAQ:DOCS) Insider Sells 2,319 Shares of Stock

Doximity, Inc. (NASDAQ:DOCS) insider Siddharth Sitaram sold 2,319 shares of the firm’s stock in a transaction that occurred on Tuesday, March 10th. The shares were sold at an average price of $25.37, for a total value of $58,833.03. Following the completion of the transaction, the insider owned 84,132 shares in the company, valued at approximately $2,134,428.84. This trade represents a 2.68% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link.

Siddharth Sitaram also recently made the following trade(s):

• On Tuesday, February 10th, Siddharth Sitaram sold 2,282 shares of Doximity stock. The shares were sold at an average price of $27.88, for a total transaction of $63,622.16.

Doximity Trading Down 1.6%

Doximity stock traded down $0.39 during trading on Thursday, hitting $24.25. The company had a trading volume of 2,876,111 shares, compared to its average volume of 3,756,602. The stock has a market cap of $4.48 billion, a price-to-earnings ratio of 24.25, a price-to-earnings-growth ratio of 4.10 and a beta of 1.44. The company’s 50 day simple moving average is $33.01 and its 200-day simple moving average is $50.64. Doximity, Inc. has a 1-year low of $23.53 and a 1-year high of $76.51.

Doximity (NASDAQ:DOCS) last posted its quarterly earnings results on Thursday, February 5th. The company reported $0.46 EPS for the quarter, topping the consensus estimate of $0.45 by $0.01. Doximity had a net margin of 36.60% and a return on equity of 21.75%. The firm’s revenue for the quarter was up 9.8% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.45 earnings per share. As a group, analysts forecast that Doximity, Inc. will post 0.99 earnings per share for the current fiscal year.

Doximity declared that its board has authorized a share buyback program on Thursday, February 5th that authorizes the company to buyback $500.00 million in outstanding shares. This buyback authorization authorizes the company to purchase up to 8% of its shares through open market purchases. Shares buyback programs are often an indication that the company’s leadership believes its stock is undervalued.

Analyst Ratings Changes

Several analysts have commented on the company. Needham & Company LLC lowered their price target on Doximity from $75.00 to $55.00 and set a “buy” rating for the company in a report on Friday, February 6th. Piper Sandler boosted their target price on shares of Doximity from $40.00 to $42.00 and gave the stock an “overweight” rating in a research report on Friday, February 20th. Morgan Stanley cut their target price on shares of Doximity from $65.00 to $49.00 and set an “overweight” rating on the stock in a report on Friday, February 6th. KeyCorp set a $38.00 price objective on Doximity in a research report on Friday, February 6th. Finally, Evercore reiterated an “outperform” rating on shares of Doximity in a research note on Thursday, January 8th. One investment analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating and five have issued a Hold rating to the company. According to MarketBeat, Doximity presently has an average rating of “Moderate Buy” and an average price target of $47.50.

Institutional Investors Weigh In On Doximity

Several institutional investors and hedge funds have recently added to or reduced their stakes in DOCS. Root Financial Partners LLC acquired a new stake in shares of Doximity in the third quarter valued at about $30,000. Whittier Trust Co. of Nevada Inc. lifted its position in Doximity by 59.5% in the third quarter. Whittier Trust Co. of Nevada Inc. now owns 480 shares of the company’s stock worth $35,000 after purchasing an additional 179 shares during the period. Toth Financial Advisory Corp lifted its holdings in shares of Doximity by 150.0% during the 3rd quarter. Toth Financial Advisory Corp now owns 500 shares of the company’s stock worth $37,000 after acquiring an additional 300 shares during the period. Atlantic Union Bankshares Corp boosted its holdings in Doximity by 136.9% during the third quarter. Atlantic Union Bankshares Corp now owns 616 shares of the company’s stock valued at $45,000 after purchasing an additional 356 shares in the last quarter. Finally, First Horizon Corp acquired a new stake in Doximity in the 3rd quarter valued at $58,000. 87.19% of the stock is currently owned by institutional investors and hedge funds.

About Doximity

Doximity, Inc, headquartered in San Francisco, California, operates the leading professional medical network for healthcare professionals in the United States. Founded in 2011 by Jeff Tangney and Shari Buck, the company set out to create a secure digital environment where physicians, nurse practitioners and physician assistants can collaborate, share information and stay current with clinical news. Doximity went public in June 2021 and trades on the NASDAQ under the ticker symbol “DOCS.”

The core offering of Doximity is its HIPAA-compliant communication platform, which includes a secure messaging system, digital fax services and telehealth capabilities.