Doximity (NYSE:DOCS) Trading Down 8.4% – Should You Sell?

Shares of Doximity, Inc. (NYSE:DOCS) fell 8.4% during mid-day trading on Wednesday . The stock traded as low as $24.57 and last traded at $24.2360. 2,318,256 shares were traded during mid-day trading, a decline of 31% from the average session volume of 3,348,805 shares. The stock had previously closed at $26.45.

Wall Street Analysts Forecast Growth

DOCS has been the subject of a number of analyst reports. Wells Fargo & Company cut their price target on Doximity from $45.00 to $32.00 and set an “overweight” rating for the company in a report on Monday. Truist Financial reaffirmed a “hold” rating and set a $29.00 price objective (down from $37.00) on shares of Doximity in a research note on Monday, April 20th. Freedom Capital upgraded shares of Doximity to a “strong-buy” rating in a report on Tuesday, March 17th. Morgan Stanley lowered their target price on shares of Doximity from $65.00 to $49.00 and set an “overweight” rating for the company in a report on Friday, February 6th. Finally, JPMorgan Chase & Co. decreased their price objective on shares of Doximity from $40.00 to $33.00 and set a “neutral” rating for the company in a report on Friday, February 20th. Two analysts have rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and eight have assigned a Hold rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $40.58.

Doximity Price Performance

The company has a market capitalization of $4.34 billion, a price-to-earnings ratio of 19.57, a PEG ratio of 1.87 and a beta of 1.36. The firm has a 50-day moving average of $24.32.

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

Insiders Place Their Bets

In other news, insider Siddharth Sitaram sold 2,427 shares of the stock in a transaction that occurred on Friday, April 10th. The shares were sold at an average price of $21.09, for a total value of $51,185.43. Following the completion of the sale, the insider owned 86,705 shares of the company’s stock, valued at $1,828,608.45. This represents a 2.72% decrease in their position. The transaction was disclosed in a filing with the SEC, 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 15,746 shares of company stock valued at $396,558 in the last ninety days. 31.30% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of the business. Whittier Trust Co. of Nevada Inc. boosted its stake in Doximity by 59.5% in the 3rd 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. Oregon Public Employees Retirement Fund boosted its position in shares of Doximity by 0.7% during the third quarter. Oregon Public Employees Retirement Fund now owns 27,500 shares of the company’s stock valued at $2,012,000 after purchasing an additional 200 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its stake in Doximity by 0.5% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 38,978 shares of the company’s stock valued at $2,262,000 after buying an additional 210 shares during the last quarter. Rakuten Securities Inc. raised its stake in Doximity by 14.0% during the third quarter. Rakuten Securities Inc. now owns 1,763 shares of the company’s stock valued at $129,000 after buying an additional 217 shares during the last quarter. Finally, BOKF NA lifted its holdings in shares of Doximity by 5.3% during the third quarter. BOKF NA now owns 5,356 shares of the company’s stock valued at $392,000 after purchasing an additional 269 shares in the last quarter. 87.19% of the stock is owned by hedge funds and other institutional investors.

Doximity Company Profile

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.