Doximity (NASDAQ:DOCS) Director Kira Scherer Wampler Sells 2,000 Shares

Doximity, Inc. (NASDAQ:DOCS) Director Kira Scherer Wampler sold 2,000 shares of the company’s stock in a transaction dated Tuesday, March 3rd. The shares were sold at an average price of $26.00, for a total transaction of $52,000.00. Following the completion of the sale, the director directly owned 19,839 shares in the company, valued at approximately $515,814. The trade was a 9.16% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this link.

Doximity Stock Performance

DOCS traded down $0.80 during trading hours on Friday, reaching $25.27. The company’s stock had a trading volume of 852,845 shares, compared to its average volume of 3,845,913. The company’s 50-day moving average is $34.94 and its 200-day moving average is $52.04. The firm has a market cap of $4.67 billion, a PE ratio of 25.27, a price-to-earnings-growth ratio of 4.10 and a beta of 1.44. Doximity, Inc. has a 52 week low of $23.53 and a 52 week high of $76.51.

Doximity (NASDAQ:DOCS) last released its quarterly earnings results on Thursday, February 5th. The company reported $0.46 EPS for the quarter, beating 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%. Doximity’s quarterly revenue was up 9.8% on a year-over-year basis. During the same period in the prior year, the firm earned $0.45 EPS. Equities analysts anticipate that Doximity, Inc. will post 0.99 earnings per share for the current fiscal year.

Doximity announced that its Board of Directors has authorized a share repurchase program on Thursday, February 5th that permits the company to buyback $500.00 million in outstanding shares. This buyback authorization permits the company to reacquire up to 8% of its stock through open market purchases. Stock buyback programs are often a sign that the company’s leadership believes its stock is undervalued.

Analyst Ratings Changes

A number of brokerages recently issued reports on DOCS. Evercore reiterated an “outperform” rating on shares of Doximity in a report on Thursday, January 8th. Canaccord Genuity Group set a $34.00 price target on shares of Doximity and gave the company a “buy” rating in a research report on Monday, February 9th. BMO Capital Markets set a $25.00 price target on shares of Doximity in a research note on Friday, February 6th. Truist Financial reduced their price objective on shares of Doximity from $62.00 to $37.00 and set a “buy” rating on the stock in a research note on Friday, February 6th. Finally, Wells Fargo & Company decreased their price objective on Doximity from $55.00 to $45.00 and set an “overweight” rating for the company in a report on Friday, February 6th. One investment analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and five have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $48.33.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the business. Carmignac Gestion increased its holdings in Doximity by 355.9% in the fourth quarter. Carmignac Gestion now owns 1,893,026 shares of the company’s stock worth $83,831,000 after purchasing an additional 1,477,798 shares in the last quarter. Voya Investment Management LLC grew its position in shares of Doximity by 932.8% during the 3rd quarter. Voya Investment Management LLC now owns 1,567,668 shares of the company’s stock worth $114,267,000 after buying an additional 1,415,882 shares during the period. Northwestern Mutual Wealth Management Co. increased its stake in shares of Doximity by 325,436.6% in the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 1,298,891 shares of the company’s stock valued at $57,515,000 after acquiring an additional 1,298,492 shares in the last quarter. Federated Hermes Inc. lifted its position in shares of Doximity by 3,422.7% during the 4th quarter. Federated Hermes Inc. now owns 1,249,085 shares of the company’s stock valued at $55,309,000 after acquiring an additional 1,213,627 shares during the period. Finally, Franklin Resources Inc. boosted its stake in Doximity by 53.9% during the second quarter. Franklin Resources Inc. now owns 3,162,593 shares of the company’s stock worth $193,993,000 after acquiring an additional 1,108,162 shares in the last quarter. 87.19% of the stock is owned by institutional investors and hedge funds.

Doximity Company Profile

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.