Doximity, Inc. (NYSE:DOCS) Given Consensus Recommendation of “Hold” by Brokerages

Doximity, Inc. (NYSE:DOCS) has been given an average recommendation of “Hold” by the twenty-three ratings firms that are presently covering the company, MarketBeat.com reports. One analyst has rated the stock with a sell rating, thirteen have assigned a hold rating, seven have issued a buy rating and two have assigned a strong buy rating to the company. The average 12-month price target among brokerages that have covered the stock in the last year is $30.6190.

DOCS has been the subject of a number of recent research reports. Robert W. Baird reissued a “neutral” rating and issued a $18.00 price objective (down from $40.00) on shares of Doximity in a report on Thursday, May 14th. The Goldman Sachs Group dropped their target price on shares of Doximity from $28.00 to $24.00 and set a “neutral” rating for the company in a research report on Thursday, May 14th. Barclays restated an “equal weight” rating and issued a $20.00 target price (down from $38.00) on shares of Doximity in a research report on Thursday, May 14th. Jefferies Financial Group cut shares of Doximity from a “buy” rating to a “hold” rating and dropped their target price for the company from $51.00 to $19.00 in a research report on Thursday, May 14th. Finally, Leerink Partners dropped their target price on shares of Doximity from $31.00 to $25.00 and set an “outperform” rating for the company in a research report on Thursday, May 14th.

Doximity Stock Down 2.3%

NYSE DOCS opened at $19.41 on Friday. The company has a market cap of $3.58 billion, a P/E ratio of 19.60, a P/E/G ratio of 2.58 and a beta of 1.36. Doximity has a 12-month low of $17.15 and a 12-month high of $76.51. The firm has a 50-day simple moving average of $23.47.

Doximity declared that its Board of Directors has approved a stock repurchase plan on Thursday, February 5th that permits the company to repurchase $500.00 million in shares. This repurchase authorization permits the company to purchase up to 8% of its stock through open market purchases. Stock repurchase plans are often a sign that the company’s management believes its shares are undervalued.

Insider Activity at Doximity

In other news, Director Kira Scherer Wampler sold 9,000 shares of the business’s stock in a transaction that occurred on Thursday, May 7th. The shares were sold at an average price of $26.06, for a total value of $234,540.00. Following the completion of the transaction, the director directly owned 19,839 shares in the company, valued at approximately $517,004.34. The trade was a 31.21% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Siddharth Sitaram sold 2,427 shares of the business’s stock in a transaction that occurred on Friday, April 10th. The shares were sold at an average price of $21.09, for a total transaction of $51,185.43. Following the completion of the transaction, the insider owned 86,705 shares of the company’s stock, valued at $1,828,608.45. The trade was a 2.72% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 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. Insiders sold a total of 18,055 shares of company stock valued at $456,061 over the last 90 days. Corporate insiders own 31.30% of the company’s stock.

Hedge Funds Weigh In On Doximity

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Root Financial Partners LLC acquired a new position in Doximity during the 3rd quarter worth approximately $30,000. Whittier Trust Co. of Nevada Inc. increased its position in Doximity by 59.5% during 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 in the last quarter. Northwestern Mutual Wealth Management Co. increased its position in Doximity by 99.5% during the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 796 shares of the company’s stock worth $35,000 after purchasing an additional 397 shares in the last quarter. Toth Financial Advisory Corp increased its position in Doximity by 100.0% during the 4th quarter. Toth Financial Advisory Corp now owns 1,000 shares of the company’s stock worth $44,000 after purchasing an additional 500 shares in the last quarter. Finally, Atlantic Union Bankshares Corp increased its position in Doximity by 136.9% during the 3rd quarter. Atlantic Union Bankshares Corp now owns 616 shares of the company’s stock worth $45,000 after purchasing an additional 356 shares in the last quarter. 87.19% of the stock is currently owned by institutional investors and hedge funds.

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.