Doximity (NYSE:DOCS) Stock Rating Lowered by Zacks Research

Doximity (NYSE:DOCS) was downgraded by investment analysts at Zacks Research from a “hold” rating to a “strong sell” rating in a research note issued to investors on Tuesday,Zacks.com reports.

DOCS has been the subject of a number of other reports. Wells Fargo & Company reissued an “equal weight” rating and issued a $18.00 target price (down from $32.00) on shares of Doximity in a research report on Thursday, May 14th. Evercore downgraded Doximity from an “outperform” rating to an “in-line” rating and set a $25.00 target price for the company. in a research report on Wednesday, April 8th. Canaccord Genuity Group reduced their price target on Doximity from $34.00 to $30.00 and set a “buy” rating for the company in a research report on Thursday, May 14th. Morgan Stanley reduced their price target on Doximity from $49.00 to $35.00 and set an “overweight” rating for the company in a research report on Thursday, May 14th. Finally, Freedom Capital upgraded Doximity to a “strong-buy” rating in a research report on Tuesday, March 17th. Two research analysts have rated the stock with a Strong Buy rating, seven have assigned a Buy rating, twelve have given a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $30.62.

Doximity Stock Down 2.0%

NYSE:DOCS opened at $21.09 on Tuesday. The stock has a fifty day moving average price of $22.78. Doximity has a 1 year low of $17.15 and a 1 year high of $76.51. The stock has a market capitalization of $3.86 billion, a P/E ratio of 21.30, a P/E/G ratio of 3.66 and a beta of 1.30.

Doximity declared that its Board of Directors has authorized a stock buyback plan on Thursday, February 5th that authorizes the company to repurchase $500.00 million in shares. This repurchase authorization authorizes the company to repurchase up to 8% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s board believes its shares are undervalued.

Insider Buying and Selling at Doximity

In related news, insider Siddharth Sitaram sold 2,427 shares of the business’s stock in a transaction dated Friday, April 10th. The stock was sold at an average price of $21.09, for a total transaction of $51,185.43. Following the completion of the transaction, the insider directly owned 86,705 shares in the company, valued at $1,828,608.45. The trade was a 2.72% 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. 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 business’s stock in a transaction dated Thursday, May 7th. The stock was sold at an average price of $26.06, for a total value of $234,540.00. Following the transaction, the director owned 19,839 shares of the company’s stock, valued at approximately $517,004.34. The trade was a 31.21% 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. Over the last quarter, insiders sold 16,055 shares of company stock valued at $404,061. 31.30% of the stock is owned by company insiders.

Hedge Funds Weigh In On Doximity

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. grew its position in Doximity by 4.1% during the fourth quarter. Vanguard Group Inc. now owns 13,285,485 shares of the company’s stock worth $588,281,000 after buying an additional 518,916 shares in the last quarter. UBS Group AG grew its position in Doximity by 26.5% during the fourth quarter. UBS Group AG now owns 680,260 shares of the company’s stock worth $30,122,000 after buying an additional 142,408 shares in the last quarter. Northwestern Mutual Wealth Management Co. grew its position in Doximity by 325,436.6% during the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 1,298,891 shares of the company’s stock worth $57,515,000 after buying an additional 1,298,492 shares in the last quarter. Blair William & Co. IL grew its position in Doximity by 1,990.7% during the third quarter. Blair William & Co. IL now owns 362,740 shares of the company’s stock worth $26,534,000 after buying an additional 345,390 shares in the last quarter. Finally, William Blair Investment Management LLC grew its position in Doximity by 11.7% during the third quarter. William Blair Investment Management LLC now owns 5,829,169 shares of the company’s stock worth $426,404,000 after buying an additional 609,775 shares in the last quarter. 87.19% of the stock is currently 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.