Doximity (NYSE:DOCS) Raised to Hold at Zacks Research

Doximity (NYSE:DOCS) was upgraded by Zacks Research from a “strong sell” rating to a “hold” rating in a research report issued to clients and investors on Tuesday,Zacks.com reports.

A number of other research firms also recently weighed in on DOCS. Wall Street Zen downgraded Doximity from a “buy” rating to a “hold” rating in a report on Saturday, January 10th. BMO Capital Markets set a $25.00 target price on Doximity in a research note on Friday, February 6th. Bank of America reduced their price target on Doximity from $56.00 to $47.00 and set a “buy” rating on the stock in a research note on Thursday, April 16th. Freedom Capital upgraded Doximity to a “strong-buy” rating in a report on Tuesday, March 17th. Finally, Weiss Ratings reissued a “hold (c+)” rating on shares of Doximity in a research report on Wednesday, December 24th. Two investment analysts have rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and eight have issued a Hold rating to the company’s stock. Based on data from MarketBeat, Doximity has a consensus rating of “Moderate Buy” and a consensus target price of $41.26.

Doximity Stock Performance

NYSE:DOCS opened at $24.22 on Tuesday. The stock has a 50-day moving average of $24.24. The stock has a market cap of $4.47 billion, a PE ratio of 20.18, a price-to-earnings-growth ratio of 1.72 and a beta of 1.42. Doximity has a 12 month low of $20.55 and a 12 month high of $76.51.

Doximity (NYSE:DOCS) last announced its quarterly earnings results on Thursday, February 5th. The company reported $0.46 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.45 by $0.01. Doximity had a net margin of 37.54% and a return on equity of 23.84%. During the same quarter in the previous year, the company earned $0.45 EPS. Doximity’s quarterly revenue was up 9.8% compared to the same quarter last year. On average, equities research analysts expect that Doximity will post 1.11 earnings per share for the current fiscal year.

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

Insider Buying and Selling

In other news, Director Kira Scherer Wampler sold 2,000 shares of the business’s stock in a transaction that occurred on Tuesday, March 3rd. The stock was sold at an average price of $26.00, for a total value of $52,000.00. Following the sale, the director directly owned 19,839 shares of the company’s stock, valued at $515,814. The trade was a 9.16% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Siddharth Sitaram sold 2,427 shares of the company’s stock in a transaction that occurred on Friday, April 10th. The stock was 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 in the company, valued at $1,828,608.45. The trade was a 2.72% decrease in their position. 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. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last three months, insiders sold 9,028 shares of company stock worth $225,641. Insiders own 31.30% of the company’s stock.

Hedge Funds Weigh In On Doximity

Several institutional investors and hedge funds have recently modified their holdings of DOCS. Root Financial Partners LLC purchased a new position in shares of Doximity in the 3rd quarter worth about $30,000. 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 in the last quarter. Atlantic Union Bankshares Corp grew its position in Doximity by 136.9% during the 3rd quarter. Atlantic Union Bankshares Corp now owns 616 shares of the company’s stock valued at $45,000 after purchasing an additional 356 shares during the last quarter. First Horizon Corp purchased a new stake in Doximity during the 3rd quarter valued at about $58,000. Finally, Northwestern Mutual Wealth Management Co. increased its stake in Doximity by 99.5% during the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 796 shares of the company’s stock valued at $35,000 after purchasing an additional 397 shares in the last quarter. 87.19% of the stock is currently owned by 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.