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

Doximity, Inc. (NYSE:DOCS) shares traded down 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 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 Analyst Weigh In

Several equities analysts have commented on the stock. BMO Capital Markets set a $25.00 price target on shares of Doximity in a research note on Friday, February 6th. JPMorgan Chase & Co. decreased their target price on shares of Doximity from $40.00 to $33.00 and set a “neutral” rating on the stock in a research report on Friday, February 20th. Loop Capital set a $31.00 target price on shares of Doximity in a research report on Tuesday, March 17th. Barclays cut their price target on Doximity from $63.00 to $38.00 and set an “overweight” rating for the company in a research note on Wednesday, February 11th. Finally, Truist Financial reiterated a “hold” rating and set a $29.00 price objective (down from $37.00) on shares of Doximity in a research report on Monday, April 20th. Two analysts have rated the stock with a Strong Buy rating, twelve have given a Buy rating and eight have given a Hold rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $40.58.

Doximity Trading Down 11.2%

The firm’s 50-day simple moving average is $24.32. The company has a market cap of $4.34 billion, a price-to-earnings ratio of 19.57, a price-to-earnings-growth ratio of 1.87 and a beta of 1.36.

Doximity declared that its Board of Directors has approved a stock buyback program on Thursday, February 5th that allows the company to repurchase $500.00 million in outstanding shares. This repurchase authorization allows the company to repurchase up to 8% of its shares through open market purchases. Shares repurchase programs are generally an indication that the company’s leadership believes its stock is undervalued.

Insider Activity at Doximity

In other Doximity news, insider Siddharth Sitaram sold 2,427 shares of Doximity stock in a transaction 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 transaction, the insider owned 86,705 shares in the company, valued at approximately $1,828,608.45. The trade was a 2.72% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed 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 Doximity stock in a transaction 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 owned 19,839 shares of the company’s stock, valued at approximately $517,004.34. The trade was a 31.21% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 15,746 shares of company stock worth $396,558 in the last three months. 31.30% of the stock is owned by insiders.

Institutional Investors Weigh In On Doximity

A number of hedge funds have recently modified their holdings of the business. Vanguard Group Inc. boosted 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 valued at $588,281,000 after purchasing an additional 518,916 shares during the last quarter. William Blair Investment Management LLC boosted its holdings in shares of Doximity by 11.7% in the 3rd quarter. William Blair Investment Management LLC now owns 5,829,169 shares of the company’s stock valued at $426,404,000 after purchasing an additional 609,775 shares in the last quarter. Capital World Investors boosted its holdings in shares of Doximity by 5.1% during the 4th quarter. Capital World Investors now owns 5,654,875 shares of the company’s stock valued at $250,398,000 after acquiring an additional 273,444 shares in the last quarter. Franklin Resources Inc. lifted its holdings in Doximity by 6.2% during the 3rd quarter. Franklin Resources Inc. now owns 3,357,505 shares of the company’s stock worth $245,601,000 after buying an additional 194,912 shares during the period. Finally, Invesco Ltd. raised its position in shares of Doximity by 4.2% in the 4th quarter. Invesco Ltd. now owns 2,426,819 shares of the company’s stock worth $107,460,000 after acquiring an additional 98,519 shares in the last quarter. Institutional investors and hedge funds own 87.19% of the company’s stock.

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.