Doximity (NASDAQ:DOCS) Sets New 12-Month Low – Time to Sell?

Doximity, Inc. (NASDAQ:DOCS) hit a new 52-week low during mid-day trading on Friday . The stock traded as low as $43.21 and last traded at $43.4950, with a volume of 908827 shares traded. The stock had previously closed at $44.28.

Analyst Ratings Changes

A number of research analysts have recently commented on the company. Robert W. Baird upped their target price on Doximity from $75.00 to $80.00 and gave the company an “outperform” rating in a research note on Thursday, September 11th. JPMorgan Chase & Co. reiterated an “underweight” rating and set a $62.00 target price on shares of Doximity in a research report on Friday, October 10th. KeyCorp boosted their target price on shares of Doximity from $75.00 to $80.00 and gave the company an “overweight” rating in a research note on Wednesday, October 8th. BMO Capital Markets began coverage on shares of Doximity in a report on Thursday, November 13th. They issued a “market perform” rating and a $55.00 price target on the stock. Finally, Canaccord Genuity Group decreased their price objective on shares of Doximity from $67.00 to $58.00 and set a “hold” rating for the company in a report on Monday, November 10th. Two analysts have rated the stock with a Strong Buy rating, eleven have given a Buy rating, six have assigned a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $68.94.

Doximity Stock Down 1.9%

The stock has a market capitalization of $8.18 billion, a P/E ratio of 43.46, a P/E/G ratio of 4.10 and a beta of 1.38. The stock’s 50 day moving average price is $51.10 and its 200-day moving average price is $60.29.

Doximity (NASDAQ:DOCS) last posted its earnings results on Thursday, November 6th. The company reported $0.45 earnings per share for the quarter, topping analysts’ consensus estimates of $0.38 by $0.07. Doximity had a return on equity of 21.75% and a net margin of 36.60%.The business’s revenue for the quarter was up 23.2% compared to the same quarter last year. During the same quarter last year, the company earned $0.30 earnings per share. Analysts anticipate that Doximity, Inc. will post 0.99 earnings per share for the current year.

Insiders Place Their Bets

In other Doximity news, Director Kira Scherer Wampler sold 2,000 shares of the stock in a transaction dated Monday, November 3rd. The shares were sold at an average price of $66.44, for a total transaction of $132,880.00. Following the completion of the sale, the director directly owned 19,839 shares of the company’s stock, valued at approximately $1,318,103.16. This represents a 9.16% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Director Regina M. Benjamin sold 5,000 shares of the firm’s stock in a transaction dated Friday, October 10th. The shares were sold at an average price of $70.84, for a total transaction of $354,200.00. Following the completion of the sale, the director owned 19,839 shares in the company, valued at $1,405,394.76. This represents a 20.13% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Corporate insiders own 31.30% of the company’s stock.

Institutional Investors Weigh In On Doximity

A number of hedge funds and other institutional investors have recently bought and sold shares of DOCS. Allworth Financial LP grew its holdings in Doximity by 369.7% in the third quarter. Allworth Financial LP now owns 40,952 shares of the company’s stock worth $2,996,000 after purchasing an additional 32,233 shares during the last quarter. Swiss Life Asset Management Ltd grew its stake in Doximity by 1.2% during the 3rd quarter. Swiss Life Asset Management Ltd now owns 209,829 shares of the company’s stock worth $15,349,000 after buying an additional 2,489 shares during the last quarter. Tevis Investment Management increased its position in Doximity by 7.9% during the 3rd quarter. Tevis Investment Management now owns 7,229 shares of the company’s stock valued at $529,000 after buying an additional 528 shares in the last quarter. CIBC Bancorp USA Inc. purchased a new stake in Doximity in the third quarter valued at about $908,000. Finally, Danske Bank A S purchased a new stake in Doximity in the third quarter valued at about $543,000. Hedge funds and other institutional investors own 87.19% of the company’s stock.

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.