Doximity (NYSE:DOCS) Insider Sells $59,502.93 in Stock

Doximity, Inc. (NYSE:DOCS) insider Siddharth Sitaram sold 2,309 shares of Doximity stock in a transaction that occurred on Monday, May 11th. The shares were sold at an average price of $25.77, for a total transaction of $59,502.93. Following the sale, the insider directly owned 89,396 shares in the company, valued at $2,303,734.92. This trade represents a 2.52% decrease in their ownership of the stock. The sale was disclosed in a legal filing 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.

Siddharth Sitaram also recently made the following trade(s):

• On Friday, April 10th, Siddharth Sitaram sold 2,427 shares of Doximity stock. The shares were sold at an average price of $21.09, for a total transaction of $51,185.43.
• On Tuesday, March 10th, Siddharth Sitaram sold 2,319 shares of Doximity stock. The shares were sold at an average price of $25.37, for a total transaction of $58,833.03.

Doximity Stock Performance

Shares of Doximity stock traded down $2.94 during midday trading on Wednesday, hitting $23.52. 11,929,944 shares of the company traded hands, compared to its average volume of 3,454,153. The stock has a market capitalization of $4.34 billion, a PE ratio of 19.60, a price-to-earnings-growth ratio of 1.87 and a beta of 1.36. The business has a fifty day simple moving average of $24.32. Doximity, Inc. has a 12 month low of $20.55 and a 12 month high of $76.51.

Doximity announced that its Board of Directors has initiated a stock repurchase plan on Thursday, February 5th that authorizes the company to buyback $500.00 million in outstanding shares. This buyback authorization authorizes the company to repurchase up to 8% of its shares through open market purchases. Shares buyback plans are generally a sign that the company’s management believes its stock is undervalued.

Analysts Set New Price Targets

Several brokerages recently issued reports on DOCS. Canaccord Genuity Group set a $34.00 price target on shares of Doximity and gave the company a “buy” rating in a report on Monday, February 9th. BTIG Research reduced their target price on shares of Doximity from $80.00 to $50.00 and set a “buy” rating on the stock in a report on Friday, February 6th. Royal Bank Of Canada reissued an “outperform” rating and set a $44.00 target price on shares of Doximity in a report on Monday, March 9th. Mizuho reduced their target price on shares of Doximity from $45.00 to $34.00 and set a “neutral” rating on the stock in a report on Tuesday, February 10th. Finally, Wells Fargo & Company reduced their target price on shares of Doximity from $45.00 to $32.00 and set an “overweight” rating on the stock in a report on Monday. Two equities research analysts have rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and eight have given a Hold rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $40.58.

Institutional Investors Weigh In On Doximity

A number of institutional investors have recently added to or reduced their stakes in DOCS. Carmignac Gestion lifted its position in shares of Doximity by 355.9% in the 4th quarter. Carmignac Gestion now owns 1,893,026 shares of the company’s stock worth $83,831,000 after purchasing an additional 1,477,798 shares during the period. SG Americas Securities LLC lifted its position in shares of Doximity by 3,403.2% in the 1st quarter. SG Americas Securities LLC now owns 1,408,597 shares of the company’s stock worth $32,820,000 after purchasing an additional 1,368,388 shares during the period. Northwestern Mutual Wealth Management Co. lifted its position in shares of Doximity by 325,436.6% in the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 1,298,891 shares of the company’s stock worth $57,515,000 after purchasing an additional 1,298,492 shares during the period. Federated Hermes Inc. lifted its position in shares of Doximity by 3,422.7% in the 4th quarter. Federated Hermes Inc. now owns 1,249,085 shares of the company’s stock worth $55,309,000 after purchasing an additional 1,213,627 shares during the period. Finally, Capital World Investors lifted its position in shares of Doximity by 25.7% in the 3rd quarter. Capital World Investors now owns 5,381,431 shares of the company’s stock worth $393,652,000 after purchasing an additional 1,101,848 shares during the period. 87.19% of the stock is 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.