Doximity (NASDAQ:DOCS) Shares Down 5.1%

Doximity, Inc. (NASDAQ:DOCS)’s share price dropped 5.1% on Thursday . The stock traded as low as $73.76 and last traded at $73.88. Approximately 22,583 shares were traded during mid-day trading, a decline of 99% from the average daily volume of 2,395,930 shares. The stock had previously closed at $77.85.

A number of brokerages recently issued reports on DOCS. Morgan Stanley increased their price objective on Doximity from $52.00 to $71.00 and gave the stock an “equal weight” rating in a research report on Tuesday, August 31st. Zacks Investment Research downgraded Doximity from a “buy” rating to a “hold” rating in a research report on Tuesday. William Blair started coverage on Doximity in a report on Monday, July 19th. They set an “outperform” rating for the company. Piper Sandler assumed coverage on shares of Doximity in a research note on Monday, July 19th. They issued an “overweight” rating and a $68.00 target price on the stock. Finally, JPMorgan Chase & Co. lowered shares of Doximity from an “overweight” rating to a “neutral” rating and set a $70.00 target price for the company. in a research report on Thursday, August 26th. They noted that the move was a valuation call. Four research analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Buy” and a consensus target price of $70.75.

The stock has a 50-day moving average of $83.15.

Doximity (NASDAQ:DOCS) last posted its quarterly earnings results on Monday, August 9th. The company reported $0.11 EPS for the quarter, topping the consensus estimate of $0.04 by $0.07. The business had revenue of $72.67 million for the quarter, compared to analysts’ expectations of $63.41 million. As a group, equities analysts predict that Doximity, Inc. will post 0.28 earnings per share for the current year.

In other Doximity news, CFO Anna Bryson sold 23,359 shares of the business’s stock in a transaction that occurred on Friday, August 13th. The stock was sold at an average price of $75.00, for a total value of $1,751,925.00. Following the completion of the sale, the chief financial officer now owns 75,247 shares in the company, valued at $5,643,525. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Joseph B. Kleine sold 200,000 shares of the firm’s stock in a transaction that occurred on Friday, August 13th. The stock was sold at an average price of $75.77, for a total transaction of $15,154,000.00. The disclosure for this sale can be found here.

Institutional investors have recently made changes to their positions in the stock. DekaBank Deutsche Girozentrale purchased a new stake in Doximity in the second quarter worth $28,000. Legal & General Group Plc bought a new position in Doximity in the 2nd quarter worth $59,000. Daiwa Securities Group Inc. purchased a new stake in shares of Doximity in the 2nd quarter worth about $64,000. Royal Bank of Canada bought a new stake in shares of Doximity during the 2nd quarter valued at about $87,000. Finally, Citigroup Inc. bought a new position in Doximity in the second quarter worth about $223,000. Institutional investors own 13.04% of the company’s stock.

About Doximity (NASDAQ:DOCS)

Doximity, Inc operates a cloud-based digital platform for medical professionals in the United States. The company's cloud-based platform provides its members with tools built for medical professionals, enabling them to collaborate with their colleagues, coordinate patient care, conduct virtual patient visits, stay up-to-date with the latest medical news and research, and manage their careers.

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