Doximity (NYSE:DOCS) Lowered to Strong Sell Rating by Zacks Research

Doximity (NYSE:DOCS) was downgraded by research analysts at Zacks Research from a “hold” rating to a “strong sell” rating in a report released on Monday,Zacks.com reports.

DOCS has been the subject of a number of other reports. Raymond James Financial reaffirmed a “strong-buy” rating on shares of Doximity in a research note on Monday, December 29th. Loop Capital set a $31.00 price target on Doximity in a research note 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. Freedom Capital raised Doximity to a “strong-buy” rating in a research note on Tuesday, March 17th. Finally, Wall Street Zen downgraded Doximity from a “buy” rating to a “hold” rating in a research note on Saturday, January 10th. Two research analysts have rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating, five have given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $46.63.

Doximity Stock Performance

Shares of Doximity stock opened at $22.44 on Monday. The business has a 50-day simple moving average of $26.42. The stock has a market cap of $4.15 billion, a P/E ratio of 18.70, a P/E/G ratio of 1.28 and a beta of 1.42. Doximity has a 1 year low of $21.82 and a 1 year high of $76.51.

Doximity (NYSE:DOCS) last announced its quarterly earnings data on Thursday, February 5th. The company reported $0.46 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.45 by $0.01. Doximity had a return on equity of 23.84% and a net margin of 37.54%.During the same period in the prior year, the company posted $0.45 earnings per share. The business’s revenue for the quarter was up 9.8% compared to the same quarter last year.

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

Insider Buying and Selling

In related news, insider Siddharth Sitaram sold 2,319 shares of the firm’s stock in a transaction that occurred on Tuesday, March 10th. The stock was sold at an average price of $25.37, for a total value of $58,833.03. Following the transaction, the insider directly owned 84,132 shares of the company’s stock, valued at approximately $2,134,428.84. This trade represents a 2.68% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Kira Scherer Wampler sold 2,000 shares of the firm’s stock in a transaction that occurred on Tuesday, March 3rd. The shares were sold at an average price of $26.00, for a total value of $52,000.00. Following the completion of the transaction, the director directly owned 19,839 shares in the company, valued at $515,814. The trade was a 9.16% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 6,601 shares of company stock worth $174,455 over the last three months. 31.30% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in DOCS. Royal Bank of Canada raised its stake in shares of Doximity by 24.2% in the 1st quarter. Royal Bank of Canada now owns 106,845 shares of the company’s stock valued at $6,200,000 after acquiring an additional 20,847 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its stake in shares of Doximity by 0.5% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 38,978 shares of the company’s stock valued at $2,262,000 after acquiring an additional 210 shares in the last quarter. NewEdge Advisors LLC raised its stake in shares of Doximity by 613.7% in the 1st quarter. NewEdge Advisors LLC now owns 6,323 shares of the company’s stock valued at $367,000 after acquiring an additional 5,437 shares in the last quarter. Goldman Sachs Group Inc. raised its stake in shares of Doximity by 33.3% in the 1st quarter. Goldman Sachs Group Inc. now owns 255,529 shares of the company’s stock valued at $14,828,000 after acquiring an additional 63,873 shares in the last quarter. Finally, Focus Partners Wealth acquired a new stake in Doximity in the 1st quarter valued at approximately $283,000. 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.