Doximity (NYSE:DOCS) Insider Siddharth Sitaram Sells 2,444 Shares

Doximity, Inc. (NYSE:DOCS) insider Siddharth Sitaram sold 2,444 shares of the firm’s stock in a transaction dated Monday, June 8th. The shares were sold at an average price of $20.41, for a total value of $49,882.04. Following the sale, the insider owned 90,706 shares in the company, valued at $1,851,309.46. This trade represents a 2.62% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 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 Monday, May 11th, Siddharth Sitaram sold 2,309 shares of Doximity stock. The shares were sold at an average price of $25.77, for a total value of $59,502.93.
• 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 value of $51,185.43.

Doximity Price Performance

NYSE:DOCS opened at $20.24 on Thursday. Doximity, Inc. has a 52 week low of $17.15 and a 52 week high of $76.51. The firm has a market cap of $3.70 billion, a PE ratio of 20.45, a PEG ratio of 3.48 and a beta of 1.30. The company’s 50-day simple moving average is $22.42.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the business. Northwestern Mutual Wealth Management Co. lifted its stake in Doximity by 99.5% in the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 796 shares of the company’s stock worth $35,000 after purchasing an additional 397 shares in the last quarter. Toth Financial Advisory Corp lifted its stake in Doximity by 100.0% in the 4th quarter. Toth Financial Advisory Corp now owns 1,000 shares of the company’s stock worth $44,000 after purchasing an additional 500 shares in the last quarter. Parallel Advisors LLC lifted its stake in Doximity by 111.0% in the 1st quarter. Parallel Advisors LLC now owns 2,560 shares of the company’s stock worth $60,000 after purchasing an additional 1,347 shares in the last quarter. EverSource Wealth Advisors LLC lifted its stake in Doximity by 937.7% in the 1st quarter. EverSource Wealth Advisors LLC now owns 2,833 shares of the company’s stock worth $66,000 after purchasing an additional 2,560 shares in the last quarter. Finally, Farther Finance Advisors LLC lifted its stake in Doximity by 35.7% in the 4th quarter. Farther Finance Advisors LLC now owns 1,539 shares of the company’s stock worth $68,000 after purchasing an additional 405 shares in the last quarter. 87.19% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several research firms have commented on DOCS. Piper Sandler boosted their price objective on Doximity from $40.00 to $42.00 and gave the stock an “overweight” rating in a research note on Friday, February 20th. Robert W. Baird reiterated a “neutral” rating and set a $18.00 price objective (down from $40.00) on shares of Doximity in a research note on Thursday, May 14th. Weiss Ratings lowered Doximity from a “hold (c-)” rating to a “sell (d+)” rating in a research note on Friday, May 15th. JPMorgan Chase & Co. cut their price objective on Doximity from $33.00 to $28.00 and set a “neutral” rating for the company in a research note on Thursday, May 14th. Finally, Mizuho cut their price objective on Doximity from $34.00 to $26.00 and set a “neutral” rating for the company in a research note on Thursday, May 14th. Two investment analysts have rated the stock with a Strong Buy rating, seven have given a Buy rating, twelve have issued a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $30.62.

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.