Doximity (NYSE:DOCS) Shares Gap Down – Here’s What Happened

Doximity, Inc. (NYSE:DOCS)’s stock price gapped down prior to trading on Monday . The stock had previously closed at $27.40, but opened at $26.31. Doximity shares last traded at $25.3710, with a volume of 2,394,138 shares.

Analysts Set New Price Targets

DOCS has been the topic of several research reports. BTIG Research lowered shares of Doximity from a “buy” rating to a “neutral” rating in a report on Thursday, May 14th. Jefferies Financial Group lowered Doximity from a “buy” rating to a “hold” rating and decreased their target price for the company from $51.00 to $19.00 in a research report on Thursday, May 14th. The Goldman Sachs Group dropped their price target on Doximity from $28.00 to $24.00 and set a “neutral” rating on the stock in a research note on Thursday, May 14th. Wells Fargo & Company lowered Doximity from an “equal weight” rating to an “underweight” rating and set a $18.00 price target on the stock. in a report on Monday. Finally, Needham & Company LLC restated a “buy” rating and set a $41.00 price objective on shares of Doximity in a report on Friday. Two investment analysts have rated the stock with a Strong Buy rating, six have assigned a Buy rating, twelve have given a Hold rating and four have assigned a Sell rating to the stock. Based on data from MarketBeat, Doximity has an average rating of “Hold” and an average target price of $31.86.

Doximity Price Performance

The business’s fifty day moving average price is $21.28 and its 200-day moving average price is $24.25. The stock has a market capitalization of $4.73 billion, a price-to-earnings ratio of 30.44, a PEG ratio of 9.94 and a beta of 1.29.

Doximity (NYSE:DOCS) last posted its earnings results on Thursday, August 6th. The company reported $0.29 earnings per share for the quarter, topping analysts’ consensus estimates of $0.16 by $0.13. The company had revenue of $156.62 million for the quarter. Doximity had a net margin of 25.48% and a return on equity of 18.06%. The company’s revenue was up 7.3% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.36 EPS. Equities research analysts predict that Doximity, Inc. will post 0.87 earnings per share for the current fiscal year.

Insider Activity at Doximity

In other news, insider Siddharth Sitaram sold 2,444 shares of the firm’s stock in a transaction that occurred on Monday, June 8th. The stock was sold at an average price of $20.41, for a total value of $49,882.04. Following the transaction, 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 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. 31.80% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Doximity

Several institutional investors have recently bought and sold shares of DOCS. Northwestern Mutual Wealth Management Co. boosted its holdings in Doximity by 99.5% during the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 796 shares of the company’s stock worth $35,000 after acquiring an additional 397 shares during the last quarter. Parallel Advisors LLC raised its holdings in shares of Doximity by 111.0% in the first quarter. Parallel Advisors LLC now owns 2,560 shares of the company’s stock valued at $60,000 after purchasing an additional 1,347 shares during the last quarter. EverSource Wealth Advisors LLC lifted its position in shares of Doximity by 937.7% during the first quarter. EverSource Wealth Advisors LLC now owns 2,833 shares of the company’s stock valued at $66,000 after purchasing an additional 2,560 shares in the last quarter. Farther Finance Advisors LLC boosted its holdings in Doximity by 35.7% during the fourth quarter. Farther Finance Advisors LLC now owns 1,539 shares of the company’s stock worth $68,000 after purchasing an additional 405 shares during the last quarter. Finally, Leonteq Securities AG boosted its holdings in Doximity by 65.6% during the first quarter. Leonteq Securities AG now owns 2,912 shares of the company’s stock worth $68,000 after purchasing an additional 1,154 shares during the last quarter. Institutional investors own 87.19% of the company’s stock.

About Doximity

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.