Zacks Research Downgrades Doximity (NYSE:DOCS) to Strong Sell

Doximity (NYSE:DOCS) was downgraded by equities researchers at Zacks Research from a “hold” rating to a “strong sell” rating in a research note issued on Tuesday,Zacks.com reports.

Several other research firms have also commented on DOCS. Barclays restated an “equal weight” rating and set a $20.00 price target (down from $38.00) on shares of Doximity in a research report on Thursday, May 14th. Mizuho lowered their price target on shares of Doximity from $34.00 to $26.00 and set a “neutral” rating for the company in a research report on Thursday, May 14th. Weiss Ratings lowered shares of Doximity from a “hold (c-)” rating to a “sell (d+)” rating in a research report on Friday, May 15th. Truist Financial restated a “hold” rating and set a $19.00 price target (down from $29.00) on shares of Doximity in a research report on Thursday, May 14th. Finally, Jefferies Financial Group lowered shares of Doximity from a “buy” rating to a “hold” rating and lowered their price target for the stock from $51.00 to $19.00 in a research report on Thursday, May 14th. Two analysts have rated the stock with a Strong Buy rating, seven have assigned a Buy rating, twelve have assigned a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat, the company has an average rating of “Hold” and an average target price of $30.62.

Doximity Trading Down 2.0%

DOCS stock opened at $21.09 on Tuesday. Doximity has a 1-year low of $17.15 and a 1-year high of $76.51. The company’s fifty day simple moving average is $22.78. The company has a market capitalization of $3.86 billion, a price-to-earnings ratio of 21.30, a price-to-earnings-growth ratio of 3.66 and a beta of 1.30.

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

Insider Transactions at Doximity

In other Doximity news, Director Kira Scherer Wampler sold 9,000 shares of the company’s stock in a transaction dated Thursday, May 7th. The shares were sold at an average price of $26.06, for a total value of $234,540.00. Following the completion of the sale, the director directly owned 19,839 shares of the company’s stock, valued at approximately $517,004.34. This represents a 31.21% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Siddharth Sitaram sold 2,309 shares of the company’s stock in a transaction dated Monday, May 11th. The shares were sold at an average price of $25.77, for a total transaction of $59,502.93. Following the completion of the sale, the insider directly owned 89,396 shares of the company’s stock, valued at $2,303,734.92. The trade was a 2.52% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 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. Insiders sold a total of 16,055 shares of company stock valued at $404,061 over the last three months. 31.30% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Doximity

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Parallel Advisors LLC lifted its holdings in Doximity by 111.0% in the 1st quarter. Parallel Advisors LLC now owns 2,560 shares of the company’s stock valued at $60,000 after acquiring an additional 1,347 shares during the last quarter. Essential Partners LLC lifted its holdings in Doximity by 34,438.5% in the 1st quarter. Essential Partners LLC now owns 8,980 shares of the company’s stock valued at $209,000 after acquiring an additional 8,954 shares during the last quarter. Bank of America Corp DE lifted its holdings in Doximity by 31.8% in the 1st quarter. Bank of America Corp DE now owns 1,142,530 shares of the company’s stock valued at $26,621,000 after acquiring an additional 275,650 shares during the last quarter. Edgestream Partners L.P. lifted its holdings in Doximity by 110.8% in the 1st quarter. Edgestream Partners L.P. now owns 252,555 shares of the company’s stock valued at $5,885,000 after acquiring an additional 132,733 shares during the last quarter. Finally, Amundi lifted its holdings in Doximity by 9,956.5% in the 1st quarter. Amundi now owns 569,095 shares of the company’s stock valued at $13,260,000 after acquiring an additional 563,436 shares during the last quarter. 87.19% of the stock is owned by institutional investors and hedge funds.

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.