Doximity (NYSE:DOCS) Shares Gap Down – What’s Next?

Doximity, Inc. (NYSE:DOCS) gapped down before the market opened on Monday . The stock had previously closed at $26.73, but opened at $25.84. Doximity shares last traded at $26.1150, with a volume of 112,240 shares changing hands.

Wall Street Analysts Forecast Growth

A number of analysts have recently commented on DOCS shares. Needham & Company LLC reissued a “buy” rating and issued a $41.00 price target on shares of Doximity in a research report on Friday, August 7th. KeyCorp lowered Doximity from an “overweight” rating to a “sector weight” rating in a research report on Thursday, May 14th. BMO Capital Markets reiterated a “market perform” rating and set a $30.00 price objective on shares of Doximity in a research note on Friday, August 7th. Citigroup downgraded Doximity to an “underperform” rating in a report on Monday, June 29th. Finally, Evercore set a $40.00 price target on Doximity in a report on Friday, August 7th. Two equities research analysts have rated the stock with a Strong Buy rating, seven have given a Buy rating, twelve have assigned a Hold rating and four have issued a Sell rating to the company. According to MarketBeat.com, Doximity presently has an average rating of “Hold” and a consensus target price of $32.43.

Doximity Trading Down 0.9%

The firm has a market capitalization of $4.72 billion, a PE ratio of 31.18, a P/E/G ratio of 20.91 and a beta of 1.29. The firm has a 50 day simple moving average of $22.71 and a 200 day simple moving average of $23.05.

Doximity (NYSE:DOCS) last posted its quarterly earnings results on Thursday, August 6th. The company reported $0.29 earnings per share for the quarter, topping the consensus estimate of $0.16 by $0.13. The firm had revenue of $156.62 million during the quarter. Doximity had a return on equity of 18.06% and a net margin of 25.48%.The firm’s revenue for the quarter was up 7.3% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.36 EPS. Research analysts forecast that Doximity, Inc. will post 0.74 earnings per share for the current year.

Insiders Place Their Bets

In related news, Director Kira Scherer Wampler sold 2,000 shares of the stock in a transaction that occurred on Tuesday, August 25th. The shares were sold at an average price of $24.95, for a total transaction of $49,900.00. Following the transaction, the director owned 19,839 shares in the company, valued at $494,983.05. This represents a 9.16% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Timothy S. Cabral sold 7,500 shares of the firm’s stock in a transaction that occurred on Friday, August 7th. The stock was sold at an average price of $39.11, for a total transaction of $293,325.00. Following the completion of the sale, the director owned 3,221 shares in the company, valued at $125,973.31. This represents a 69.96% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last 90 days, insiders sold 13,714 shares of company stock valued at $437,251. 31.80% of the stock is owned by insiders.

Hedge Funds Weigh In On Doximity

Several hedge funds and other institutional investors have recently modified their holdings of DOCS. Vanguard Group Inc. grew its holdings in shares of Doximity by 4.1% in the fourth quarter. Vanguard Group Inc. now owns 13,285,485 shares of the company’s stock worth $588,281,000 after acquiring an additional 518,916 shares during the period. Capital World Investors boosted its position in Doximity by 5.1% in the fourth quarter. Capital World Investors now owns 5,654,875 shares of the company’s stock worth $250,398,000 after purchasing an additional 273,444 shares during the last quarter. Carmignac Gestion grew its stake in shares of Doximity by 127.8% during the 1st quarter. Carmignac Gestion now owns 4,311,997 shares of the company’s stock valued at $100,480,000 after purchasing an additional 2,418,971 shares during the period. Wellington Management Group LLP grew its stake in shares of Doximity by 24.7% during the 2nd quarter. Wellington Management Group LLP now owns 3,135,113 shares of the company’s stock valued at $65,022,000 after purchasing an additional 621,464 shares during the period. Finally, Renaissance Technologies LLC increased its position in shares of Doximity by 29.4% during the 1st quarter. Renaissance Technologies LLC now owns 3,059,749 shares of the company’s stock valued at $71,292,000 after purchasing an additional 694,300 shares during the last quarter. 87.19% of the stock is owned by institutional investors.

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.