KeyCorp Cuts Doximity (NYSE:DOCS) Price Target to $30.00

Doximity (NYSE:DOCS) had its price target decreased by KeyCorp from $38.00 to $30.00 in a report issued on Monday,Benzinga reports. KeyCorp currently has an overweight rating on the stock.

A number of other research analysts have also issued reports on DOCS. Needham & Company LLC upgraded Doximity to a “moderate buy” rating in a research report on Friday, February 6th. Wall Street Zen lowered Doximity from a “buy” rating to a “hold” rating in a research report on Saturday, January 10th. Canaccord Genuity Group set a $34.00 price objective on Doximity and gave the company a “buy” rating in a research note on Monday, February 9th. Piper Sandler increased their price objective on Doximity from $40.00 to $42.00 and gave the company an “overweight” rating in a research note on Friday, February 20th. Finally, Wells Fargo & Company reduced their price objective on Doximity from $55.00 to $45.00 and set an “overweight” rating for the company in a research note on Friday, February 6th. Two equities research analysts have rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating, six have issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $43.53.

Doximity Stock Up 7.4%

DOCS opened at $23.90 on Monday. Doximity has a 12-month low of $20.55 and a 12-month high of $76.51. The stock has a market cap of $4.41 billion, a price-to-earnings ratio of 19.92, a PEG ratio of 1.25 and a beta of 1.42. The stock’s 50 day simple moving average is $24.64.

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

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

Insider Buying and Selling at Doximity

In other Doximity news, Director Kira Scherer Wampler sold 2,000 shares of the company’s stock in a transaction on Tuesday, March 3rd. The stock was sold at an average price of $26.00, for a total value of $52,000.00. Following the completion of the sale, the director directly owned 19,839 shares in the company, valued at $515,814. This represents a 9.16% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Siddharth Sitaram sold 2,427 shares of the stock in a transaction dated Friday, April 10th. The stock was sold at an average price of $21.09, for a total transaction of $51,185.43. Following the transaction, the insider directly owned 86,705 shares of the company’s stock, valued at approximately $1,828,608.45. This trade represents a 2.72% decrease in their position. 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. Over the last 90 days, insiders sold 9,028 shares of company stock valued at $225,641. 31.30% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the stock. Root Financial Partners LLC purchased a new stake in shares of Doximity in the 3rd quarter valued at $30,000. Whittier Trust Co. of Nevada Inc. raised its holdings in shares of Doximity by 59.5% in the 3rd quarter. Whittier Trust Co. of Nevada Inc. now owns 480 shares of the company’s stock valued at $35,000 after buying an additional 179 shares during the period. Toth Financial Advisory Corp grew its stake in Doximity by 150.0% during the 3rd quarter. Toth Financial Advisory Corp now owns 500 shares of the company’s stock worth $37,000 after purchasing an additional 300 shares in the last quarter. Atlantic Union Bankshares Corp grew its stake in Doximity by 136.9% during the 3rd quarter. Atlantic Union Bankshares Corp now owns 616 shares of the company’s stock worth $45,000 after purchasing an additional 356 shares in the last quarter. Finally, First Horizon Corp acquired a new position in Doximity during the 3rd quarter worth $58,000. Hedge funds and other institutional investors own 87.19% of the company’s stock.

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.