Doximity (NYSE:DOCS) Lowered to Hold Rating by Freedom Capmkts

Doximity (NYSE:DOCS) was downgraded by Freedom Capmkts from a “strong-buy” rating to a “hold” rating in a research report issued to clients and investors on Tuesday, Zacks reports.

A number of other research analysts also recently weighed in on the stock. Leerink Partners decreased their price objective on shares of Doximity from $31.00 to $25.00 and set an “outperform” rating for the company in a research report on Thursday, May 14th. Robert W. Baird reaffirmed a “neutral” rating and set a $18.00 target price (down from $40.00) on shares of Doximity in a report on Thursday, May 14th. Truist Financial upped their price target on Doximity from $19.00 to $24.00 and gave the company a “hold” rating in a research report on Thursday, August 13th. BTIG Research cut shares of Doximity from a “buy” rating to a “neutral” rating in a research report on Thursday, May 14th. Finally, Evercore set a $40.00 target price on Doximity in a research report on Friday, August 7th. Two research analysts have rated the stock with a Strong Buy rating, seven have issued a Buy rating, thirteen have assigned a Hold rating and four have issued a Sell rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and an average target price of $32.18.

Doximity Trading Down 7.3%

DOCS opened at $24.41 on Tuesday. The firm has a market capitalization of $4.35 billion, a PE ratio of 28.72, a P/E/G ratio of 20.61 and a beta of 1.25. Doximity has a 12-month low of $17.15 and a 12-month high of $76.51. The firm has a 50 day moving average of $23.51 and a two-hundred day moving average of $23.09.

Doximity (NYSE:DOCS) last issued its earnings results on Thursday, August 6th. The company reported $0.29 earnings per share (EPS) 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 net margin of 25.48% and a return on equity of 18.06%. The company’s revenue for the quarter was up 7.3% on a year-over-year basis. During the same period last year, the business earned $0.36 EPS. As a group, analysts predict that Doximity will post 0.74 EPS for the current fiscal year.

Insider Activity at Doximity

In related news, Director Timothy S. Cabral sold 7,500 shares of Doximity stock in a transaction that occurred on Friday, August 7th. The shares were sold at an average price of $39.11, for a total value of $293,325.00. Following the completion of the transaction, the director owned 3,221 shares in the company, valued at $125,973.31. The trade was a 69.96% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CAO Siddharth Sitaram sold 1,770 shares of Doximity stock in a transaction on Thursday, August 13th. The stock was sold at an average price of $24.94, for a total transaction of $44,143.80. Following the sale, the chief accounting officer directly owned 97,004 shares of the company’s stock, valued at approximately $2,419,279.76. This trade represents a 1.79% 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. Over the last three months, insiders sold 11,270 shares of company stock worth $387,369. Company insiders own 31.80% of the company’s stock.

Hedge Funds Weigh In On Doximity

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. California State Teachers Retirement System lifted its position in shares of Doximity by 1,908.5% during the 2nd quarter. California State Teachers Retirement System now owns 2,892,193 shares of the company’s stock worth $59,984,000 after buying an additional 2,748,192 shares during the last quarter. Carmignac Gestion grew its stake in shares of Doximity by 127.8% in 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 last quarter. SG Americas Securities LLC increased its holdings in shares of Doximity by 3,403.2% in the first quarter. SG Americas Securities LLC now owns 1,408,597 shares of the company’s stock valued at $32,820,000 after purchasing an additional 1,368,388 shares during the period. Northwestern Mutual Wealth Management Co. raised its stake in shares of Doximity by 325,436.6% during the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 1,298,891 shares of the company’s stock worth $57,515,000 after purchasing an additional 1,298,492 shares during the last quarter. Finally, Federated Hermes Inc. lifted its holdings in shares of Doximity by 3,422.7% during the fourth quarter. Federated Hermes Inc. now owns 1,249,085 shares of the company’s stock worth $55,309,000 after purchasing an additional 1,213,627 shares during the period. 87.19% of the stock is owned by institutional investors and hedge funds.

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.