Doximity (NYSE:DOCS) Insider Siddharth Sitaram Sells 2,319 Shares

Doximity, Inc. (NYSE:DOCS) insider Siddharth Sitaram sold 2,319 shares of the firm’s stock in a transaction that occurred on Tuesday, March 10th. The stock was sold at an average price of $25.37, for a total transaction of $58,833.03. Following the completion of the transaction, the insider directly owned 84,132 shares in the company, valued at approximately $2,134,428.84. The trade was a 2.68% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink.

Siddharth Sitaram also recently made the following trade(s):

• On Tuesday, February 10th, Siddharth Sitaram sold 2,282 shares of Doximity stock. The shares were sold at an average price of $27.88, for a total transaction of $63,622.16.

Doximity Stock Performance

DOCS traded up $0.03 during trading on Friday, hitting $24.31. The company’s stock had a trading volume of 1,252,021 shares, compared to its average volume of 3,703,383. The stock has a 50 day moving average price of $33.02. The stock has a market cap of $4.49 billion, a price-to-earnings ratio of 20.26, a PEG ratio of 1.38 and a beta of 1.44. Doximity, Inc. has a one year low of $23.53 and a one year high of $76.51.

Doximity (NYSE:DOCS) last issued its quarterly earnings data on Thursday, February 5th. The company reported $0.46 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.45 earnings per share.

Doximity announced that its board has initiated a stock buyback plan on Thursday, February 5th that authorizes the company to buyback $500.00 million in shares. This buyback authorization authorizes the company to buy up to 8% of its shares through open market purchases. Shares buyback plans are typically a sign that the company’s board believes its stock is undervalued.

Analyst Upgrades and Downgrades

A number of research analysts have recently weighed in on the company. Canaccord Genuity Group set a $34.00 price objective on Doximity and gave the company a “buy” rating in a research report on Monday, February 9th. Evercore restated an “outperform” rating on shares of Doximity in a research report on Thursday, January 8th. The Goldman Sachs Group dropped their target price on shares of Doximity from $46.00 to $34.00 and set a “neutral” rating for the company in a report on Friday, February 6th. Raymond James Financial reissued a “strong-buy” rating on shares of Doximity in a report on Monday, December 29th. Finally, Royal Bank Of Canada restated an “outperform” rating and issued a $44.00 price objective on shares of Doximity in a research report on Monday. One research analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating and six have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $47.50.

Hedge Funds Weigh In On Doximity

Institutional investors have recently bought and sold shares of the stock. Montanaro Asset Management Ltd increased its holdings in Doximity by 28.0% in the 4th quarter. Montanaro Asset Management Ltd now owns 41,200 shares of the company’s stock valued at $1,824,000 after acquiring an additional 9,000 shares during the last quarter. Hsbc Holdings PLC boosted its holdings in shares of Doximity by 76.5% during the 4th quarter. Hsbc Holdings PLC now owns 124,357 shares of the company’s stock valued at $5,535,000 after purchasing an additional 53,888 shares during the last quarter. Pacer Advisors Inc. grew its position in shares of Doximity by 99.6% during the fourth quarter. Pacer Advisors Inc. now owns 436,966 shares of the company’s stock valued at $19,349,000 after purchasing an additional 218,043 shares in the last quarter. Invesco Ltd. increased its holdings in shares of Doximity by 4.2% in the fourth quarter. Invesco Ltd. now owns 2,426,819 shares of the company’s stock worth $107,460,000 after purchasing an additional 98,519 shares during the last quarter. Finally, Mercer Global Advisors Inc. ADV increased its holdings in shares of Doximity by 1.7% in the fourth quarter. Mercer Global Advisors Inc. ADV now owns 32,060 shares of the company’s stock worth $1,420,000 after purchasing an additional 551 shares during the last quarter. 87.19% of the stock is owned by hedge funds and other institutional investors.

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.