Zacks Research Upgrades Doximity (NYSE:DOCS) to Hold

Doximity (NYSE:DOCS) was upgraded by investment analysts at Zacks Research from a “strong sell” rating to a “hold” rating in a report released on Monday,Zacks.com reports.

Several other analysts have also recently issued reports on the stock. Loop Capital set a $31.00 target price on shares of Doximity in a research note on Tuesday, March 17th. BMO Capital Markets reduced their price target on shares of Doximity from $25.00 to $20.00 and set a “market perform” rating for the company in a research report on Thursday, May 14th. JPMorgan Chase & Co. decreased their price target on shares of Doximity from $33.00 to $28.00 and set a “neutral” rating on the stock in a report on Thursday, May 14th. Mizuho lowered their price objective on Doximity from $34.00 to $26.00 and set a “neutral” rating on the stock in a research report on Thursday, May 14th. Finally, Leerink Partners dropped their price objective on Doximity from $31.00 to $25.00 and set an “outperform” rating for the company in a research note on Thursday, May 14th. Two research analysts have rated the stock with a Strong Buy rating, six have assigned a Buy rating, thirteen have issued a Hold rating and three have given a Sell rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $29.33.

Doximity Trading Down 2.2%

Shares of NYSE:DOCS opened at $21.80 on Monday. The company has a 50 day moving average of $21.31 and a 200 day moving average of $27.02. The stock has a market cap of $3.99 billion, a P/E ratio of 22.02, a P/E/G ratio of 6.92 and a beta of 1.30. Doximity has a 12 month low of $17.15 and a 12 month high of $76.51.

Insider Buying and Selling

In other Doximity news, insider Siddharth Sitaram sold 2,444 shares of the business’s stock in a transaction that occurred on Monday, June 8th. The shares were sold at an average price of $20.41, for a total value of $49,882.04. Following the completion of the transaction, the insider owned 90,706 shares of the company’s stock, valued at $1,851,309.46. The trade was a 2.62% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 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. Also, Director Kira Scherer Wampler sold 9,000 shares of the stock in a transaction on Thursday, May 7th. The stock was sold at an average price of $26.06, for a total transaction of $234,540.00. Following the completion of the transaction, the director directly owned 19,839 shares in the company, valued at $517,004.34. The trade was a 31.21% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 13,753 shares of company stock worth $343,925 over the last ninety days. 31.30% of the stock is currently owned by insiders.

Institutional Trading of Doximity

Institutional investors and hedge funds have recently made changes to their positions in the stock. Northwestern Mutual Wealth Management Co. increased its stake in Doximity by 99.5% in the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 796 shares of the company’s stock valued at $35,000 after acquiring an additional 397 shares during the last quarter. Toth Financial Advisory Corp raised its position in Doximity by 100.0% during the fourth quarter. Toth Financial Advisory Corp now owns 1,000 shares of the company’s stock valued at $44,000 after purchasing an additional 500 shares in the last quarter. Advisory Services Network LLC bought a new stake in Doximity during the third quarter worth about $111,000. Farther Finance Advisors LLC lifted its stake in Doximity by 35.7% during the fourth quarter. Farther Finance Advisors LLC now owns 1,539 shares of the company’s stock worth $68,000 after purchasing an additional 405 shares during the last quarter. Finally, Leonteq Securities AG purchased a new position in shares of Doximity in the 4th quarter worth about $78,000. Hedge funds and other institutional investors own 87.19% of the company’s stock.

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.