Doximity (NASDAQ:DOCS) Shares Gap Down Following Analyst Downgrade

Doximity, Inc. (NASDAQ:DOCSGet Rating)’s share price gapped down prior to trading on Friday after Canaccord Genuity Group lowered their price target on the stock from $47.00 to $42.00. The stock had previously closed at $40.31, but opened at $33.58. Canaccord Genuity Group currently has a buy rating on the stock. Doximity shares last traded at $36.47, with a volume of 58,622 shares.

Several other analysts also recently commented on DOCS. Jefferies Financial Group lowered their price objective on Doximity from $78.00 to $46.00 and set a “buy” rating for the company in a research note on Wednesday, May 18th. Piper Sandler reduced their target price on Doximity from $44.00 to $39.00 in a report on Friday. Guggenheim reduced their target price on Doximity from $70.00 to $52.00 and set a “buy” rating for the company in a report on Wednesday, May 18th. Bank of America lowered Doximity from a “neutral” rating to an “underperform” rating and reduced their target price for the company from $43.00 to $29.00 in a report on Friday. Finally, Robert W. Baird reduced their target price on Doximity from $68.00 to $45.00 in a report on Wednesday, May 18th. Two research analysts have rated the stock with a sell rating, one has issued a hold rating and ten have issued a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $48.60.

Insider Transactions at Doximity

In related news, CRO Paul W. Jorgensen purchased 15,000 shares of the business’s stock in a transaction dated Friday, May 20th. The stock was purchased at an average cost of $32.19 per share, with a total value of $482,850.00. Following the completion of the acquisition, the executive now directly owns 197,676 shares of the company’s stock, valued at $6,363,190.44. The purchase was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Corporate insiders own 45.21% of the company’s stock.

Institutional Investors Weigh In On Doximity

A number of institutional investors and hedge funds have recently made changes to their positions in DOCS. Central Bank & Trust Co. raised its position in shares of Doximity by 400.0% in the first quarter. Central Bank & Trust Co. now owns 500 shares of the company’s stock worth $26,000 after buying an additional 400 shares in the last quarter. Washington Trust Advisors Inc. purchased a new stake in shares of Doximity in the first quarter worth $28,000. Parkside Financial Bank & Trust raised its position in shares of Doximity by 225.2% in the second quarter. Parkside Financial Bank & Trust now owns 813 shares of the company’s stock worth $28,000 after buying an additional 563 shares in the last quarter. Castle Wealth Management LLC purchased a new stake in shares of Doximity in the second quarter worth $31,000. Finally, Signaturefd LLC raised its position in shares of Doximity by 460.0% in the first quarter. Signaturefd LLC now owns 728 shares of the company’s stock worth $38,000 after buying an additional 598 shares in the last quarter. Hedge funds and other institutional investors own 67.88% of the company’s stock.

Doximity Stock Down 7.4 %

The company has a market cap of $7.20 billion, a PE ratio of 54.07, a P/E/G ratio of 12.18 and a beta of 0.78. The stock has a 50-day moving average of $38.76 and a 200-day moving average of $44.05.

Doximity (NASDAQ:DOCSGet Rating) last issued its quarterly earnings data on Tuesday, May 17th. The company reported $0.17 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.09 by $0.08. Doximity had a return on equity of 17.19% and a net margin of 40.52%. The company had revenue of $93.65 million for the quarter, compared to the consensus estimate of $90.17 million. The company’s revenue for the quarter was up 40.4% compared to the same quarter last year. Research analysts expect that Doximity, Inc. will post 0.56 EPS for the current year.

About Doximity

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Doximity, Inc operates a cloud-based digital platform for medical professionals in the United States. The company's platform provides its members with tools built for medical professionals, enabling them to collaborate with their colleagues, coordinate patient care, conduct virtual patient visits, stay up to date with the latest medical news and research, and manage their careers.

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