Doximity (NASDAQ:DOCS) Trading Down 6.5% Following Insider Selling

Doximity, Inc. (NASDAQ:DOCS)’s stock price traded down 6.5% during trading on Monday following insider selling activity. The company traded as low as $62.43 and last traded at $62.28. 1,810,206 shares were traded during mid-day trading, a decline of 23% from the average session volume of 2,363,053 shares. The stock had previously closed at $66.58.

Specifically, Director Regina M. Benjamin sold 5,000 shares of Doximity stock in a transaction on Friday, August 8th. The shares were sold at an average price of $63.00, for a total value of $315,000.00. Following the transaction, the director directly owned 16,618 shares of the company’s stock, valued at approximately $1,046,934. The trade was a 23.13% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website.

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on DOCS shares. William Blair reissued an “outperform” rating on shares of Doximity in a report on Friday, May 16th. JPMorgan Chase & Co. dropped their price objective on shares of Doximity from $63.00 to $60.00 and set a “neutral” rating on the stock in a report on Tuesday, May 27th. Bank of America boosted their price objective on shares of Doximity from $55.00 to $62.00 and gave the company a “neutral” rating in a report on Wednesday, June 25th. Mizuho dropped their price objective on shares of Doximity from $65.00 to $60.00 and set a “neutral” rating on the stock in a report on Friday, May 16th. Finally, The Goldman Sachs Group set a $50.00 price objective on shares of Doximity and gave the company a “neutral” rating in a report on Wednesday, May 21st. Ten equities research analysts have rated the stock with a hold rating, ten have given a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $66.21.

Doximity Stock Down 0.0%

The business’s 50-day simple moving average is $59.58 and its two-hundred day simple moving average is $60.11. The firm has a market cap of $11.61 billion, a price-to-earnings ratio of 61.82, a P/E/G ratio of 4.10 and a beta of 1.36.

Doximity (NASDAQ:DOCS) last issued its quarterly earnings data on Thursday, August 7th. The company reported $0.36 earnings per share for the quarter, topping analysts’ consensus estimates of $0.31 by $0.05. Doximity had a net margin of 36.60% and a return on equity of 21.75%. The business’s revenue was up 15.2% on a year-over-year basis. During the same period in the prior year, the company earned $0.28 earnings per share. On average, analysts expect that Doximity, Inc. will post 0.99 earnings per share for the current year.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of DOCS. Hantz Financial Services Inc. raised its position in shares of Doximity by 148.9% during the 2nd quarter. Hantz Financial Services Inc. now owns 453 shares of the company’s stock worth $28,000 after purchasing an additional 271 shares during the last quarter. VSM Wealth Advisory LLC acquired a new position in shares of Doximity during the 1st quarter worth about $29,000. Allworth Financial LP raised its position in shares of Doximity by 104.0% during the 1st quarter. Allworth Financial LP now owns 563 shares of the company’s stock worth $32,000 after purchasing an additional 287 shares during the last quarter. National Bank of Canada FI acquired a new position in shares of Doximity during the 1st quarter worth about $33,000. Finally, Spire Wealth Management raised its position in shares of Doximity by 73.2% during the 1st quarter. Spire Wealth Management now owns 615 shares of the company’s stock worth $36,000 after purchasing an additional 260 shares during the last quarter. Institutional investors and hedge funds own 87.19% of the company’s stock.

About Doximity

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.