Doximity (NASDAQ:DOCS) Downgraded to “Hold” at Zacks Investment Research

Zacks Investment Research lowered shares of Doximity (NASDAQ:DOCSGet Rating) from a buy rating to a hold rating in a research note released on Wednesday morning, Zacks.com reports.

According to Zacks, “Doximity Inc. provides digital platform for medical professionals. The company’s network members include physicians across all specialties and practice areas. It provide its verified clinical membership with digital tools built for medicine, enabling them to collaborate with colleagues, stay up to date with the latest medical news and research, manage their careers and conduct virtual patient visits. Doximity Inc. is based in SAN FRANCISCO. “

DOCS has been the topic of a number of other reports. Bank of America cut their target price on shares of Doximity from $55.00 to $36.00 and set a neutral rating on the stock in a research note on Wednesday, May 18th. Raymond James cut their target price on shares of Doximity from $60.00 to $40.00 in a research note on Wednesday, May 18th. Guggenheim cut their target price on shares of Doximity from $70.00 to $52.00 and set a buy rating on the stock in a research note on Wednesday, May 18th. Jefferies Financial Group cut their target price on shares of Doximity from $78.00 to $46.00 and set a buy rating on the stock in a research note on Wednesday, May 18th. Finally, The Goldman Sachs Group lowered their price target on Doximity from $72.00 to $56.00 and set a buy rating for the company in a report on Wednesday, May 18th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and ten have given a buy rating to the company’s stock. According to MarketBeat.com, Doximity has a consensus rating of Buy and a consensus target price of $49.07.

Shares of NASDAQ:DOCS opened at $35.39 on Wednesday. The firm has a market capitalization of $6.77 billion and a PE ratio of 51.29. The firm’s 50-day moving average is $42.97 and its two-hundred day moving average is $49.93. Doximity has a 1 year low of $27.06 and a 1 year high of $107.79.

Doximity (NASDAQ:DOCSGet Rating) last issued its quarterly earnings results on Tuesday, May 17th. The company reported $0.21 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.15 by $0.06. Doximity had a net margin of 40.52% and a return on equity of 17.73%. The company had revenue of $93.65 million for the quarter, compared to analyst estimates of $90.17 million. Doximity’s revenue for the quarter was up 40.4% compared to the same quarter last year. As a group, equities analysts forecast that Doximity will post 0.6 earnings per share for the current fiscal year.

In other news, CRO Paul W. Jorgensen acquired 15,000 shares of the firm’s stock in a transaction dated Friday, May 20th. The stock was acquired 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 owns 197,676 shares of the company’s stock, valued at $6,363,190.44. The acquisition was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Kira Scherer Wampler sold 2,200 shares of the stock in a transaction that occurred on Friday, April 1st. The shares were sold at an average price of $53.10, for a total value of $116,820.00. The disclosure for this sale can be found here.

Several institutional investors have recently added to or reduced their stakes in the company. Walleye Capital LLC purchased a new stake in shares of Doximity during the first quarter worth approximately $799,000. Northern Oak Wealth Management Inc. raised its stake in shares of Doximity by 9,938.4% during the first quarter. Northern Oak Wealth Management Inc. now owns 50,192 shares of the company’s stock worth $2,615,000 after purchasing an additional 49,692 shares during the last quarter. The Manufacturers Life Insurance Company purchased a new stake in shares of Doximity during the first quarter worth approximately $6,497,000. Weiss Multi Strategy Advisers LLC raised its stake in shares of Doximity by 6.9% during the first quarter. Weiss Multi Strategy Advisers LLC now owns 4,810 shares of the company’s stock worth $251,000 after purchasing an additional 310 shares during the last quarter. Finally, Alyeska Investment Group L.P. raised its stake in shares of Doximity by 22.8% during the first quarter. Alyeska Investment Group L.P. now owns 350,000 shares of the company’s stock worth $18,232,000 after purchasing an additional 65,000 shares during the last quarter. Institutional investors and hedge funds own 67.88% of the company’s stock.

About Doximity (Get Rating)

Doximity, Inc operates a cloud-based digital platform for medical professionals in the United States. The company's cloud-based 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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