Doximity (NASDAQ:DOCS) Downgraded by Wells Fargo & Company to Underweight

Doximity (NASDAQ:DOCS) was downgraded by equities research analysts at Wells Fargo & Company from an “equal weight” rating to an “underweight” rating in a research note issued to investors on Thursday, MarketBeat reports. They presently have a $19.00 target price on the stock, down from their prior target price of $27.00. Wells Fargo & Company‘s price objective would indicate a potential downside of 32.70% from the company’s current price.

DOCS has been the subject of several other reports. Evercore ISI raised their price objective on Doximity from $28.00 to $29.00 and gave the stock an “in-line” rating in a research note on Friday, May 17th. William Blair restated an “outperform” rating on shares of Doximity in a report on Friday, May 17th. JPMorgan Chase & Co. upgraded Doximity from an “underweight” rating to a “neutral” rating and set a $25.00 target price for the company in a report on Thursday, April 25th. Needham & Company LLC restated a “hold” rating on shares of Doximity in a report on Friday, May 17th. Finally, Morgan Stanley restated an “underweight” rating and issued a $25.00 target price on shares of Doximity in a report on Tuesday, April 23rd. Two investment analysts have rated the stock with a sell rating, ten have assigned a hold rating and three have assigned a buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $28.00.

Doximity Stock Up 2.3 %

DOCS opened at $28.23 on Thursday. The firm has a market cap of $5.23 billion, a PE ratio of 39.21, a P/E/G ratio of 5.42 and a beta of 1.22. The business has a fifty day simple moving average of $27.67 and a 200-day simple moving average of $27.47. Doximity has a fifty-two week low of $19.71 and a fifty-two week high of $36.03.

Doximity (NASDAQ:DOCS) last released its quarterly earnings data on Thursday, May 16th. The company reported $0.20 earnings per share for the quarter, topping the consensus estimate of $0.16 by $0.04. The business had revenue of $118.06 million during the quarter, compared to analyst estimates of $116.46 million. Doximity had a return on equity of 17.44% and a net margin of 31.04%. On average, equities research analysts anticipate that Doximity will post 0.74 EPS for the current fiscal year.

Insider Activity at Doximity

In related news, CFO Anna Bryson sold 30,000 shares of Doximity stock in a transaction on Wednesday, June 12th. The stock was sold at an average price of $30.00, for a total transaction of $900,000.00. Following the completion of the sale, the chief financial officer now owns 288,685 shares of the company’s stock, valued at $8,660,550. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. In related news, CFO Anna Bryson sold 30,000 shares of Doximity stock in a transaction on Wednesday, June 12th. The stock was sold at an average price of $30.00, for a total transaction of $900,000.00. Following the completion of the sale, the chief financial officer now owns 288,685 shares of the company’s stock, valued at $8,660,550. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director Kira Scherer Wampler sold 2,500 shares of the business’s stock in a transaction dated Monday, July 1st. The stock was sold at an average price of $28.00, for a total value of $70,000.00. Following the completion of the sale, the director now directly owns 10,258 shares of the company’s stock, valued at approximately $287,224. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 46,500 shares of company stock valued at $1,373,825. Insiders own 39.40% of the company’s stock.

Institutional Trading of Doximity

A number of institutional investors and hedge funds have recently made changes to their positions in DOCS. American Century Companies Inc. lifted its position in shares of Doximity by 6.9% in the third quarter. American Century Companies Inc. now owns 309,532 shares of the company’s stock worth $6,568,000 after buying an additional 19,898 shares during the last quarter. Vanguard Group Inc. lifted its position in shares of Doximity by 5.9% in the third quarter. Vanguard Group Inc. now owns 11,038,475 shares of the company’s stock worth $234,236,000 after buying an additional 616,157 shares during the last quarter. Creative Financial Designs Inc. ADV lifted its position in shares of Doximity by 16.7% in the fourth quarter. Creative Financial Designs Inc. ADV now owns 3,301 shares of the company’s stock worth $93,000 after buying an additional 473 shares during the last quarter. Yarbrough Capital LLC acquired a new position in shares of Doximity during the 4th quarter worth about $240,000. Finally, SG Americas Securities LLC acquired a new position in shares of Doximity during the 4th quarter worth about $721,000. Institutional investors and hedge funds own 87.19% of the company’s stock.

Doximity Company Profile

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.