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

Wells Fargo & Company downgraded shares of Doximity (NASDAQ:DOCS) from an equal weight rating to an underweight rating in a report published on Thursday morning, MarketBeat reports. Wells Fargo & Company currently has $19.00 price objective on the stock, down from their previous price objective of $27.00.

Several other equities analysts have also commented on the stock. Evercore ISI upped their price objective on shares of Doximity from $28.00 to $29.00 and gave the stock an in-line rating in a report on Friday, May 17th. Morgan Stanley restated an underweight rating and set a $25.00 price target on shares of Doximity in a research report on Tuesday, April 23rd. William Blair reiterated an outperform rating on shares of Doximity in a report on Friday, May 17th. Needham & Company LLC restated a hold rating on shares of Doximity in a report on Friday, May 17th. Finally, JPMorgan Chase & Co. upgraded shares of Doximity from an underweight rating to a neutral rating and set a $25.00 price target on the stock in a research note on Thursday, April 25th. Two analysts have rated the stock with a sell rating, ten have issued a hold rating and three have issued a buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of Hold and an average target price of $28.00.

Doximity Stock Performance

Shares of Doximity stock opened at $28.22 on Thursday. The stock has a 50 day moving average of $27.67 and a 200 day moving average of $27.46. The firm has a market capitalization of $5.23 billion, a price-to-earnings ratio of 39.19, a PEG ratio of 5.28 and a beta of 1.22. Doximity has a fifty-two week low of $19.71 and a fifty-two week high of $36.03.

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

Insider Buying and Selling

In other Doximity news, Director Kira Scherer Wampler sold 2,500 shares of Doximity stock in a transaction that occurred on Monday, July 1st. The stock was sold at an average price of $28.00, for a total value of $70,000.00. Following the sale, the director now owns 10,258 shares of the company’s stock, valued at approximately $287,224. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In other Doximity news, Director Kira Scherer Wampler sold 2,500 shares of the business’s stock in a transaction on Monday, July 1st. The shares were sold at an average price of $28.00, for a total transaction of $70,000.00. Following the sale, the director now directly owns 10,258 shares in the company, valued at approximately $287,224. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Craig Overpeck sold 1,500 shares of the stock in a transaction dated Thursday, May 16th. The shares were sold at an average price of $23.85, for a total transaction of $35,775.00. Following the completion of the transaction, the insider now owns 108,609 shares of the company’s stock, valued at approximately $2,590,324.65. The disclosure for this sale can be found here. Insiders sold 46,500 shares of company stock valued at $1,373,825 over the last ninety days. Corporate insiders own 39.40% of the company’s stock.

Institutional Investors Weigh In On Doximity

Several institutional investors have recently modified their holdings of DOCS. American Century Companies Inc. increased its stake in Doximity by 6.9% in the 3rd quarter. American Century Companies Inc. now owns 309,532 shares of the company’s stock valued at $6,568,000 after purchasing an additional 19,898 shares in the last quarter. Vanguard Group Inc. increased its holdings in Doximity by 5.9% during the 3rd quarter. Vanguard Group Inc. now owns 11,038,475 shares of the company’s stock valued at $234,236,000 after acquiring an additional 616,157 shares in the last quarter. Creative Financial Designs Inc. ADV raised its position in Doximity by 16.7% during the fourth quarter. Creative Financial Designs Inc. ADV now owns 3,301 shares of the company’s stock worth $93,000 after acquiring an additional 473 shares during the last quarter. Yarbrough Capital LLC purchased a new stake in shares of Doximity in the fourth quarter valued at about $240,000. Finally, SG Americas Securities LLC purchased a new position in shares of Doximity during the 4th quarter worth approximately $721,000. Hedge funds and other institutional investors 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.