Doximity (NASDAQ:DOCS) Shares Down 5% - Time to Sell?

Shares of Doximity, Inc. (NASDAQ:DOCS - Get Free Report) dropped 5% during mid-day trading on Monday . The company traded as low as $54.39 and last traded at $54.87. Approximately 1,161,888 shares traded hands during trading, a decline of 35% from the average daily volume of 1,778,301 shares. The stock had previously closed at $57.78.

Analysts Set New Price Targets

DOCS has been the topic of a number of research analyst reports. Mizuho assumed coverage on shares of Doximity in a research report on Wednesday, December 4th. They issued a "neutral" rating and a $55.00 target price on the stock. Stephens started coverage on Doximity in a research report on Friday, December 20th. They set an "equal weight" rating and a $55.00 price objective on the stock. Canaccord Genuity Group reiterated a "hold" rating and issued a $60.00 target price (up from $40.00) on shares of Doximity in a research report on Wednesday, November 13th. The Goldman Sachs Group initiated coverage on Doximity in a research note on Friday, November 15th. They issued a "neutral" rating and a $58.00 price objective for the company. Finally, Truist Financial lifted their target price on shares of Doximity from $35.00 to $49.00 and gave the stock a "hold" rating in a research report on Thursday, November 14th. Thirteen research analysts have rated the stock with a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat, the company has an average rating of "Hold" and a consensus price target of $52.59.

Doximity Stock Performance

The firm's 50 day moving average price is $50.59 and its two-hundred day moving average price is $39.94. The company has a market cap of $9.98 billion, a P/E ratio of 61.45, a price-to-earnings-growth ratio of 4.16 and a beta of 1.40.

Hedge Funds Weigh In On Doximity

Several institutional investors have recently made changes to their positions in the stock. FMR LLC grew its stake in shares of Doximity by 30.5% in the 3rd quarter. FMR LLC now owns 6,837,733 shares of the company's stock valued at $297,920,000 after buying an additional 1,598,602 shares during the period. William Blair Investment Management LLC increased its holdings in shares of Doximity by 15.8% during the second quarter. William Blair Investment Management LLC now owns 6,404,068 shares of the company's stock valued at $179,122,000 after acquiring an additional 873,682 shares in the last quarter. Clearbridge Investments LLC increased its holdings in shares of Doximity by 7.1% during the second quarter. Clearbridge Investments LLC now owns 5,853,035 shares of the company's stock valued at $163,709,000 after acquiring an additional 387,200 shares in the last quarter. State Street Corp lifted its holdings in shares of Doximity by 2.5% in the 3rd quarter. State Street Corp now owns 3,693,982 shares of the company's stock worth $160,947,000 after purchasing an additional 88,922 shares in the last quarter. Finally, Geode Capital Management LLC grew its position in Doximity by 19.8% in the 3rd quarter. Geode Capital Management LLC now owns 2,856,984 shares of the company's stock valued at $124,503,000 after purchasing an additional 472,565 shares during the period. 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.