Doximity (NASDAQ:DOCS) Shares Gap Up - Time to Buy?

Doximity, Inc. (NASDAQ:DOCS - Get Free Report) gapped up before the market opened on Tuesday . The stock had previously closed at $41.96, but opened at $43.44. Doximity shares last traded at $43.48, with a volume of 305,661 shares trading hands.

Wall Street Analyst Weigh In

Several research analysts have recently commented on the company. Baird R W upgraded Doximity to a "strong-buy" rating in a research report on Tuesday, September 17th. JPMorgan Chase & Co. boosted their target price on shares of Doximity from $27.00 to $30.00 and gave the company a "neutral" rating in a research note on Monday, August 19th. Morgan Stanley increased their target price on shares of Doximity from $25.00 to $26.00 and gave the stock an "underweight" rating in a report on Friday, August 9th. Wells Fargo & Company lowered shares of Doximity from an "equal weight" rating to an "underweight" rating and decreased their price target for the company from $27.00 to $19.00 in a report on Thursday, July 18th. Finally, Truist Financial reiterated a "hold" rating and set a $35.00 price objective (up previously from $31.00) on shares of Doximity in a research note on Wednesday, August 14th. Two equities research analysts have rated the stock with a sell rating, seven have given a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, Doximity presently has an average rating of "Hold" and an average price target of $35.83.

Doximity Price Performance

The business has a fifty day moving average price of $38.24 and a 200 day moving average price of $30.81. The company has a market capitalization of $8.13 billion, a price-to-earnings ratio of 58.26, a price-to-earnings-growth ratio of 5.29 and a beta of 1.29.

Doximity (NASDAQ:DOCS - Get Free Report) last released its earnings results on Thursday, August 8th. The company reported $0.22 earnings per share for the quarter, topping analysts' consensus estimates of $0.16 by $0.06. Doximity had a return on equity of 19.26% and a net margin of 32.53%. The firm had revenue of $126.68 million during the quarter, compared to the consensus estimate of $119.88 million. Research analysts anticipate that Doximity, Inc. will post 0.8 earnings per share for the current year.

Insider Activity at Doximity

In other news, Director Watkin Phoebe L. Yang sold 1,011 shares of Doximity stock in a transaction that occurred on Monday, August 5th. The shares were sold at an average price of $25.54, for a total value of $25,820.94. Following the transaction, the director now owns 11,258 shares of the company's stock, valued at $287,529.32. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this link. In other news, CFO Anna Bryson sold 30,000 shares of the company's stock in a transaction on Friday, August 9th. The stock was sold at an average price of $35.00, for a total transaction of $1,050,000.00. Following the completion of the sale, the chief financial officer now directly owns 309,627 shares of the company's stock, valued at $10,836,945. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Watkin Phoebe L. Yang sold 1,011 shares of Doximity stock in a transaction dated Monday, August 5th. The stock was sold at an average price of $25.54, for a total value of $25,820.94. Following the completion of the transaction, the director now directly owns 11,258 shares in the company, valued at $287,529.32. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 35,451 shares of company stock valued at $1,201,018 over the last 90 days. 39.40% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the company. LRI Investments LLC purchased a new position in shares of Doximity during the first quarter valued at $27,000. Blue Trust Inc. boosted its holdings in shares of Doximity by 621.4% during the second quarter. Blue Trust Inc. now owns 1,385 shares of the company's stock worth $37,000 after purchasing an additional 1,193 shares during the period. Quarry LP increased its stake in Doximity by 101.2% in the 2nd quarter. Quarry LP now owns 1,616 shares of the company's stock valued at $45,000 after buying an additional 131,253 shares during the period. DekaBank Deutsche Girozentrale purchased a new stake in Doximity in the 1st quarter worth approximately $46,000. Finally, First Horizon Advisors Inc. boosted its stake in shares of Doximity by 80.0% during the 2nd quarter. First Horizon Advisors Inc. now owns 1,710 shares of the company's stock valued at $48,000 after buying an additional 760 shares during the period. 87.19% of the stock is owned by hedge funds and other institutional investors.

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.