Doximity (NASDAQ:DOCS) Shares Down 4.2% – Time to Sell?

Doximity, Inc. (NASDAQ:DOCS) was down 4.2% during mid-day trading on Thursday . The company traded as low as $47.66 and last traded at $47.82. Approximately 1,293,732 shares traded hands during mid-day trading, a decline of 26% from the average daily volume of 1,743,660 shares. The stock had previously closed at $49.90.

Analyst Upgrades and Downgrades

Several research analysts have recently commented on DOCS shares. Baird R W upgraded Doximity to a “strong-buy” rating in a research report on Tuesday, September 17th. Needham & Company LLC raised Doximity from a “hold” rating to a “buy” rating and set a $38.00 target price for the company in a research report on Friday, August 9th. JPMorgan Chase & Co. boosted their price target on shares of Doximity from $30.00 to $48.00 and gave the stock a “neutral” rating in a research note on Thursday. The Goldman Sachs Group initiated coverage on shares of Doximity in a research note on Friday, November 15th. They issued a “neutral” rating and a $58.00 price objective for the company. Finally, Canaccord Genuity Group downgraded shares of Doximity from a “buy” rating to a “hold” rating and upped their target price for the stock from $40.00 to $60.00 in a research note on Wednesday, November 13th. Eleven equities research analysts have rated the stock with a hold rating, six have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $52.27.

Doximity Stock Up 0.4 %

The firm has a fifty day simple moving average of $44.64 and a 200-day simple moving average of $35.01. The company has a market cap of $9.00 billion, a PE ratio of 52.75, a price-to-earnings-growth ratio of 3.89 and a beta of 1.30.

Institutional Trading of Doximity

Several institutional investors and hedge funds have recently added to or reduced their stakes in DOCS. FMR LLC increased its holdings in shares of Doximity by 30.5% in the third quarter. FMR LLC now owns 6,837,733 shares of the company’s stock valued at $297,920,000 after purchasing an additional 1,598,602 shares during the period. William Blair Investment Management LLC increased its stake in Doximity by 15.8% in the 2nd quarter. William Blair Investment Management LLC now owns 6,404,068 shares of the company’s stock valued at $179,122,000 after buying an additional 873,682 shares during the period. Clearbridge Investments LLC raised its position in Doximity by 7.1% during the 2nd quarter. Clearbridge Investments LLC now owns 5,853,035 shares of the company’s stock worth $163,709,000 after buying an additional 387,200 shares during the last quarter. State Street Corp lifted its stake 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 acquiring an additional 88,922 shares during the period. Finally, Swedbank AB purchased a new stake in shares of Doximity in the first quarter valued at about $91,673,000. 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.