Phoebe L. Yang Watkin, a director at Doximity , Inc. (NYSE:DOCS), has sold a total of 1,011 shares of the company's Class A Common Stock, according to a recent SEC filing. The transaction, which took place on August 5, 2024, resulted in a total sale value of $25,820, with shares sold at a price of $25.54 each.
The sale was conducted under a Rule 10b5-1 trading plan, which Yang Watkin had previously adopted on August 30, 2023. This plan allows company insiders to set up a predetermined schedule for buying or selling shares to avoid accusations of insider trading. The transaction was executed automatically according to this plan.
Following the sale, Yang Watkin continues to own 11,258 shares of Doximity's Class A Common Stock. The ownership is held directly, indicating a personal stake in the company's performance.
Investors often monitor insider transactions as they can provide insights into how the company's top brass perceive the business's prospects. However, it's important to note that these transactions do not necessarily indicate a change in company fundamentals, and can be influenced by a variety of factors, including personal financial planning.
Doximity, Inc., headquartered in San Francisco, California, specializes in computer programming services and operates within the technology sector. The company's Class A Common Stock is traded on the New York Stock Exchange under the ticker symbol DOCS.
In other recent news, Doximity Inc (NYSE:DOCS). exceeded its fourth-quarter revenue guidance, reporting $118 million and achieving a 13% year-on-year growth, culminating in $475 million for the fiscal year 2024. The company's adjusted EBITDA margin stood at 48%, with $56 million in Q4. Doximity also announced a new $500 million share buyback program. Wells Fargo, however, downgraded Doximity's shares from Equal Weight to Underweight, reducing the price target to $19.00 due to concerns over the company's growth trajectory.
Barclays maintained an equal weight on Doximity, keeping the price target steady at $31.00, while Truist Securities increased the stock's price target to $31.00 from the previous $29.00, maintaining a Hold rating. Both firms highlighted the company's strong fourth quarter and first quarter headline beat.
In terms of future projections, Doximity forecasts Q1 2025 revenue between $119.5 million and $120.5 million, and $506 million to $518 million for the full fiscal year. Recent developments also include Doximity's integration with Perplexity, aimed at bolstering its platform and potentially increasing its appeal to physicians.
InvestingPro Insights
Doximity, Inc. (NYSE:DOCS) has recently been in the spotlight due to insider trading activity, with a director selling over a thousand shares. For investors looking to understand the company's financial health and market position, certain metrics and InvestingPro Tips can provide additional context to this event.
InvestingPro Data shows that Doximity holds a market capitalization of $4.86 billion, maintaining a P/E ratio of 33.67, which adjusts to 31.35 when looking at the last twelve months as of Q4 2024. This valuation comes in the context of a company that has experienced a revenue growth of 13.45% over the same period, underlining its ability to expand its financial top-line.
Two notable InvestingPro Tips for Doximity include the company's impressive gross profit margins and its strong liquidity position. With gross profit margins standing at an enviable 89.34% for the last twelve months as of Q4 2024, Doximity demonstrates its efficiency in maintaining profitability relative to its revenue. Additionally, the company's liquid assets exceed its short-term obligations, which is a reassuring sign for investors concerned about the company's financial resilience.
Moreover, despite a recent stock price decline over the last week, with a -9.32% total return, analysts remain optimistic about Doximity's future earnings. Six analysts have revised their earnings upwards for the upcoming period, as reflected in the InvestingPro Tips, which could suggest a potential rebound or correction in the stock price. For investors interested in a deeper dive into Doximity's financials and future prospects, InvestingPro offers additional tips, with a total of 12 listed on the platform.
As the company continues to navigate the market, these insights and data points can help investors make more informed decisions. The next earnings date for Doximity is set for August 8, 2024, which will likely provide further clarity on the company's trajectory and operational performance.
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