Doximity downgraded to Hold at Needham on mixed Q1 results

Needham downgraded Doximity to Hold from Buy. The company reported mixed Q1 results with good revenue and EPS upside, but the macro and small shifts in customer marketing priorities drove significantly lower bookings, the analyst tells investors in a research note. Q1 was the fifth consecutive quarter in reducing the next quarter’s growth assumptions, and the firm is stepping to sidelines until demand becomes more predictable, Needham states.