Doximity (NASDAQ:DOCS) Issues Quarterly Earnings Results, Beats Expectations By $0.06 EPS

Doximity (NASDAQ:DOCSGet Rating) announced its earnings results on Tuesday. The company reported $0.21 earnings per share for the quarter, topping the consensus estimate of $0.15 by $0.06, Briefing.com reports. Doximity had a net margin of 39.15% and a return on equity of 20.38%. The firm had revenue of $93.65 million for the quarter, compared to the consensus estimate of $90.17 million. The firm’s revenue was up 40.4% on a year-over-year basis. Doximity updated its FY 2023 guidance to EPS and its Q1 2023 guidance to EPS.

Shares of DOCS opened at $33.77 on Wednesday. The company has a 50-day simple moving average of $45.34 and a 200-day simple moving average of $52.15. Doximity has a 52-week low of $27.06 and a 52-week high of $107.79.

A number of brokerages have commented on DOCS. Needham & Company LLC dropped their price objective on shares of Doximity from $90.00 to $70.00 and set a “buy” rating on the stock in a research report on Wednesday, February 9th. Raymond James lowered their target price on shares of Doximity from $60.00 to $40.00 in a report on Wednesday. Zacks Investment Research upgraded shares of Doximity from a “sell” rating to a “hold” rating in a research note on Monday, May 9th. Morgan Stanley decreased their price target on shares of Doximity from $55.00 to $35.00 in a research note on Wednesday. Finally, Robert W. Baird cut their price objective on shares of Doximity from $68.00 to $45.00 in a research report on Wednesday. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and ten have issued a buy rating to the stock. According to MarketBeat.com, Doximity presently has a consensus rating of “Buy” and a consensus price target of $61.69.

In other Doximity news, Director Kira Scherer Wampler sold 2,200 shares of the firm’s stock in a transaction dated Friday, April 1st. The shares were sold at an average price of $53.10, for a total transaction of $116,820.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Gilbert H. Kliman sold 29,174 shares of the firm’s stock in a transaction dated Wednesday, February 23rd. The shares were sold at an average price of $56.09, for a total transaction of $1,636,369.66. The disclosure for this sale can be found here. Insiders sold a total of 32,200 shares of company stock valued at $1,801,924 in the last quarter.

A number of large investors have recently bought and sold shares of the business. Walleye Capital LLC purchased a new position in Doximity during the 1st quarter valued at about $799,000. Weiss Multi Strategy Advisers LLC increased its holdings in Doximity by 6.9% during the 1st quarter. Weiss Multi Strategy Advisers LLC now owns 4,810 shares of the company’s stock valued at $251,000 after acquiring an additional 310 shares in the last quarter. Alyeska Investment Group L.P. increased its holdings in Doximity by 22.8% during the 1st quarter. Alyeska Investment Group L.P. now owns 350,000 shares of the company’s stock valued at $18,232,000 after acquiring an additional 65,000 shares in the last quarter. Beacon Pointe Advisors LLC increased its holdings in Doximity by 62.5% during the 1st quarter. Beacon Pointe Advisors LLC now owns 23,169 shares of the company’s stock valued at $1,207,000 after acquiring an additional 8,913 shares in the last quarter. Finally, Royal Bank of Canada increased its holdings in Doximity by 32.7% during the 1st quarter. Royal Bank of Canada now owns 120,914 shares of the company’s stock valued at $6,298,000 after acquiring an additional 29,774 shares in the last quarter. Hedge funds and other institutional investors own 67.88% of the company’s stock.

Doximity Company Profile (Get Rating)

Doximity, Inc operates a cloud-based digital platform for medical professionals in the United States. The company's cloud-based 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.

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