Needham & Company LLC Has Lowered Expectations for Doximity (NASDAQ:DOCS) Stock Price

Doximity (NASDAQ:DOCS) had its target price reduced by research analysts at Needham & Company LLC from $82.00 to $67.00 in a report released on Friday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. Needham & Company LLC’s target price points to a potential upside of 27.38% from the company’s current price.

Other analysts have also issued research reports about the company. Wells Fargo & Company reissued an “equal weight” rating on shares of Doximity in a report on Friday, February 7th. The Goldman Sachs Group increased their price objective on Doximity from $58.00 to $80.00 and gave the company a “neutral” rating in a research note on Monday, February 10th. KeyCorp decreased their price objective on Doximity from $83.00 to $70.00 and set an “overweight” rating on the stock in a research note on Wednesday, April 16th. Canaccord Genuity Group increased their price objective on Doximity from $60.00 to $71.00 and gave the company a “hold” rating in a research note on Friday, February 7th. Finally, Truist Financial decreased their price objective on Doximity from $65.00 to $58.00 and set a “hold” rating on the stock in a research note on Thursday, April 10th. Eleven research analysts have rated the stock with a hold rating, eight have assigned a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $61.78.

Doximity Stock Performance

NASDAQ:DOCS opened at $52.60 on Friday. The stock has a fifty day moving average price of $57.40 and a two-hundred day moving average price of $57.84. The stock has a market capitalization of $9.82 billion, a price-to-earnings ratio of 52.60, a PEG ratio of 4.10 and a beta of 1.41. Doximity has a 1 year low of $25.00 and a 1 year high of $85.21.

Doximity (NASDAQ:DOCS) last posted its earnings results on Thursday, May 15th. The company reported $0.38 earnings per share for the quarter, beating the consensus estimate of $0.27 by $0.11. Doximity had a return on equity of 21.75% and a net margin of 36.60%. Doximity’s quarterly revenue was up 17.1% compared to the same quarter last year. During the same period last year, the business earned $0.25 EPS. On average, analysts predict that Doximity will post 0.99 EPS for the current year.

Insider Activity at Doximity

In related news, CFO Anna Bryson sold 45,000 shares of the firm’s stock in a transaction dated Thursday, May 1st. The stock was sold at an average price of $57.23, for a total transaction of $2,575,350.00. Following the sale, the chief financial officer now directly owns 357,165 shares in the company, valued at approximately $20,440,552.95. This trade represents a 11.19% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Kira Scherer Wampler sold 2,000 shares of the firm’s stock in a transaction dated Thursday, May 1st. The shares were sold at an average price of $56.93, for a total value of $113,860.00. Following the sale, the director now owns 16,618 shares in the company, valued at approximately $946,062.74. The trade was a 10.74% decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 37.40% of the company’s stock.

Institutional Investors Weigh In On Doximity

Hedge funds and other institutional investors have recently bought and sold shares of the business. Shaker Investments LLC OH purchased a new stake in Doximity during the 4th quarter worth approximately $559,000. Principal Financial Group Inc. increased its holdings in Doximity by 1.5% during the 4th quarter. Principal Financial Group Inc. now owns 293,974 shares of the company’s stock worth $15,695,000 after purchasing an additional 4,282 shares during the last quarter. Newbridge Financial Services Group Inc. purchased a new stake in Doximity during the 4th quarter worth approximately $362,000. Stratos Wealth Partners LTD. purchased a new stake in Doximity during the 4th quarter worth approximately $203,000. Finally, Wells Fargo & Company MN increased its holdings in Doximity by 3.3% during the 4th quarter. Wells Fargo & Company MN now owns 368,941 shares of the company’s stock worth $19,698,000 after purchasing an additional 11,811 shares during the last quarter. 87.19% of the stock is currently 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.