The Goldman Sachs Group Issues Pessimistic Forecast for Doximity (NASDAQ:DOCS) Stock Price

Doximity (NASDAQ:DOCS) had its price target lowered by equities research analysts at The Goldman Sachs Group from $80.00 to $50.00 in a report issued on Wednesday,Benzinga reports. The brokerage presently has a “neutral” rating on the stock. The Goldman Sachs Group’s target price points to a potential downside of 2.35% from the stock’s current price.

Other research analysts have also issued reports about the stock. Raymond James reduced their price objective on shares of Doximity from $83.00 to $65.00 and set an “outperform” rating for the company in a research note on Friday, May 16th. Robert W. Baird reduced their price objective on shares of Doximity from $87.00 to $65.00 and set an “outperform” rating for the company in a research note on Tuesday. Wells Fargo & Company reiterated an “equal weight” rating on shares of Doximity in a research note on Friday, February 7th. Needham & Company LLC reduced their price objective on shares of Doximity from $82.00 to $67.00 and set a “buy” rating for the company in a research note on Friday, May 16th. Finally, Canaccord Genuity Group reduced their price objective on shares of Doximity from $71.00 to $50.00 and set a “hold” rating for the company in a research note on Friday, May 16th. Eleven investment analysts have rated the stock with a hold rating, eight have given a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat, Doximity currently has an average rating of “Moderate Buy” and a consensus target price of $61.22.

Doximity Stock Up 0.9%

Doximity stock opened at $51.21 on Wednesday. Doximity has a twelve month low of $25.00 and a twelve month high of $85.21. The firm has a 50 day moving average price of $56.56 and a 200-day moving average price of $58.01. The company has a market capitalization of $9.56 billion, a P/E ratio of 51.21, a P/E/G ratio of 4.10 and a beta of 1.41.

Doximity (NASDAQ:DOCS) last released its earnings results on Thursday, May 15th. The company reported $0.38 earnings per share for the quarter, beating analysts’ consensus estimates of $0.27 by $0.11. Doximity had a net margin of 36.60% and a return on equity of 21.75%. The firm’s revenue was up 17.1% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.25 earnings per share. Equities analysts expect that Doximity will post 0.99 EPS for the current fiscal year.

Insider Buying and Selling at Doximity

In other news, Director Kira Scherer Wampler sold 2,000 shares of the firm’s stock in a transaction on Thursday, May 1st. The shares were sold at an average price of $56.93, for a total transaction of $113,860.00. Following the sale, the director now owns 16,618 shares in the company, valued at approximately $946,062.74. This trade represents a 10.74% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, CFO Anna Bryson sold 45,000 shares of the firm’s stock in a transaction on Thursday, May 1st. The shares were 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 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 disclosure for this sale can be found here. Insiders own 37.40% of the company’s stock.

Institutional Trading of Doximity

Several institutional investors and hedge funds have recently made changes to their positions in DOCS. FMR LLC raised its position in shares of Doximity by 37.6% during the 4th quarter. FMR LLC now owns 9,409,313 shares of the company’s stock valued at $502,363,000 after buying an additional 2,571,580 shares in the last quarter. Arrowstreet Capital Limited Partnership raised its position in shares of Doximity by 708.7% during the 4th quarter. Arrowstreet Capital Limited Partnership now owns 1,510,416 shares of the company’s stock valued at $80,641,000 after buying an additional 1,323,634 shares in the last quarter. SG Americas Securities LLC purchased a new stake in shares of Doximity during the 1st quarter valued at $65,702,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its position in shares of Doximity by 130.4% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 1,966,801 shares of the company’s stock valued at $114,133,000 after buying an additional 1,113,076 shares in the last quarter. Finally, Invesco Ltd. raised its position in shares of Doximity by 525.1% during the 4th quarter. Invesco Ltd. now owns 1,272,403 shares of the company’s stock valued at $67,934,000 after buying an additional 1,068,849 shares in the last quarter. Hedge funds and other institutional investors own 87.19% of the company’s stock.

Doximity Company Profile

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.