Doximity (NASDAQ:DOCS) Rating Increased to Buy at BTIG Research

BTIG Research upgraded shares of Doximity (NASDAQ:DOCS) from a neutral rating to a buy rating in a report released on Monday, Marketbeat Ratings reports. They currently have $80.00 price objective on the stock.

A number of other analysts have also recently commented on the company. JPMorgan Chase & Co. reduced their price objective on Doximity from $63.00 to $60.00 and set a “neutral” rating for the company in a research report on Tuesday, May 27th. Morgan Stanley reduced their price objective on Doximity from $71.00 to $60.00 and set an “equal weight” rating for the company in a research report on Thursday, April 24th. Canaccord Genuity Group reduced their price objective on Doximity from $71.00 to $50.00 and set a “hold” rating for the company in a research report on Friday, May 16th. Wells Fargo & Company reiterated an “equal weight” rating on shares of Doximity in a research report on Friday, February 7th. Finally, Truist Financial cut their price target on Doximity from $58.00 to $52.00 and set a “hold” rating for the company in a report on Friday, May 16th. Eleven equities research analysts have rated the stock with a hold rating, nine have issued a buy rating and two have given a strong buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $62.84.

Doximity Trading Down 1.2%

Shares of NASDAQ:DOCS opened at $51.47 on Monday. The stock has a fifty day simple moving average of $54.91 and a two-hundred day simple moving average of $58.13. The stock has a market capitalization of $9.61 billion, a price-to-earnings ratio of 51.47, a PEG ratio of 4.10 and a beta of 1.41. Doximity has a 12-month low of $25.00 and a 12-month high of $85.21.

Doximity (NASDAQ:DOCS) last posted its quarterly earnings results on Thursday, May 15th. The company reported $0.38 earnings per share for the quarter, topping 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%. During the same period in the previous year, the company earned $0.25 earnings per share. The firm’s revenue for the quarter was up 17.1% compared to the same quarter last year. As a group, equities research analysts predict that Doximity will post 0.99 EPS for the current year.

Insider Buying and Selling at Doximity

In other news, CFO Anna Bryson sold 45,000 shares of the stock in a transaction that occurred on Thursday, May 1st. The stock was sold at an average price of $57.23, for a total value 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 represents a 11.19% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Kira Scherer Wampler sold 2,000 shares of the stock in a transaction that occurred on Thursday, May 1st. The stock was sold at an average price of $56.93, for a total value of $113,860.00. Following the completion of 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 Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the company. Global Retirement Partners LLC grew its stake in Doximity by 468.1% in the fourth quarter. Global Retirement Partners LLC now owns 534 shares of the company’s stock worth $29,000 after purchasing an additional 440 shares in the last quarter. VSM Wealth Advisory LLC bought a new position in Doximity in the first quarter worth approximately $29,000. Allworth Financial LP grew its stake in Doximity by 104.0% in the first quarter. Allworth Financial LP now owns 563 shares of the company’s stock worth $32,000 after purchasing an additional 287 shares in the last quarter. National Bank of Canada FI bought a new position in Doximity in the first quarter worth approximately $33,000. Finally, Spire Wealth Management grew its stake in Doximity by 73.2% in the first quarter. Spire Wealth Management now owns 615 shares of the company’s stock worth $36,000 after purchasing an additional 260 shares in the last quarter. Institutional investors own 87.19% of the company’s stock.

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.