Doximity (NASDAQ:DOCS) Rating Increased to Buy at Truist Financial

Truist Financial upgraded shares of Doximity (NASDAQ:DOCS) from a hold rating to a buy rating in a research report report published on Thursday, Marketbeat.com reports.

DOCS has been the topic of several other reports. Canaccord Genuity Group decreased their price objective on shares of Doximity from $67.00 to $58.00 and set a “hold” rating on the stock in a research note on Monday, November 10th. Raymond James Financial restated a “strong-buy” rating on shares of Doximity in a research report on Monday, December 29th. Bank of America raised Doximity from a “neutral” rating to a “buy” rating and raised their price target for the company from $75.00 to $82.00 in a report on Monday, October 27th. The Goldman Sachs Group set a $64.00 price objective on Doximity and gave the stock a “sell” rating in a research note on Wednesday, October 1st. Finally, Evercore ISI restated an “outperform” rating on shares of Doximity in a report on Thursday. Two investment analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating, five have given a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat.com, Doximity has a consensus rating of “Moderate Buy” and a consensus price target of $66.89.

Doximity Price Performance

Shares of DOCS stock opened at $43.71 on Thursday. The stock’s fifty day simple moving average is $48.90 and its 200 day simple moving average is $59.86. Doximity has a one year low of $43.21 and a one year high of $85.21. The firm has a market cap of $8.23 billion, a price-to-earnings ratio of 43.71, a P/E/G ratio of 4.10 and a beta of 1.39.

Doximity (NASDAQ:DOCS) last issued its earnings results on Thursday, November 6th. The company reported $0.45 EPS for the quarter, beating the consensus estimate of $0.38 by $0.07. Doximity had a net margin of 36.60% and a return on equity of 21.75%. During the same period in the prior year, the firm posted $0.30 EPS. Doximity’s quarterly revenue was up 23.2% compared to the same quarter last year. On average, research analysts anticipate that Doximity will post 0.99 earnings per share for the current year.

Insider Buying and Selling at Doximity

In other news, Director Kira Scherer Wampler sold 2,000 shares of the company’s stock in a transaction on Monday, November 3rd. The stock was sold at an average price of $66.44, for a total transaction of $132,880.00. Following the transaction, the director owned 19,839 shares of the company’s stock, valued at $1,318,103.16. This represents a 9.16% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. 31.30% of the stock is currently owned by insiders.

Institutional Trading of Doximity

Several institutional investors and hedge funds have recently added to or reduced their stakes in DOCS. Root Financial Partners LLC acquired a new stake in shares of Doximity during the 3rd quarter worth approximately $30,000. Hantz Financial Services Inc. boosted its stake in Doximity by 148.9% in the second quarter. Hantz Financial Services Inc. now owns 453 shares of the company’s stock valued at $28,000 after acquiring an additional 271 shares during the last quarter. Whittier Trust Co. of Nevada Inc. boosted its stake in Doximity by 59.5% in the third quarter. Whittier Trust Co. of Nevada Inc. now owns 480 shares of the company’s stock valued at $35,000 after acquiring an additional 179 shares during the last quarter. Toth Financial Advisory Corp grew its holdings in Doximity by 150.0% during the 3rd quarter. Toth Financial Advisory Corp now owns 500 shares of the company’s stock worth $37,000 after acquiring an additional 300 shares during the period. Finally, Atlantic Union Bankshares Corp raised its position in shares of Doximity by 136.9% during the 3rd quarter. Atlantic Union Bankshares Corp now owns 616 shares of the company’s stock valued at $45,000 after acquiring an additional 356 shares during the last quarter. 87.19% of the stock is owned by institutional investors.

Doximity Company Profile

Doximity, Inc, headquartered in San Francisco, California, operates the leading professional medical network for healthcare professionals in the United States. Founded in 2011 by Jeff Tangney and Shari Buck, the company set out to create a secure digital environment where physicians, nurse practitioners and physician assistants can collaborate, share information and stay current with clinical news. Doximity went public in June 2021 and trades on the NASDAQ under the ticker symbol “DOCS.”

The core offering of Doximity is its HIPAA-compliant communication platform, which includes a secure messaging system, digital fax services and telehealth capabilities.