Doximity, Inc. (NASDAQ:DOCS) Receives Consensus Recommendation of “Moderate Buy” from Analysts

Shares of Doximity, Inc. (NASDAQ:DOCS) have received a consensus recommendation of “Moderate Buy” from the twenty-one analysts that are presently covering the firm, MarketBeat Ratings reports. One research analyst has rated the stock with a sell rating, four have given a hold rating, fifteen have assigned a buy rating and one has issued a strong buy rating on the company. The average 12 month target price among brokerages that have issued a report on the stock in the last year is $65.7368.

DOCS has been the subject of several research reports. Bank of America raised Doximity from a “neutral” rating to a “buy” rating and lifted their target price for the company from $75.00 to $82.00 in a research note on Monday, October 27th. Raymond James Financial restated a “strong-buy” rating on shares of Doximity in a research report on Monday, December 29th. Morgan Stanley upgraded shares of Doximity from an “equal weight” rating to an “overweight” rating and lifted their price target for the stock from $62.00 to $65.00 in a research report on Monday, December 15th. Canaccord Genuity Group set a $48.00 price objective on shares of Doximity in a report on Thursday, January 8th. Finally, Wells Fargo & Company raised shares of Doximity from an “equal weight” rating to an “overweight” rating and reduced their price objective for the company from $65.00 to $55.00 in a research note on Tuesday, January 20th.

Doximity Stock Performance

Shares of NASDAQ:DOCS opened at $37.40 on Friday. The business has a fifty day moving average of $44.41 and a 200-day moving average of $57.65. Doximity has a twelve month low of $37.33 and a twelve month high of $85.21. The firm has a market cap of $7.04 billion, a PE ratio of 37.40, a price-to-earnings-growth ratio of 4.10 and a beta of 1.39.

Doximity (NASDAQ:DOCS) last issued its quarterly earnings data on Thursday, November 6th. The company reported $0.45 EPS for the quarter, topping analysts’ consensus estimates 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 quarter last year, the company posted $0.30 EPS. The company’s revenue was up 23.2% compared to the same quarter last year. On average, analysts anticipate that Doximity will post 0.99 EPS for the current fiscal year.

Insider Activity at Doximity

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

Hedge Funds Weigh In On Doximity

Several institutional investors have recently modified their holdings of DOCS. Royal Bank of Canada raised its position in shares of Doximity by 24.2% in the 1st quarter. Royal Bank of Canada now owns 106,845 shares of the company’s stock valued at $6,200,000 after acquiring an additional 20,847 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in Doximity by 0.5% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 38,978 shares of the company’s stock worth $2,262,000 after purchasing an additional 210 shares during the period. NewEdge Advisors LLC boosted its position in shares of Doximity by 613.7% during the first quarter. NewEdge Advisors LLC now owns 6,323 shares of the company’s stock worth $367,000 after purchasing an additional 5,437 shares in the last quarter. Goldman Sachs Group Inc. grew its holdings in shares of Doximity by 33.3% in the 1st quarter. Goldman Sachs Group Inc. now owns 255,529 shares of the company’s stock valued at $14,828,000 after buying an additional 63,873 shares during the period. Finally, Focus Partners Wealth bought a new stake in shares of Doximity in the 1st quarter valued at $283,000. 87.19% of the stock is currently owned by institutional investors and hedge funds.

About Doximity

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.