Doximity (NASDAQ:DOCS) Price Target Cut to $34.00 by Analysts at Mizuho

Doximity (NASDAQ:DOCS) had its target price lowered by Mizuho from $45.00 to $34.00 in a report released on Tuesday morning,Benzinga reports. Mizuho currently has a neutral rating on the stock.

A number of other equities research analysts also recently issued reports on the company. Morgan Stanley reduced their price target on Doximity from $65.00 to $49.00 and set an “overweight” rating on the stock in a research report on Friday, February 6th. Royal Bank Of Canada started coverage on Doximity in a research report on Thursday, January 8th. They set an “outperform” rating and a $59.00 target price for the company. Barclays assumed coverage on Doximity in a report on Monday, December 8th. They set an “overweight” rating and a $63.00 target price on the stock. Wells Fargo & Company dropped their price target on Doximity from $55.00 to $45.00 and set an “overweight” rating for the company in a research note on Friday. Finally, Evercore reissued an “outperform” rating on shares of Doximity in a report on Thursday, January 8th. One equities research analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and five have given a Hold rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $50.00.

Doximity Stock Performance

DOCS stock opened at $27.28 on Tuesday. The company’s 50-day simple moving average is $41.75 and its 200 day simple moving average is $56.18. Doximity has a 52 week low of $23.66 and a 52 week high of $80.25. The company has a market capitalization of $5.14 billion, a PE ratio of 27.28, 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, February 5th. The company reported $0.46 earnings per share for the quarter, topping the consensus estimate of $0.45 by $0.01. Doximity had a net margin of 36.60% and a return on equity of 21.75%. During the same period in the previous year, the business posted $0.45 earnings per share. The firm’s quarterly revenue was up 9.8% compared to the same quarter last year. On average, analysts forecast that Doximity will post 0.99 EPS for the current year.

Doximity announced that its Board of Directors has authorized a share repurchase plan on Thursday, February 5th that authorizes the company to repurchase $500.00 million in outstanding shares. This repurchase authorization authorizes the company to buy up to 8% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s board of directors believes its stock is undervalued.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the stock. Root Financial Partners LLC acquired a new stake in shares of Doximity during the 3rd quarter valued at $30,000. Hantz Financial Services Inc. raised its position 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 purchasing an additional 271 shares during the last quarter. Whittier Trust Co. of Nevada Inc. boosted its stake in shares of Doximity by 59.5% during the third quarter. Whittier Trust Co. of Nevada Inc. now owns 480 shares of the company’s stock valued at $35,000 after purchasing an additional 179 shares in the last quarter. Toth Financial Advisory Corp grew its holdings in shares of Doximity by 150.0% during the third quarter. Toth Financial Advisory Corp now owns 500 shares of the company’s stock worth $37,000 after purchasing an additional 300 shares during the last quarter. Finally, Atlantic Union Bankshares Corp grew its holdings in shares of Doximity by 136.9% during the third quarter. Atlantic Union Bankshares Corp now owns 616 shares of the company’s stock worth $45,000 after purchasing an additional 356 shares during the last quarter. 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.