Piper Sandler Forecasts Strong Price Appreciation for Doximity (NASDAQ:DOCS) Stock

Doximity (NASDAQ:DOCS) had its price target boosted by equities researchers at Piper Sandler from $40.00 to $42.00 in a research report issued to clients and investors on Friday, Marketbeat.com reports. The brokerage presently has an “overweight” rating on the stock. Piper Sandler’s price target points to a potential upside of 64.42% from the company’s previous close.

Several other brokerages also recently issued reports on DOCS. Needham & Company LLC reduced their price objective on Doximity from $75.00 to $55.00 and set a “buy” rating on the stock in a research report on Friday, February 6th. Mizuho decreased their price target on shares of Doximity from $45.00 to $34.00 and set a “neutral” rating on the stock in a research note on Tuesday, February 10th. Canaccord Genuity Group set a $34.00 price target on shares of Doximity and gave the stock a “buy” rating in a report on Monday, February 9th. BMO Capital Markets set a $25.00 price objective on shares of Doximity in a research report on Friday, February 6th. Finally, Bank of America upgraded shares of Doximity from a “neutral” rating to a “buy” rating and raised their target price for the stock from $75.00 to $82.00 in a research report on Monday, October 27th. One analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and five have given a Hold rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $48.33.

Doximity Stock Up 1.2%

Doximity stock opened at $25.55 on Friday. The firm has a market capitalization of $4.72 billion, a PE ratio of 25.55, a P/E/G ratio of 4.10 and a beta of 1.39. Doximity has a 52 week low of $23.66 and a 52 week high of $76.51. The firm’s 50-day simple moving average is $38.33 and its 200 day simple moving average is $54.31.

Doximity (NASDAQ:DOCS) last announced its earnings results on Thursday, February 5th. The company reported $0.46 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 quarter in the previous year, the company earned $0.45 earnings per share. The company’s revenue for the quarter was up 9.8% on a year-over-year basis. On average, research analysts expect that Doximity will post 0.99 EPS for the current fiscal year.

Doximity declared that its Board of Directors has approved a stock repurchase program on Thursday, February 5th that authorizes the company to buyback $500.00 million in shares. This buyback authorization authorizes the company to buy up to 8% of its shares through open market purchases. Shares buyback programs are usually a sign that the company’s board believes its stock is undervalued.

Hedge Funds Weigh In On Doximity

A number of hedge funds have recently made changes to their positions in the stock. Synergy Asset Management LLC increased its holdings in shares of Doximity by 100.0% in the 3rd quarter. Synergy Asset Management LLC now owns 604,502 shares of the company’s stock valued at $44,219,000 after purchasing an additional 302,251 shares during the period. Liontrust Investment Partners LLP grew its position in Doximity by 1,189.9% during the second quarter. Liontrust Investment Partners LLP now owns 272,065 shares of the company’s stock valued at $16,688,000 after purchasing an additional 250,973 shares in the last quarter. SG Americas Securities LLC increased its stake in Doximity by 335.9% in the 3rd quarter. SG Americas Securities LLC now owns 52,993 shares of the company’s stock valued at $3,876,000 after buying an additional 40,837 shares during the period. Aubrey Capital Management Ltd purchased a new stake in Doximity in the 3rd quarter worth approximately $4,572,000. Finally, Voya Investment Management LLC lifted its position in Doximity by 932.8% in the 3rd quarter. Voya Investment Management LLC now owns 1,567,668 shares of the company’s stock worth $114,267,000 after buying an additional 1,415,882 shares in the last quarter. Institutional investors and hedge funds own 87.19% of the company’s stock.

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.