Doximity (NASDAQ:DOCS) Sets New 12-Month Low After Analyst Downgrade

Shares of Doximity, Inc. (NASDAQ:DOCS) hit a new 52-week low during trading on Monday after JPMorgan Chase & Co. lowered their price target on the stock from $40.00 to $33.00. JPMorgan Chase & Co. currently has a neutral rating on the stock. Doximity traded as low as $23.58 and last traded at $23.9740, with a volume of 2084022 shares. The stock had previously closed at $25.55.

A number of other equities analysts have also commented on DOCS. Mizuho reduced their price target on shares of Doximity from $45.00 to $34.00 and set a “neutral” rating on the stock in a research report on Tuesday, February 10th. Morgan Stanley decreased 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. 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. 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 note on Friday, February 6th. Finally, Wells Fargo & Company decreased their target price on Doximity from $55.00 to $45.00 and set an “overweight” rating on the stock in a report on Friday, February 6th. One research analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and five have issued a Hold rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $48.33.

Institutional Trading of Doximity

A number of institutional investors have recently bought and sold shares of DOCS. Hantz Financial Services Inc. boosted its position in shares of Doximity by 148.9% in the 2nd quarter. Hantz Financial Services Inc. now owns 453 shares of the company’s stock worth $28,000 after purchasing an additional 271 shares during the last quarter. Root Financial Partners LLC acquired a new position in Doximity in the third quarter valued at about $30,000. Whittier Trust Co. of Nevada Inc. boosted its holdings in Doximity by 59.5% during the third quarter. Whittier Trust Co. of Nevada Inc. now owns 480 shares of the company’s stock worth $35,000 after buying an additional 179 shares during the last quarter. Northwestern Mutual Wealth Management Co. boosted its holdings in Doximity by 99.5% during the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 796 shares of the company’s stock worth $35,000 after buying an additional 397 shares during the last quarter. Finally, Toth Financial Advisory Corp grew its position in shares of 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 buying an additional 300 shares during the period. Institutional investors and hedge funds own 87.19% of the company’s stock.

Doximity Trading Down 6.8%

The company has a market capitalization of $4.40 billion, a P/E ratio of 23.81, a PEG ratio of 4.10 and a beta of 1.39. The business has a 50 day moving average price of $37.91 and a 200 day moving average price of $54.04.

Doximity (NASDAQ:DOCS) last issued its earnings results on Thursday, February 5th. The company reported $0.46 EPS for the quarter, beating 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%. Doximity’s revenue was up 9.8% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.45 earnings per share. On average, analysts forecast that Doximity, Inc. will post 0.99 EPS for the current fiscal year.

Doximity declared that its board has authorized a stock buyback program on Thursday, February 5th that allows the company to buyback $500.00 million in outstanding shares. This buyback authorization allows the company to purchase up to 8% of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s management believes its stock is undervalued.

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.