Doximity (NYSE:DOCS) Upgraded at Freedom Capital

Freedom Capital upgraded shares of Doximity (NYSE:DOCS) to a strong-buy rating in a research note published on Tuesday,Zacks.com reports.

Other equities research analysts also recently issued research reports about the stock. BTIG Research lowered their target price on shares of Doximity from $80.00 to $50.00 and set a “buy” rating for the company in a research note on Friday, February 6th. Morgan Stanley decreased their price target on shares of Doximity from $65.00 to $49.00 and set an “overweight” rating for the company in a report on Friday, February 6th. KeyCorp set a $38.00 price objective on shares of Doximity in a research report on Friday, February 6th. Zacks Research downgraded Doximity from a “strong-buy” rating to a “hold” rating in a research note on Friday, February 13th. Finally, Weiss Ratings reiterated a “hold (c+)” rating on shares of Doximity in a report on Wednesday, December 24th. Two investment analysts have rated the stock with a Strong Buy rating, fourteen have given a Buy rating and six have assigned a Hold rating to the company. According to data from MarketBeat.com, Doximity presently has an average rating of “Moderate Buy” and a consensus target price of $46.63.

Doximity Stock Performance

Shares of DOCS opened at $24.83 on Tuesday. The company has a market capitalization of $4.59 billion, a PE ratio of 20.69, a P/E/G ratio of 1.39 and a beta of 1.44. Doximity has a 1 year low of $23.53 and a 1 year high of $76.51. The stock’s 50-day moving average is $30.99.

Doximity (NYSE:DOCS) last announced its quarterly earnings results on Thursday, February 5th. The company reported $0.46 EPS for the quarter, beating analysts’ consensus estimates of $0.45 by $0.01. Doximity had a return on equity of 23.84% and a net margin of 37.54%.The company’s revenue for the quarter was up 9.8% on a year-over-year basis. During the same period in the previous year, the firm posted $0.45 earnings per share.

Doximity announced 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 outstanding shares. This buyback authorization authorizes the company to repurchase up to 8% of its stock through open market purchases. Stock buyback programs are generally a sign that the company’s board believes its stock is undervalued.

Insider Buying and Selling

In other Doximity news, Director Kira Scherer Wampler sold 2,000 shares of Doximity stock in a transaction that occurred on Tuesday, March 3rd. The shares were sold at an average price of $26.00, for a total value of $52,000.00. Following the transaction, the director owned 19,839 shares of the company’s stock, valued at approximately $515,814. The trade was a 9.16% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Siddharth Sitaram sold 2,319 shares of the company’s stock in a transaction that occurred on Tuesday, March 10th. The shares were sold at an average price of $25.37, for a total transaction of $58,833.03. Following the completion of the transaction, the insider owned 84,132 shares of the company’s stock, valued at $2,134,428.84. This trade represents a 2.68% decrease in their position. The SEC filing for this sale provides additional information. In the last ninety days, insiders sold 6,601 shares of company stock worth $174,455. Insiders own 31.30% of the company’s stock.

Hedge Funds Weigh In On Doximity

A number of large investors have recently added to or reduced their stakes in the company. Rockefeller Capital Management L.P. raised its stake in shares of Doximity by 264.4% in the 4th quarter. Rockefeller Capital Management L.P. now owns 3,014 shares of the company’s stock valued at $133,000 after purchasing an additional 2,187 shares during the period. Montanaro Asset Management Ltd boosted its position in shares of Doximity by 28.0% during the fourth quarter. Montanaro Asset Management Ltd now owns 41,200 shares of the company’s stock worth $1,824,000 after buying an additional 9,000 shares during the period. Hsbc Holdings PLC grew its holdings in shares of Doximity by 76.5% during the fourth quarter. Hsbc Holdings PLC now owns 124,357 shares of the company’s stock worth $5,535,000 after buying an additional 53,888 shares in the last quarter. Pacer Advisors Inc. grew its holdings in shares of Doximity by 99.6% during the fourth quarter. Pacer Advisors Inc. now owns 436,966 shares of the company’s stock worth $19,349,000 after buying an additional 218,043 shares in the last quarter. Finally, Invesco Ltd. raised its position in Doximity by 4.2% in the 4th quarter. Invesco Ltd. now owns 2,426,819 shares of the company’s stock valued at $107,460,000 after buying an additional 98,519 shares during the last quarter. Institutional investors own 87.19% of the company’s stock.

About Doximity

Doximity, trading as DOCS, operates a digital professional network and communications platform designed primarily for clinicians. Headquartered in San Francisco, the company connects physicians, nurse practitioners, physician assistants and other healthcare professionals, providing tools that streamline clinical communication, telehealth delivery and access to specialty-specific medical information. Its platform is positioned as a professional hub where clinicians manage their workflows, stay current with medical news and collaborate securely with peers.

The company’s offerings include secure messaging and video telehealth capabilities that enable clinicians to consult with patients and colleagues while protecting patient information.