Doximity, Inc. (NYSE:DOCS) Given Consensus Recommendation of “Moderate Buy” by Brokerages

Doximity, Inc. (NYSE:DOCS) has been assigned a consensus rating of “Moderate Buy” from the twenty-two research firms that are covering the company, MarketBeat reports. Six analysts have rated the stock with a hold rating, fourteen have issued a buy rating and two have assigned a strong buy rating to the company. The average twelve-month price target among brokers that have issued a report on the stock in the last year is $46.6316.

A number of research analysts recently issued reports on DOCS shares. Canaccord Genuity Group set a $34.00 price target on Doximity and gave the company a “buy” rating in a report on Monday, February 9th. Truist Financial dropped their price objective on Doximity from $62.00 to $37.00 and set a “buy” rating for the company in a report on Friday, February 6th. BMO Capital Markets set a $25.00 price objective on Doximity in a research report on Friday, February 6th. BTIG Research reduced their target price on Doximity from $80.00 to $50.00 and set a “buy” rating on the stock in a research note on Friday, February 6th. Finally, JPMorgan Chase & Co. decreased their target price on Doximity from $40.00 to $33.00 and set a “neutral” rating for the company in a report on Friday, February 20th.

Insider Transactions at Doximity

In related news, insider Siddharth Sitaram sold 2,319 shares of the stock in a transaction dated Tuesday, March 10th. The shares were sold at an average price of $25.37, for a total value of $58,833.03. Following the completion of the transaction, the insider directly owned 84,132 shares of the company’s stock, valued at $2,134,428.84. This represents a 2.68% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Kira Scherer Wampler sold 2,000 shares of the firm’s stock in a transaction dated Tuesday, March 3rd. The stock was sold at an average price of $26.00, for a total transaction of $52,000.00. Following the completion of the sale, the director owned 19,839 shares of the company’s stock, valued at $515,814. This trade represents a 9.16% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders sold 6,601 shares of company stock valued at $174,455. 31.30% of the stock is owned by insiders.

Institutional Investors Weigh In On Doximity

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

Doximity Stock Performance

Shares of Doximity stock opened at $24.15 on Thursday. The stock has a fifty day moving average price of $29.55. Doximity has a 12-month low of $23.53 and a 12-month high of $76.51. The company has a market cap of $4.46 billion, a price-to-earnings ratio of 20.13, a PEG ratio of 1.36 and a beta of 1.44.

Doximity (NYSE:DOCS) last issued its quarterly earnings data 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 37.54% and a return on equity of 23.84%. The company’s revenue was up 9.8% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.45 earnings per share.

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

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.