The Goldman Sachs Group Cuts Doximity (NYSE:DOCS) Price Target to $28.00

Doximity (NYSE:DOCS) had its price target trimmed by The Goldman Sachs Group from $34.00 to $28.00 in a research note issued to investors on Thursday,Benzinga reports. The brokerage currently has a neutral rating on the stock.

DOCS has been the topic of a number of other reports. Truist Financial cut their target price on Doximity from $62.00 to $37.00 and set a “buy” rating on the stock in a research report on Friday, February 6th. Canaccord Genuity Group set a $34.00 target price on Doximity and gave the company a “buy” rating in a research report on Monday, February 9th. JPMorgan Chase & Co. cut their target price on Doximity from $40.00 to $33.00 and set a “neutral” rating on the stock in a research report on Friday, February 20th. BTIG Research cut their target price on Doximity from $80.00 to $50.00 and set a “buy” rating on the stock in a research report on Friday, February 6th. Finally, BMO Capital Markets set a $25.00 target price on Doximity in a research report on Friday, February 6th. Two investment analysts have rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating, six have given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $43.95.

Doximity Stock Performance

Shares of DOCS opened at $21.11 on Thursday. The firm has a 50 day simple moving average of $25.41. Doximity has a 52-week low of $20.55 and a 52-week high of $76.51. The firm has a market cap of $3.90 billion, a price-to-earnings ratio of 17.60, a price-to-earnings-growth ratio of 1.18 and a beta of 1.42.

Doximity (NYSE:DOCS) last announced its earnings results on Thursday, February 5th. The company reported $0.46 earnings per share (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%.During the same period last year, the business posted $0.45 EPS. The business’s quarterly revenue was up 9.8% on a year-over-year basis.

Doximity announced that its board has initiated a stock buyback plan on Thursday, February 5th that permits the company to buyback $500.00 million in outstanding shares. This buyback authorization permits the company to purchase up to 8% of its shares through open market purchases. Shares buyback plans are often an indication that the company’s management believes its stock is undervalued.

Insider Activity at Doximity

In related news, insider Siddharth Sitaram sold 2,319 shares of the company’s stock in a transaction that occurred on Tuesday, March 10th. The stock was sold at an average price of $25.37, for a total transaction of $58,833.03. Following the sale, the insider directly owned 84,132 shares of the company’s stock, valued at approximately $2,134,428.84. This represents a 2.68% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Kira Scherer Wampler sold 2,000 shares of the company’s 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 sale, the director directly owned 19,839 shares in the company, valued at approximately $515,814. This 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 have sold 6,601 shares of company stock worth $174,455. Corporate insiders own 31.30% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in DOCS. Carmignac Gestion grew its stake in Doximity by 355.9% during the 4th quarter. Carmignac Gestion now owns 1,893,026 shares of the company’s stock worth $83,831,000 after buying an additional 1,477,798 shares during the last quarter. Voya Investment Management LLC grew its stake in Doximity by 932.8% during 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 during the last quarter. Northwestern Mutual Wealth Management Co. grew its stake in Doximity by 325,436.6% during the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 1,298,891 shares of the company’s stock worth $57,515,000 after buying an additional 1,298,492 shares during the last quarter. Federated Hermes Inc. grew its stake in Doximity by 3,422.7% during the 4th quarter. Federated Hermes Inc. now owns 1,249,085 shares of the company’s stock worth $55,309,000 after buying an additional 1,213,627 shares during the last quarter. Finally, Capital World Investors grew its stake in Doximity by 25.7% during the 3rd quarter. Capital World Investors now owns 5,381,431 shares of the company’s stock worth $393,652,000 after buying an additional 1,101,848 shares during the last quarter. 87.19% of the stock is currently owned by institutional investors.

Doximity Company Profile

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.