Doximity (NYSE:DOCS) Price Target Cut to $30.00 by Analysts at KeyCorp

Doximity (NYSE:DOCS) had its price objective lowered by KeyCorp from $38.00 to $30.00 in a report published on Monday,Benzinga reports. KeyCorp currently has an overweight rating on the stock.

A number of other brokerages also recently weighed in on DOCS. The Goldman Sachs Group cut their price target on shares of Doximity from $34.00 to $28.00 and set a “neutral” rating on the stock in a research report on Thursday, April 9th. Evercore downgraded shares of Doximity from an “outperform” rating to an “in-line” rating and set a $25.00 price target on the stock. in a research report on Wednesday, April 8th. Needham & Company LLC upgraded shares of Doximity to a “moderate buy” rating in a report on Friday, February 6th. Truist Financial dropped their target price on shares of Doximity from $62.00 to $37.00 and set a “buy” rating on the stock in a report on Friday, February 6th. Finally, Zacks Research downgraded shares of Doximity from a “hold” rating to a “strong sell” rating in a report on Monday, April 6th. Two analysts have rated the stock with a Strong Buy rating, thirteen have issued a Buy rating, six have issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $43.53.

Doximity Stock Up 7.6%

Shares of NYSE:DOCS opened at $22.64 on Monday. The firm has a market cap of $4.18 billion, a P/E ratio of 18.87, a price-to-earnings-growth ratio of 1.18 and a beta of 1.42. The company has a 50 day moving average price of $25.12. Doximity has a fifty-two week low of $20.55 and a fifty-two week high of $76.51.

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

Doximity announced that its board has initiated a share buyback plan on Thursday, February 5th that allows the company to repurchase $500.00 million in outstanding shares. This repurchase authorization allows the company to purchase up to 8% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s leadership believes its shares are undervalued.

Insider Buying and Selling

In other 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 sale, the director directly owned 19,839 shares in the company, valued at $515,814. This trade represents a 9.16% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Siddharth Sitaram sold 2,319 shares of Doximity 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 sale, the insider owned 84,132 shares in the company, valued at $2,134,428.84. This trade represents a 2.68% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 6,601 shares of company stock worth $174,455 over the last quarter. 31.30% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the stock. Synergy Asset Management LLC boosted 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 buying an additional 302,251 shares during the last quarter. SG Americas Securities LLC grew its stake in shares of Doximity by 335.9% in the third 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 in the last quarter. Aubrey Capital Management Ltd bought a new position in shares of Doximity in the third quarter valued at $4,572,000. Voya Investment Management LLC grew its stake in shares of Doximity by 932.8% in the third quarter. Voya Investment Management LLC now owns 1,567,668 shares of the company’s stock valued at $114,267,000 after buying an additional 1,415,882 shares in the last quarter. Finally, Blair William & Co. IL grew its stake in shares of Doximity by 1,990.7% in the third quarter. Blair William & Co. IL now owns 362,740 shares of the company’s stock valued at $26,534,000 after buying an additional 345,390 shares in the last quarter. 87.19% of the stock is currently owned by institutional investors.

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.