Doximity (NYSE:DOCS) Price Target Lowered to $47.00 at Bank of America

Doximity (NYSE:DOCS) had its price objective decreased by Bank of America from $56.00 to $47.00 in a research note released on Thursday,Benzinga reports. Bank of America currently has a buy rating on the stock.

Several other analysts have also commented on DOCS. Wall Street Zen lowered Doximity from a “buy” rating to a “hold” rating in a report on Saturday, January 10th. Truist Financial lowered their price objective on Doximity from $62.00 to $37.00 and set a “buy” rating on the stock in a research report on Friday, February 6th. Piper Sandler lifted their price target on shares of Doximity from $40.00 to $42.00 and gave the stock an “overweight” rating in a research note on Friday, February 20th. Weiss Ratings reissued a “hold (c+)” rating on shares of Doximity in a research note on Wednesday, December 24th. Finally, Zacks Research lowered Doximity from a “hold” rating to a “strong sell” rating in a report on Monday, April 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 assigned a Sell rating to the company’s stock. Based on data from MarketBeat, Doximity has a consensus rating of “Moderate Buy” and an average target price of $41.68.

Doximity Trading Up 1.3%

DOCS opened at $24.22 on Thursday. The company has a 50 day moving average price of $24.46. The stock has a market cap of $4.47 billion, a PE ratio of 20.18, a PEG ratio of 1.35 and a beta of 1.42. Doximity has a 52 week low of $20.55 and a 52 week high of $76.51.

Doximity (NYSE:DOCS) last announced its quarterly earnings data 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%.The firm’s revenue for the quarter was up 9.8% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.45 earnings per share.

Doximity announced that its Board of Directors has authorized 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 shares through open market purchases. Shares buyback programs are often a sign that the company’s board believes its shares are undervalued.

Insider Activity

In other Doximity news, Director Kira Scherer Wampler sold 2,000 shares of the 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 sale, the director directly owned 19,839 shares of the company’s stock, valued at approximately $515,814. This trade represents a 9.16% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Siddharth Sitaram sold 2,427 shares of the firm’s stock in a transaction dated Friday, April 10th. The shares were sold at an average price of $21.09, for a total value of $51,185.43. Following the sale, the insider owned 86,705 shares in the company, valued at $1,828,608.45. This trade represents a 2.72% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold a total of 9,028 shares of company stock worth $225,641 over the last ninety days. 31.30% of the stock is owned by insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Root Financial Partners LLC purchased a new position in Doximity in the 3rd quarter valued at about $30,000. Whittier Trust Co. of Nevada Inc. raised its position in Doximity by 59.5% in the third quarter. Whittier Trust Co. of Nevada Inc. now owns 480 shares of the company’s stock valued at $35,000 after purchasing an additional 179 shares during the period. Toth Financial Advisory Corp grew its stake in shares of Doximity by 150.0% in the third quarter. Toth Financial Advisory Corp now owns 500 shares of the company’s stock worth $37,000 after acquiring an additional 300 shares in the last quarter. Atlantic Union Bankshares Corp grew its stake in shares of Doximity by 136.9% in the third quarter. Atlantic Union Bankshares Corp now owns 616 shares of the company’s stock worth $45,000 after acquiring an additional 356 shares in the last quarter. Finally, First Horizon Corp acquired a new position in shares of Doximity during the third quarter worth $58,000. 87.19% of the stock is owned by hedge funds and other 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.