Barclays Lowers Doximity (NASDAQ:DOCS) Price Target to $38.00

Doximity (NASDAQ:DOCS) had its price objective decreased by investment analysts at Barclays from $63.00 to $38.00 in a report issued on Wednesday,Benzinga reports. The brokerage presently has an “overweight” rating on the stock. Barclays‘s target price would suggest a potential upside of 53.86% from the stock’s previous close.

Other equities analysts also recently issued research reports about the company. BMO Capital Markets set a $25.00 target price on Doximity in a report on Friday, February 6th. The Goldman Sachs Group decreased their price objective on shares of Doximity from $46.00 to $34.00 and set a “neutral” rating for the company in a report on Friday, February 6th. Raymond James Financial reaffirmed a “strong-buy” rating on shares of Doximity in a research note on Monday, December 29th. Mizuho reduced their price target on shares of Doximity from $45.00 to $34.00 and set a “neutral” rating on the stock in a research report on Tuesday. Finally, Evercore restated an “outperform” rating on shares of Doximity in a report on Thursday, January 8th. One analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and five have assigned a Hold rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $48.61.

Doximity Stock Down 4.9%

Shares of Doximity stock opened at $24.70 on Wednesday. The company’s fifty day simple moving average is $40.71 and its two-hundred day simple moving average is $55.75. Doximity has a 12-month low of $23.66 and a 12-month high of $79.97. The firm has a market cap of $4.65 billion, a PE ratio of 24.70, a price-to-earnings-growth ratio of 4.10 and a beta of 1.39.

Doximity (NASDAQ:DOCS) last posted its earnings results on Thursday, February 5th. The company reported $0.46 earnings per share for the quarter, topping analysts’ consensus estimates of $0.45 by $0.01. Doximity had a net margin of 36.60% and a return on equity of 21.75%. The company’s revenue for the quarter was up 9.8% on a year-over-year basis. During the same quarter last year, the company earned $0.45 earnings per share. As a group, sell-side analysts expect that Doximity will post 0.99 earnings per share for the current fiscal year.

Doximity declared that its Board of Directors has initiated a stock buyback program on Thursday, February 5th that allows the company to repurchase $500.00 million in shares. This repurchase authorization allows the company to repurchase up to 8% of its stock through open market purchases. Stock repurchase programs are often an indication that the company’s board of directors believes its shares are undervalued.

Institutional Investors Weigh In On Doximity

Hedge funds and other institutional investors have recently bought and sold shares of the business. Whittier Trust Co. of Nevada Inc. boosted its position in shares of Doximity by 59.5% in the 3rd quarter. Whittier Trust Co. of Nevada Inc. now owns 480 shares of the company’s stock worth $35,000 after purchasing an additional 179 shares in the last quarter. Oregon Public Employees Retirement Fund raised its stake in Doximity by 0.7% during the third quarter. Oregon Public Employees Retirement Fund now owns 27,500 shares of the company’s stock valued at $2,012,000 after buying an additional 200 shares during the last quarter. Fairvoy Private Wealth LLC boosted its holdings in Doximity by 1.1% in the third quarter. Fairvoy Private Wealth LLC now owns 19,253 shares of the company’s stock worth $1,408,000 after acquiring an additional 206 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in Doximity by 0.5% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 38,978 shares of the company’s stock worth $2,262,000 after acquiring an additional 210 shares in the last quarter. Finally, Rakuten Securities Inc. grew its stake in shares of Doximity by 14.0% in the third quarter. Rakuten Securities Inc. now owns 1,763 shares of the company’s stock worth $129,000 after acquiring an additional 217 shares during the last quarter. Hedge funds and other institutional investors own 87.19% of the company’s stock.

Doximity Company Profile

Doximity, Inc, headquartered in San Francisco, California, operates the leading professional medical network for healthcare professionals in the United States. Founded in 2011 by Jeff Tangney and Shari Buck, the company set out to create a secure digital environment where physicians, nurse practitioners and physician assistants can collaborate, share information and stay current with clinical news. Doximity went public in June 2021 and trades on the NASDAQ under the ticker symbol “DOCS.”

The core offering of Doximity is its HIPAA-compliant communication platform, which includes a secure messaging system, digital fax services and telehealth capabilities.