JPMorgan Chase & Co. Has Lowered Expectations for Doximity (NASDAQ:DOCS) Stock Price

Doximity (NASDAQ:DOCS) had its target price reduced by stock analysts at JPMorgan Chase & Co. from $40.00 to $33.00 in a report released on Friday,Benzinga reports. The firm presently has a “neutral” rating on the stock. JPMorgan Chase & Co.‘s target price indicates a potential upside of 29.18% from the company’s previous close.

DOCS has been the subject of a number of other reports. KeyCorp set a $38.00 target price on Doximity in a research note on Friday, February 6th. Barclays decreased their price objective on shares of Doximity from $63.00 to $38.00 and set an “overweight” rating on the stock in a report on Wednesday, February 11th. Royal Bank Of Canada began coverage on shares of Doximity in a research note on Thursday, January 8th. They issued an “outperform” rating and a $59.00 target price for the company. Truist Financial reduced their target price on shares of Doximity from $62.00 to $37.00 and set a “buy” rating on the stock in a research report on Friday, February 6th. Finally, Mizuho decreased their price target on shares of Doximity from $45.00 to $34.00 and set a “neutral” rating on the stock in a research note on Tuesday, February 10th. One analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating and five have issued a Hold rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $48.33.

Doximity Trading Up 1.2%

NASDAQ:DOCS opened at $25.55 on Friday. Doximity has a 1 year low of $23.66 and a 1 year high of $76.51. The firm has a 50 day moving average of $38.33 and a 200-day moving average of $54.31. The stock has a market capitalization of $4.72 billion, a P/E ratio of 25.55, a price-to-earnings-growth ratio of 4.10 and a beta of 1.39.

Doximity (NASDAQ:DOCS) last released its quarterly earnings results on Thursday, February 5th. The company reported $0.46 EPS for the quarter, topping analysts’ consensus estimates of $0.45 by $0.01. Doximity had a return on equity of 21.75% and a net margin of 36.60%.During the same quarter last year, the firm posted $0.45 EPS. The business’s quarterly revenue was up 9.8% compared to the same quarter last year. As a group, analysts forecast that Doximity will post 0.99 EPS for the current fiscal year.

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

Hedge Funds Weigh In On Doximity

Several large investors have recently bought and sold shares of DOCS. Root Financial Partners LLC bought a new position in Doximity in the third quarter valued at approximately $30,000. Hantz Financial Services Inc. raised its position in shares of Doximity by 148.9% during the 2nd quarter. Hantz Financial Services Inc. now owns 453 shares of the company’s stock valued at $28,000 after acquiring an additional 271 shares during the last quarter. Whittier Trust Co. of Nevada Inc. lifted its stake 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 valued at $35,000 after purchasing an additional 179 shares during the period. Toth Financial Advisory Corp boosted its position in shares of Doximity by 150.0% in the 3rd quarter. Toth Financial Advisory Corp now owns 500 shares of the company’s stock worth $37,000 after purchasing an additional 300 shares during the last quarter. Finally, Atlantic Union Bankshares Corp boosted its position in shares of Doximity by 136.9% in the 3rd quarter. Atlantic Union Bankshares Corp now owns 616 shares of the company’s stock worth $45,000 after purchasing an additional 356 shares during the last quarter. 87.19% of the stock is currently owned by institutional investors and hedge funds.

About Doximity

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.