Doximity, Inc. (NASDAQ:DOCS) Receives Consensus Rating of “Moderate Buy” from Brokerages

Doximity, Inc. (NASDAQ:DOCS) has been given an average rating of “Moderate Buy” by the twenty brokerages that are covering the stock, MarketBeat Ratings reports. Five investment analysts have rated the stock with a hold rating, fourteen have issued a buy rating and one has issued a strong buy rating on the company. The average 12-month price objective among brokers that have issued ratings on the stock in the last year is $48.3333.

DOCS has been the topic of several recent research reports. Evercore reissued an “outperform” rating on shares of Doximity in a research report on Thursday, January 8th. Raymond James Financial reiterated a “strong-buy” rating on shares of Doximity in a report on Monday, December 29th. BMO Capital Markets set a $25.00 price objective on shares of Doximity in a research note on Friday, February 6th. Mizuho cut their target price on Doximity from $45.00 to $34.00 and set a “neutral” rating on the stock in a research note on Tuesday, February 10th. Finally, Royal Bank Of Canada assumed coverage on Doximity in a research report on Thursday, January 8th. They set an “outperform” rating and a $59.00 price objective for the company.

Doximity Price Performance

Shares of NASDAQ DOCS opened at $24.09 on Wednesday. The company has a market cap of $4.45 billion, a price-to-earnings ratio of 24.09, a price-to-earnings-growth ratio of 4.10 and a beta of 1.39. The stock’s 50-day moving average is $37.51 and its two-hundred day moving average is $53.74. Doximity has a 1-year low of $23.58 and a 1-year high of $76.51.

Doximity (NASDAQ:DOCS) last issued its quarterly earnings data on Thursday, February 5th. The company reported $0.46 earnings per share for the quarter, topping the consensus estimate of $0.45 by $0.01. Doximity had a net margin of 36.60% and a return on equity of 21.75%. During the same quarter in the prior year, the firm posted $0.45 earnings per share. The firm’s revenue was up 9.8% compared to the same quarter last year. Equities research analysts anticipate that Doximity will post 0.99 earnings per share for the current fiscal year.

Doximity announced that its board has approved a share buyback program on Thursday, February 5th that permits the company to repurchase $500.00 million in outstanding shares. This repurchase authorization permits the company to reacquire up to 8% of its shares through open market purchases. Shares repurchase programs are generally a sign that the company’s board believes its shares are undervalued.

Hedge Funds Weigh In On Doximity

A number of hedge funds and other institutional investors have recently modified their holdings of DOCS. Royal Bank of Canada increased its position in Doximity by 24.2% in the 1st quarter. Royal Bank of Canada now owns 106,845 shares of the company’s stock worth $6,200,000 after purchasing an additional 20,847 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in shares of Doximity by 0.5% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 38,978 shares of the company’s stock valued at $2,262,000 after purchasing an additional 210 shares during the last quarter. NewEdge Advisors LLC increased its stake in shares of Doximity by 613.7% in the first quarter. NewEdge Advisors LLC now owns 6,323 shares of the company’s stock worth $367,000 after purchasing an additional 5,437 shares during the period. Goldman Sachs Group Inc. lifted its position in shares of Doximity by 33.3% during the 1st quarter. Goldman Sachs Group Inc. now owns 255,529 shares of the company’s stock worth $14,828,000 after purchasing an additional 63,873 shares during the last quarter. Finally, Focus Partners Wealth bought a new stake in Doximity during the 1st quarter valued at approximately $283,000. Institutional investors and hedge funds own 87.19% of the company’s stock.

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.