Doximity (NASDAQ:DOCS) Receives “Outperform” Rating from Royal Bank Of Canada

Royal Bank Of Canada reissued their outperform rating on shares of Doximity (NASDAQ:DOCS) in a report released on Monday,Benzinga reports. Royal Bank Of Canada currently has a $44.00 price target on the stock.

Several other research firms have also commented on DOCS. Barclays cut their price objective on Doximity from $63.00 to $38.00 and set an “overweight” rating for the company in a research note on Wednesday, February 11th. Needham & Company LLC reduced their price objective on Doximity from $75.00 to $55.00 and set a “buy” rating for the company in a research note on Friday, February 6th. BTIG Research lowered their target price on shares of Doximity from $80.00 to $50.00 and set a “buy” rating on the stock in a research note on Friday, February 6th. Mizuho reduced their target price on shares of Doximity from $45.00 to $34.00 and set a “neutral” rating for the company in a research report on Tuesday, February 10th. Finally, Morgan Stanley lowered their price target on shares of Doximity from $65.00 to $49.00 and set an “overweight” rating on the stock in a research report on Friday, February 6th. One investment analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating and five have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $47.50.

Doximity Price Performance

Shares of NASDAQ:DOCS opened at $25.48 on Monday. The business’s 50 day moving average price is $34.20 and its 200-day moving average price is $51.31. Doximity has a 1 year low of $23.53 and a 1 year high of $76.51. The firm has a market capitalization of $4.71 billion, a price-to-earnings ratio of 25.48, a price-to-earnings-growth ratio of 4.10 and a beta of 1.44.

Doximity (NASDAQ:DOCS) last posted its quarterly earnings data 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%. During the same quarter in the previous year, the firm earned $0.45 earnings per share. Doximity’s revenue for the quarter was up 9.8% on a year-over-year basis. On average, sell-side analysts expect that Doximity will post 0.99 earnings per share for the current year.

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

Insider Buying and Selling

In other news, Director Kira Scherer Wampler sold 2,000 shares of the firm’s stock in a transaction on Tuesday, March 3rd. The stock was sold at an average price of $26.00, for a total transaction of $52,000.00. Following the completion of the transaction, 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 filing with the SEC, which is available at the SEC website. 31.30% of the stock is owned by company insiders.

Hedge Funds Weigh In On Doximity

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