Doximity (NASDAQ:DOCS) Raised to “Buy” at Truist Financial

Doximity (NASDAQ:DOCS) was upgraded by equities research analysts at Truist Financial from a “hold” rating to a “buy” rating in a research note issued on Thursday, Marketbeat Ratings reports.

A number of other brokerages have also issued reports on DOCS. Barclays initiated coverage on Doximity in a report on Monday, December 8th. They issued an “overweight” rating and a $63.00 price objective for the company. The Goldman Sachs Group set a $64.00 price target on Doximity and gave the stock a “sell” rating in a research report on Wednesday, October 1st. Evercore ISI reissued an “outperform” rating on shares of Doximity in a report on Thursday. KeyCorp cut their price objective on shares of Doximity from $75.00 to $60.00 and set an “overweight” rating on the stock in a research note on Thursday. Finally, Canaccord Genuity Group reduced their price objective on shares of Doximity from $67.00 to $58.00 and set a “hold” rating for the company in a report on Monday, November 10th. Two investment analysts have rated the stock with a Strong Buy rating, twelve have assigned a Buy rating, five have assigned a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $67.28.

Doximity Price Performance

Shares of DOCS stock traded down $1.22 during trading hours on Thursday, reaching $45.27. The stock had a trading volume of 390,651 shares, compared to its average volume of 2,362,525. The firm has a market capitalization of $8.52 billion, a PE ratio of 45.27, a price-to-earnings-growth ratio of 4.10 and a beta of 1.39. The firm has a 50-day simple moving average of $49.34 and a 200-day simple moving average of $59.98. Doximity has a twelve month low of $43.21 and a twelve month high of $85.21.

Doximity (NASDAQ:DOCS) last posted its earnings results on Thursday, November 6th. The company reported $0.45 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.38 by $0.07. Doximity had a net margin of 36.60% and a return on equity of 21.75%. During the same quarter last year, the business posted $0.30 earnings per share. Doximity’s revenue for the quarter was up 23.2% on a year-over-year basis. On average, equities analysts anticipate that Doximity will post 0.99 earnings per share for the current year.

Insider Transactions at Doximity

In other Doximity news, Director Regina M. Benjamin sold 5,000 shares of the business’s stock in a transaction dated Friday, October 10th. The shares were sold at an average price of $70.84, for a total value of $354,200.00. Following the sale, the director directly owned 19,839 shares in the company, valued at approximately $1,405,394.76. The trade was a 20.13% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Kira Scherer Wampler sold 2,000 shares of the business’s stock in a transaction that occurred on Monday, November 3rd. The stock was sold at an average price of $66.44, for a total transaction of $132,880.00. Following the completion of the sale, the director owned 19,839 shares in the company, valued at $1,318,103.16. The trade was a 9.16% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 31.30% of the stock is owned by insiders.

Institutional Investors Weigh In On Doximity

Several hedge funds have recently made changes to their positions in the company. Royal Bank of Canada lifted its stake 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 acquiring an additional 20,847 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its stake in shares of Doximity by 0.5% during the 1st 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. NewEdge Advisors LLC lifted its holdings in Doximity by 613.7% in the 1st 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 last quarter. UniSuper Management Pty Ltd bought a new stake in Doximity during the first quarter worth approximately $2,091,000. Finally, Goldman Sachs Group Inc. boosted its position in 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 purchasing an additional 63,873 shares during the period. 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.