Doximity, Inc. (NASDAQ:DOCS) Receives $68.94 Average PT from Analysts

Doximity, Inc. (NASDAQ:DOCS) has received a consensus rating of “Moderate Buy” from the twenty-two analysts that are covering the company, MarketBeat reports. Two analysts have rated the stock with a sell recommendation, five have assigned a hold recommendation, thirteen have assigned a buy recommendation and two have given a strong buy recommendation to the company. The average 12 month target price among brokerages that have issued a report on the stock in the last year is $66.8947.

DOCS has been the subject of a number of recent research reports. Robert W. Baird raised their price target on shares of Doximity from $75.00 to $80.00 and gave the stock an “outperform” rating in a research report on Thursday, September 11th. Truist Financial set a $62.00 target price on shares of Doximity in a report on Thursday. BMO Capital Markets started coverage on shares of Doximity in a research report on Thursday, November 13th. They set a “market perform” rating and a $55.00 target price for the company. Bank of America raised Doximity from a “neutral” rating to a “buy” rating and increased their price target for the stock from $75.00 to $82.00 in a research report on Monday, October 27th. Finally, Morgan Stanley raised Doximity from an “equal weight” rating to an “overweight” rating and boosted their price objective for the company from $62.00 to $65.00 in a report on Monday, December 15th.

Insider Transactions at Doximity

In other Doximity news, 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 value of $132,880.00. Following the completion of the transaction, the director directly owned 19,839 shares of the company’s stock, valued at approximately $1,318,103.16. The trade was a 9.16% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders own 31.30% of the company’s stock.

Hedge Funds Weigh In On Doximity

Several large investors have recently made changes to their positions in DOCS. William Blair Investment Management LLC grew its position in Doximity by 11.7% during the third quarter. William Blair Investment Management LLC now owns 5,829,169 shares of the company’s stock valued at $426,404,000 after buying an additional 609,775 shares during the period. Capital World Investors boosted its stake in shares of Doximity by 25.7% during the 3rd quarter. Capital World Investors now owns 5,381,431 shares of the company’s stock worth $393,652,000 after acquiring an additional 1,101,848 shares in the last quarter. Geode Capital Management LLC grew its position in shares of Doximity by 7.7% during the 2nd quarter. Geode Capital Management LLC now owns 3,639,898 shares of the company’s stock valued at $223,829,000 after acquiring an additional 261,319 shares during the period. Franklin Resources Inc. increased its stake in shares of Doximity by 6.2% in the 3rd quarter. Franklin Resources Inc. now owns 3,357,505 shares of the company’s stock valued at $245,601,000 after purchasing an additional 194,912 shares in the last quarter. Finally, Invesco Ltd. increased its stake in shares of Doximity by 22.9% in the 3rd quarter. Invesco Ltd. now owns 2,328,300 shares of the company’s stock valued at $170,315,000 after purchasing an additional 433,983 shares in the last quarter. 87.19% of the stock is currently owned by institutional investors and hedge funds.

Doximity Price Performance

NASDAQ DOCS opened at $43.71 on Tuesday. The company has a market cap of $8.23 billion, a price-to-earnings ratio of 43.71, a PEG ratio of 4.10 and a beta of 1.39. The stock’s fifty day moving average price is $48.90 and its 200 day moving average price is $59.86. Doximity has a 1 year low of $43.21 and a 1 year high of $85.21.

Doximity (NASDAQ:DOCS) last announced its quarterly earnings data on Thursday, November 6th. The company reported $0.45 earnings per share for the quarter, beating analysts’ consensus estimates of $0.38 by $0.07. Doximity had a return on equity of 21.75% and a net margin of 36.60%.During the same period last year, the firm earned $0.30 EPS. The firm’s quarterly revenue was up 23.2% compared to the same quarter last year. Research analysts expect that Doximity will post 0.99 earnings per share for the current year.

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.