Piper Sandler Forecasts Strong Price Appreciation for Doximity (NASDAQ:DOCS) Stock

Doximity (NASDAQ:DOCS) had its target price increased by investment analysts at Piper Sandler from $40.00 to $42.00 in a research report issued to clients and investors on Friday, MarketBeat Ratings reports. The firm presently has an “overweight” rating on the stock. Piper Sandler’s target price points to a potential upside of 66.51% from the company’s previous close.

Several other research analysts also recently issued reports on the stock. Truist Financial reduced their price target 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. Mizuho lowered their price objective 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. Royal Bank Of Canada started coverage on shares of Doximity in a research report on Thursday, January 8th. They set an “outperform” rating and a $59.00 target price on the stock. BTIG Research decreased their price target 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. Finally, Evercore reissued an “outperform” rating on shares of Doximity in a report on Thursday, January 8th. One equities research analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and five have issued a Hold rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $48.72.

Doximity Price Performance

NASDAQ DOCS opened at $25.22 on Friday. The stock’s 50 day simple moving average is $38.69 and its 200 day simple moving average is $54.56. Doximity has a one year low of $23.66 and a one year high of $76.92. The firm has a market cap of $4.66 billion, a PE ratio of 25.22, a price-to-earnings-growth ratio of 4.10 and a beta of 1.39.

Doximity (NASDAQ:DOCS) last issued its quarterly earnings data on Thursday, February 5th. The company reported $0.46 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.45 by $0.01. Doximity had a return on equity of 21.75% and a net margin of 36.60%.The company’s quarterly revenue was up 9.8% on a year-over-year basis. During the same period in the prior year, the business posted $0.45 earnings per share. As a group, equities analysts expect that Doximity will post 0.99 earnings per share for the current year.

Doximity announced that its board has authorized a share buyback program on Thursday, February 5th that allows the company to buyback $500.00 million in shares. This buyback authorization allows the company to purchase up to 8% of its shares through open market purchases. Shares buyback programs are usually an indication that the company’s board of directors believes its stock is undervalued.

Institutional Trading of Doximity

A number of institutional investors have recently bought and sold shares of the business. Vanguard Group Inc. raised its position in shares of Doximity by 4.1% during the 4th quarter. Vanguard Group Inc. now owns 13,285,485 shares of the company’s stock valued at $588,281,000 after acquiring an additional 518,916 shares during the last quarter. William Blair Investment Management LLC grew its stake in shares of Doximity by 11.7% during the third quarter. William Blair Investment Management LLC now owns 5,829,169 shares of the company’s stock worth $426,404,000 after purchasing an additional 609,775 shares during the period. Capital World Investors increased its holdings in Doximity by 5.1% in the fourth quarter. Capital World Investors now owns 5,654,875 shares of the company’s stock valued at $250,398,000 after purchasing an additional 273,444 shares during the last quarter. Geode Capital Management LLC lifted its stake in Doximity by 7.7% in the second quarter. Geode Capital Management LLC now owns 3,639,898 shares of the company’s stock valued at $223,829,000 after buying an additional 261,319 shares during the period. Finally, Franklin Resources Inc. lifted its stake in Doximity by 6.2% in the third quarter. Franklin Resources Inc. now owns 3,357,505 shares of the company’s stock valued at $245,601,000 after buying an additional 194,912 shares during the period. Institutional investors and hedge funds 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.