Doximity’s (DOCS) “Outperform” Rating Reaffirmed at Royal Bank Of Canada

Doximity (NASDAQ:DOCS)‘s stock had its “outperform” rating reaffirmed by Royal Bank Of Canada in a research note issued to investors on Monday,Benzinga reports. They currently have a $44.00 price objective on the stock. Royal Bank Of Canada’s price objective suggests a potential upside of 75.58% from the company’s current price.

Other analysts have also recently issued research reports about the stock. Mizuho dropped their price objective on shares of Doximity from $45.00 to $34.00 and set a “neutral” rating for the company in a research note on Tuesday, February 10th. Evercore reaffirmed an “outperform” rating on shares of Doximity in a research report on Thursday, January 8th. Raymond James Financial restated a “strong-buy” rating on shares of Doximity in a research report on Monday, December 29th. Canaccord Genuity Group set a $34.00 price target on shares of Doximity and gave the stock a “buy” rating in a research report on Monday, February 9th. Finally, The Goldman Sachs Group lowered their price objective on shares of Doximity from $46.00 to $34.00 and set a “neutral” rating for the company in a research report on Friday, February 6th. One investment analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and five have given a Hold rating to the company. Based on data from MarketBeat.com, Doximity presently has a consensus rating of “Moderate Buy” and an average price target of $47.50.

Doximity Price Performance

DOCS traded down $0.28 during trading on Monday, hitting $25.06. The stock had a trading volume of 155,934 shares, compared to its average volume of 3,792,546. The company has a 50 day moving average price of $34.57 and a 200-day moving average price of $51.59. Doximity has a one year low of $23.53 and a one year high of $76.51. The firm has a market cap of $4.63 billion, a price-to-earnings ratio of 25.06, a P/E/G ratio of 4.10 and a beta of 1.44.

Doximity (NASDAQ:DOCS) last posted its earnings results 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 return on equity of 21.75% and a net margin of 36.60%.The firm’s revenue was up 9.8% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.45 earnings per share. As a group, sell-side analysts predict that Doximity will post 0.99 EPS for the current fiscal year.

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

Insider Transactions at Doximity

In related news, Director Kira Scherer Wampler sold 2,000 shares of the company’s stock in a transaction that occurred on Tuesday, March 3rd. The shares were 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 represents a 9.16% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 31.30% of the stock is currently owned by corporate insiders.

Institutional Trading of Doximity

Hedge funds and other institutional investors have recently modified their holdings of the stock. Root Financial Partners LLC acquired a new position in shares of Doximity during the third quarter worth $30,000. Whittier Trust Co. of Nevada Inc. boosted its holdings in shares of Doximity by 59.5% during the 3rd quarter. Whittier Trust Co. of Nevada Inc. now owns 480 shares of the company’s stock valued at $35,000 after acquiring an additional 179 shares in the last quarter. Toth Financial Advisory Corp grew its position in Doximity by 150.0% during the 3rd quarter. Toth Financial Advisory Corp now owns 500 shares of the company’s stock worth $37,000 after acquiring an additional 300 shares during the last quarter. Atlantic Union Bankshares Corp grew its position in Doximity by 136.9% during the 3rd quarter. Atlantic Union Bankshares Corp now owns 616 shares of the company’s stock worth $45,000 after acquiring an additional 356 shares during the last quarter. Finally, First Horizon Corp acquired a new position in Doximity in the 3rd quarter worth about $58,000. 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.