Doximity (NASDAQ:DOCS) Price Target Cut to $38.00 by Analysts at Barclays

Doximity (NASDAQ:DOCS) had its target price decreased by Barclays from $63.00 to $38.00 in a research report report published on Wednesday morning,Benzinga reports. Barclays currently has an overweight rating on the stock.

A number of other equities analysts have also commented on DOCS. Raymond James Financial reiterated a “strong-buy” rating on shares of Doximity in a report on Monday, December 29th. Royal Bank Of Canada began coverage on Doximity in a research report on Thursday, January 8th. They issued an “outperform” rating and a $59.00 target price for the company. Piper Sandler dropped their price target on Doximity from $70.00 to $40.00 and set an “overweight” rating on the stock in a research note on Friday, February 6th. 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 report on Friday, February 6th. Finally, Bank of America upgraded Doximity from a “neutral” rating to a “buy” rating and increased their target price for the company from $75.00 to $82.00 in a research note on Monday, October 27th. One investment analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating and five have given a Hold rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $48.61.

Doximity Stock Down 2.1%

Shares of DOCS traded down $0.55 during midday trading on Wednesday, reaching $25.41. The company had a trading volume of 486,886 shares, compared to its average volume of 4,048,771. The firm has a 50 day simple moving average of $41.24 and a 200-day simple moving average of $55.97. The stock has a market cap of $4.78 billion, a PE ratio of 25.41, a price-to-earnings-growth ratio of 4.10 and a beta of 1.39. Doximity has a 1-year low of $23.66 and a 1-year high of $79.97.

Doximity (NASDAQ:DOCS) last announced 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%.During the same period in the previous year, the firm posted $0.45 earnings per share. The firm’s revenue for the quarter was up 9.8% on a year-over-year basis. As a group, sell-side analysts anticipate that Doximity will post 0.99 earnings per share for the current fiscal year.

Doximity declared that its Board of Directors has initiated a share repurchase program on Thursday, February 5th that permits the company to repurchase $500.00 million in shares. This repurchase authorization permits the company to reacquire up to 8% of its shares through open market purchases. Shares repurchase programs are generally an indication that the company’s leadership believes its shares are undervalued.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the business. Swiss National Bank increased its position in shares of Doximity by 1.3% during the fourth quarter. Swiss National Bank now owns 242,100 shares of the company’s stock valued at $10,720,000 after acquiring an additional 3,200 shares during the last quarter. Aviva PLC grew its holdings in Doximity by 50.3% during the 4th quarter. Aviva PLC now owns 10,248 shares of the company’s stock valued at $454,000 after buying an additional 3,431 shares in the last quarter. Qtron Investments LLC bought a new position in shares of Doximity in the fourth quarter valued at approximately $317,000. Nuveen LLC lifted its stake in Doximity by 2.1% in the 4th quarter. Nuveen LLC now owns 482,787 shares of the company’s stock worth $21,378,000 after purchasing an additional 10,045 shares in the last quarter. Finally, Financiere des Professionnels Fonds d investissement inc. increased its holdings in shares of Doximity by 36.3% in the fourth quarter. Financiere des Professionnels Fonds d investissement inc. now owns 4,161 shares of the company’s stock worth $184,000 after purchasing an additional 1,109 shares during the period. 87.19% of the stock is owned by institutional investors.

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.