Doximity (NYSE:DOCS) Raised to “Strong-Buy” at Freedom Capital

Doximity (NYSE:DOCS) was upgraded by stock analysts at Freedom Capital to a “strong-buy” rating in a report released on Tuesday,Zacks.com reports.

DOCS has been the topic of several other research reports. KeyCorp set a $38.00 target price on Doximity in a report on Friday, February 6th. Piper Sandler raised their price target on Doximity from $40.00 to $42.00 and gave the company an “overweight” rating in a research note on Friday, February 20th. BTIG Research lowered their price target on Doximity from $80.00 to $50.00 and set a “buy” rating on the stock in a research report on Friday, February 6th. Canaccord Genuity Group set a $34.00 price objective on Doximity and gave the stock a “buy” rating in a research note on Monday, February 9th. Finally, Zacks Research downgraded Doximity from a “strong-buy” rating to a “hold” rating in a report on Friday, February 13th. Two investment analysts have rated the stock with a Strong Buy rating, fourteen have given a Buy rating and six have issued a Hold rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $46.63.

Doximity Trading Down 0.6%

Doximity stock opened at $24.76 on Tuesday. The company has a market capitalization of $4.57 billion, a P/E ratio of 20.63, a P/E/G ratio of 1.40 and a beta of 1.44. Doximity has a 1-year low of $23.53 and a 1-year high of $76.51. The company has a fifty day simple moving average of $31.36.

Doximity (NYSE:DOCS) last issued its quarterly earnings results on Thursday, February 5th. The company reported $0.46 EPS for the quarter, topping the consensus estimate of $0.45 by $0.01. Doximity had a net margin of 37.54% and a return on equity of 23.84%. During the same quarter in the previous year, the firm posted $0.45 EPS. The firm’s revenue was up 9.8% on a year-over-year basis.

Doximity announced that its board has initiated a stock buyback plan on Thursday, February 5th that permits the company to repurchase $500.00 million in shares. This repurchase authorization permits the company to purchase up to 8% of its stock through open market purchases. Stock repurchase plans are often a sign that the company’s board of directors believes its stock is undervalued.

Insiders Place Their Bets

In other news, insider Siddharth Sitaram sold 2,319 shares of the business’s stock in a transaction dated Tuesday, March 10th. The shares were sold at an average price of $25.37, for a total value of $58,833.03. Following the completion of the sale, the insider owned 84,132 shares of the company’s stock, valued at approximately $2,134,428.84. The trade was a 2.68% 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. Also, Director Kira Scherer Wampler sold 2,000 shares of the company’s stock in a transaction dated 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 owned 19,839 shares in the company, valued at $515,814. This trade represents a 9.16% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 6,601 shares of company stock valued at $174,455 in the last three months. Insiders own 31.30% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Synergy Asset Management LLC grew its position in Doximity by 100.0% during the third quarter. Synergy Asset Management LLC now owns 604,502 shares of the company’s stock worth $44,219,000 after buying an additional 302,251 shares in the last quarter. Liontrust Investment Partners LLP raised its holdings in Doximity by 1,189.9% in the 2nd quarter. Liontrust Investment Partners LLP now owns 272,065 shares of the company’s stock valued at $16,688,000 after acquiring an additional 250,973 shares in the last quarter. SG Americas Securities LLC lifted its position in shares of Doximity by 335.9% during the 3rd quarter. SG Americas Securities LLC now owns 52,993 shares of the company’s stock valued at $3,876,000 after acquiring an additional 40,837 shares during the period. Aubrey Capital Management Ltd bought a new stake in shares of Doximity during the 3rd quarter valued at $4,572,000. Finally, Voya Investment Management LLC grew its holdings in shares of Doximity by 932.8% during the 3rd quarter. Voya Investment Management LLC now owns 1,567,668 shares of the company’s stock worth $114,267,000 after purchasing an additional 1,415,882 shares in the last quarter. Institutional investors and hedge funds own 87.19% of the company’s stock.

Doximity Company Profile

Doximity, trading as DOCS, operates a digital professional network and communications platform designed primarily for clinicians. Headquartered in San Francisco, the company connects physicians, nurse practitioners, physician assistants and other healthcare professionals, providing tools that streamline clinical communication, telehealth delivery and access to specialty-specific medical information. Its platform is positioned as a professional hub where clinicians manage their workflows, stay current with medical news and collaborate securely with peers.

The company’s offerings include secure messaging and video telehealth capabilities that enable clinicians to consult with patients and colleagues while protecting patient information.