Brokerages Set Doximity, Inc. (NYSE:DOCS) PT at $46.63

Doximity, Inc. (NYSE:DOCS) has been given a consensus rating of “Moderate Buy” by the twenty-two brokerages that are currently covering the company, MarketBeat reports. Six equities research analysts have rated the stock with a hold rating, fourteen have issued a buy rating and two have issued a strong buy rating on the company. The average 12-month target price among analysts that have issued a report on the stock in the last year is $46.6316.

Several research analysts recently issued reports on DOCS shares. Truist Financial dropped their target price on Doximity from $62.00 to $37.00 and set a “buy” rating on the stock in a report on Friday, February 6th. KeyCorp set a $38.00 price objective on shares of Doximity in a research note on Friday, February 6th. Mizuho cut their target price on shares of Doximity from $45.00 to $34.00 and set a “neutral” rating for the company in a report on Tuesday, February 10th. Evercore reiterated an “outperform” rating on shares of Doximity in a research note on Thursday, January 8th. Finally, Raymond James Financial reaffirmed a “strong-buy” rating on shares of Doximity in a report on Monday, December 29th.

Doximity Stock Performance

Doximity stock opened at $23.73 on Thursday. The stock has a market cap of $4.38 billion, a PE ratio of 19.77, a price-to-earnings-growth ratio of 1.33 and a beta of 1.44. The firm has a 50-day moving average of $28.52. Doximity has a 1 year low of $23.13 and a 1 year high of $76.51.

Doximity (NYSE: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 23.84% and a net margin of 37.54%.During the same quarter last year, the company earned $0.45 earnings per share. The business’s revenue for the quarter was up 9.8% compared to the same quarter last year.

Doximity announced that its board has approved a share repurchase program on Thursday, February 5th that authorizes the company to buyback $500.00 million in shares. This buyback authorization authorizes the company to reacquire up to 8% of its shares through open market purchases. Shares buyback programs are usually a sign that the company’s leadership believes its shares are undervalued.

Insider Activity at Doximity

In related news, 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 value of $52,000.00. Following the completion of the sale, the director owned 19,839 shares of the company’s stock, valued at approximately $515,814. This represents a 9.16% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, insider Siddharth Sitaram sold 2,319 shares of the firm’s stock in a transaction dated Tuesday, March 10th. The stock was sold at an average price of $25.37, for a total transaction of $58,833.03. Following 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 disclosure for this sale is available in the SEC filing. In the last 90 days, insiders sold 6,601 shares of company stock worth $174,455. Company insiders own 31.30% of the company’s stock.

Hedge Funds Weigh In On Doximity

A number of hedge funds have recently made changes to their positions in DOCS. Root Financial Partners LLC purchased a new stake in shares of Doximity during the third quarter worth approximately $30,000. Whittier Trust Co. of Nevada Inc. lifted its stake in Doximity by 59.5% in the third quarter. Whittier Trust Co. of Nevada Inc. now owns 480 shares of the company’s stock worth $35,000 after acquiring an additional 179 shares during the last quarter. Northwestern Mutual Wealth Management Co. grew its holdings in Doximity by 99.5% during the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 796 shares of the company’s stock worth $35,000 after acquiring an additional 397 shares in the last quarter. Toth Financial Advisory Corp grew its holdings 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 in the last quarter. Finally, Atlantic Union Bankshares Corp increased its position in shares of Doximity by 136.9% in the 3rd quarter. Atlantic Union Bankshares Corp now owns 616 shares of the company’s stock valued at $45,000 after purchasing an additional 356 shares during the last quarter. Hedge funds and other institutional investors own 87.19% of the company’s stock.

About Doximity

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.