Doximity (NYSE:DOCS) Price Target Raised to $27.00

Doximity (NYSE:DOCS) had its price objective lifted by Barclays from $20.00 to $27.00 in a research note issued to investors on Friday,Benzinga reports. They currently have an equal weight rating on the stock.

DOCS has been the topic of a number of other research reports. KeyCorp downgraded Doximity from an “overweight” rating to a “sector weight” rating in a research report on Thursday, May 14th. Leerink Partners cut their price objective on Doximity from $31.00 to $25.00 and set an “outperform” rating for the company in a report on Thursday, May 14th. Citigroup lowered Doximity to an “underperform” rating in a research report on Monday, June 29th. Piper Sandler reissued an “overweight” rating and set a $47.00 price objective (up from $42.00) on shares of Doximity in a report on Friday, August 7th. Finally, Robert W. Baird restated a “neutral” rating and issued a $18.00 target price (down from $40.00) on shares of Doximity in a research report on Thursday, May 14th. Two research analysts have rated the stock with a Strong Buy rating, seven have given a Buy rating, twelve have assigned a Hold rating and four have assigned a Sell rating to the company. Based on data from MarketBeat.com, Doximity has an average rating of “Hold” and an average price target of $32.43.

Doximity Price Performance

Shares of NYSE:DOCS opened at $25.23 on Friday. The company’s fifty day moving average price is $22.22 and its 200-day moving average price is $23.27. The firm has a market capitalization of $4.50 billion, a price-to-earnings ratio of 29.68, a PEG ratio of 19.81 and a beta of 1.29. Doximity has a one year low of $17.15 and a one year high of $76.51.

Doximity (NYSE:DOCS) last posted its quarterly earnings data on Thursday, August 6th. The company reported $0.29 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.16 by $0.13. Doximity had a net margin of 25.48% and a return on equity of 18.06%. The company had revenue of $156.62 million during the quarter. During the same period in the prior year, the firm posted $0.36 earnings per share. The business’s revenue was up 7.3% on a year-over-year basis. As a group, equities research analysts expect that Doximity will post 0.74 EPS for the current year.

Insider Buying and Selling at Doximity

In other Doximity news, Director Timothy S. Cabral sold 7,500 shares of the business’s stock in a transaction on Friday, August 7th. The shares were sold at an average price of $39.11, for a total value of $293,325.00. Following the completion of the sale, the director directly owned 3,221 shares of the company’s stock, valued at $125,973.31. The trade was a 69.96% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CAO Siddharth Sitaram sold 1,770 shares of the stock in a transaction dated Thursday, August 13th. The shares were sold at an average price of $24.94, for a total value of $44,143.80. Following the sale, the chief accounting officer owned 97,004 shares of the company’s stock, valued at $2,419,279.76. This represents a 1.79% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold 11,714 shares of company stock valued at $387,351 over the last three months. 31.80% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the business. Northwestern Mutual Wealth Management Co. lifted its holdings in Doximity by 99.5% in the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 796 shares of the company’s stock worth $35,000 after buying an additional 397 shares during the period. Parallel Advisors LLC increased its stake in shares of Doximity by 111.0% during the first quarter. Parallel Advisors LLC now owns 2,560 shares of the company’s stock valued at $60,000 after buying an additional 1,347 shares during the period. EverSource Wealth Advisors LLC increased its stake in shares of Doximity by 937.7% during the first quarter. EverSource Wealth Advisors LLC now owns 2,833 shares of the company’s stock valued at $66,000 after buying an additional 2,560 shares during the period. Continuum Advisory LLC bought a new position in shares of Doximity during the second quarter valued at approximately $67,000. Finally, Farther Finance Advisors LLC lifted its stake in Doximity by 35.7% in the fourth quarter. Farther Finance Advisors LLC now owns 1,539 shares of the company’s stock worth $68,000 after acquiring an additional 405 shares during the period. Hedge funds and other institutional investors 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.