Doximity (NASDAQ:DOCS) Stock Rating Upgraded by Needham & Company LLC

Doximity (NASDAQ:DOCS) was upgraded by stock analysts at Needham & Company LLC from a “hold” rating to a “buy” rating in a report issued on Friday, Marketbeat.com reports. The brokerage currently has a $38.00 target price on the stock. Needham & Company LLC’s price objective points to a potential upside of 6.74% from the stock’s previous close.

Several other equities research analysts have also commented on the stock. JPMorgan Chase & Co. upgraded shares of Doximity from an “underweight” rating to a “neutral” rating and set a $25.00 price target on the stock in a research note on Thursday, April 25th. William Blair reissued an “outperform” rating on shares of Doximity in a report on Friday, May 17th. Morgan Stanley restated an “underweight” rating and set a $25.00 price target on shares of Doximity in a research note on Tuesday, April 23rd. Wells Fargo & Company downgraded Doximity from an “equal weight” rating to an “underweight” rating and decreased their price objective for the company from $27.00 to $19.00 in a report on Thursday, July 18th. Finally, Evercore ISI lifted their target price on shares of Doximity from $28.00 to $29.00 and gave the company an “in-line” rating in a report on Friday, May 17th. Two investment analysts have rated the stock with a sell rating, eight have assigned a hold rating and three have assigned a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $29.64.

Doximity Price Performance

Shares of Doximity stock traded up $9.94 during trading on Friday, hitting $35.60. 11,796,487 shares of the stock were exchanged, compared to its average volume of 1,711,501. The firm’s 50-day moving average price is $28.00 and its 200 day moving average price is $27.32. The stock has a market cap of $6.60 billion, a price-to-earnings ratio of 49.44, a price-to-earnings-growth ratio of 5.12 and a beta of 1.22. Doximity has a 12-month low of $19.71 and a 12-month high of $35.79.

Doximity (NASDAQ:DOCS) last released its quarterly earnings data on Thursday, August 8th. The company reported $0.22 EPS for the quarter, beating analysts’ consensus estimates of $0.16 by $0.06. The business had revenue of $126.68 million for the quarter, compared to the consensus estimate of $119.88 million. Doximity had a return on equity of 17.44% and a net margin of 31.04%. As a group, research analysts forecast that Doximity will post 0.74 earnings per share for the current year.

Insider Transactions at Doximity

In related news, CFO Anna Bryson sold 30,000 shares of the firm’s stock in a transaction dated Friday, August 9th. The shares were sold at an average price of $35.00, for a total value of $1,050,000.00. Following the completion of the sale, the chief financial officer now owns 309,627 shares in the company, valued at $10,836,945. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, Director Timothy S. Cabral sold 10,000 shares of the firm’s stock in a transaction on Wednesday, June 12th. The stock was sold at an average price of $30.00, for a total value of $300,000.00. Following the completion of the transaction, the director now owns 10,258 shares in the company, valued at $307,740. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, CFO Anna Bryson sold 30,000 shares of Doximity stock in a transaction on Friday, August 9th. The stock was sold at an average price of $35.00, for a total value of $1,050,000.00. Following the transaction, the chief financial officer now directly owns 309,627 shares of the company’s stock, valued at approximately $10,836,945. The disclosure for this sale can be found here. Insiders have sold a total of 81,951 shares of company stock valued at $2,574,843 in the last ninety days. 39.40% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Doximity

Large investors have recently added to or reduced their stakes in the business. LRI Investments LLC purchased a new stake in shares of Doximity in the first quarter valued at about $27,000. First Horizon Advisors Inc. raised its position in shares of Doximity by 111.3% during the 4th quarter. First Horizon Advisors Inc. now owns 995 shares of the company’s stock worth $28,000 after purchasing an additional 524 shares during the last quarter. Blue Trust Inc. lifted its stake in Doximity by 621.4% in the 2nd quarter. Blue Trust Inc. now owns 1,385 shares of the company’s stock valued at $37,000 after buying an additional 1,193 shares in the last quarter. GAMMA Investing LLC acquired a new stake in Doximity during the 4th quarter valued at $40,000. Finally, DekaBank Deutsche Girozentrale purchased a new position in Doximity during the first quarter worth $46,000. 87.19% of the stock is owned by institutional investors and hedge funds.

About Doximity

Doximity, Inc operates a cloud-based digital platform for medical professionals in the United States. The company's platform provides its members with tools built for medical professionals, enabling them to collaborate with their colleagues, coordinate patient care, conduct virtual patient visits, stay up to date with the latest medical news and research, and manage their careers.