Doximity (NASDAQ:DOCS) Shares Gap Up – Still a Buy?

Shares of Doximity, Inc. (NASDAQ:DOCS) gapped up before the market opened on Monday . The stock had previously closed at $43.85, but opened at $46.65. Doximity shares last traded at $45.2450, with a volume of 414,307 shares traded.

Wall Street Analyst Weigh In

DOCS has been the subject of a number of research analyst reports. Evercore ISI reduced their price target on shares of Doximity from $81.00 to $70.00 and set an “outperform” rating for the company in a research note on Friday, November 7th. KeyCorp raised their target price on Doximity from $75.00 to $80.00 and gave the company an “overweight” rating in a research note on Wednesday, October 8th. Zacks Research lowered Doximity from a “strong-buy” rating to a “hold” rating in a report on Wednesday, August 20th. Robert W. Baird raised their price objective on shares of Doximity from $75.00 to $80.00 and gave the company an “outperform” rating in a research report on Thursday, September 11th. Finally, Canaccord Genuity Group dropped their target price on shares of Doximity from $67.00 to $58.00 and set a “hold” rating on the stock in a report on Monday, November 10th. Two research analysts have rated the stock with a Strong Buy rating, eleven have given a Buy rating, seven have assigned a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat, Doximity presently has a consensus rating of “Moderate Buy” and an average target price of $68.21.

Doximity Stock Performance

The company has a market capitalization of $8.57 billion, a price-to-earnings ratio of 45.53, a P/E/G ratio of 4.10 and a beta of 1.38. The firm’s 50 day simple moving average is $57.99 and its 200-day simple moving average is $61.49.

Doximity (NASDAQ:DOCS) last announced its quarterly earnings data on Thursday, November 6th. The company reported $0.45 EPS for the quarter, topping analysts’ consensus estimates of $0.38 by $0.07. Doximity had a return on equity of 21.75% and a net margin of 36.60%.Doximity’s quarterly revenue was up 23.2% on a year-over-year basis. During the same quarter last year, the firm posted $0.30 earnings per share. As a group, equities analysts anticipate that Doximity, Inc. will post 0.99 earnings per share for the current fiscal year.

Insider Activity

In related news, Director Regina M. Benjamin sold 5,000 shares of the firm’s stock in a transaction that occurred on Friday, October 10th. The shares were sold at an average price of $70.84, for a total transaction of $354,200.00. Following the transaction, the director owned 19,839 shares of the company’s stock, valued at approximately $1,405,394.76. This trade represents a 20.13% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Kira Scherer Wampler sold 2,000 shares of the firm’s stock in a transaction on Monday, November 3rd. The shares were sold at an average price of $66.44, for a total transaction of $132,880.00. Following the transaction, the director owned 19,839 shares in the company, valued at $1,318,103.16. This represents a 9.16% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 27,000 shares of company stock worth $1,987,080 in the last ninety days. Corporate insiders own 31.30% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in DOCS. Charles Schwab Investment Management Inc. boosted its holdings in Doximity by 1.1% during the first quarter. Charles Schwab Investment Management Inc. now owns 786,914 shares of the company’s stock valued at $45,665,000 after acquiring an additional 8,390 shares during the period. National Bank of Canada FI bought a new stake in shares of Doximity during the first quarter valued at approximately $33,000. Nuveen LLC acquired a new stake in shares of Doximity in the first quarter valued at approximately $34,056,000. Independent Advisor Alliance bought a new position in Doximity in the 1st quarter worth approximately $213,000. Finally, HighTower Advisors LLC lifted its holdings in Doximity by 9.2% during the 1st quarter. HighTower Advisors LLC now owns 31,333 shares of the company’s stock worth $1,818,000 after buying an additional 2,649 shares in the last quarter. Institutional investors and hedge funds own 87.19% of the company’s stock.

Doximity Company Profile

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.