Doximity, Inc. (NASDAQ:DOCS) Receives Consensus Rating of “Moderate Buy” from Brokerages

Doximity, Inc. (NASDAQ:DOCS) has received an average rating of “Moderate Buy” from the twenty-two brokerages that are covering the stock, Marketbeat.com reports. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating, fourteen have assigned a buy rating and two have given a strong buy rating to the company. The average 12-month price target among brokerages that have updated their coverage on the stock in the last year is $66.1053.

A number of equities analysts have issued reports on DOCS shares. Bank of America raised Doximity from a “neutral” rating to a “buy” rating and upped their target price for the company from $75.00 to $82.00 in a research report on Monday, October 27th. JPMorgan Chase & Co. restated an “underweight” rating and issued a $62.00 price target on shares of Doximity in a research note on Friday, October 10th. KeyCorp reduced their price objective on shares of Doximity from $75.00 to $60.00 and set an “overweight” rating on the stock in a research note on Thursday. Canaccord Genuity Group set a $48.00 price objective on shares of Doximity in a report on Thursday. Finally, Royal Bank Of Canada initiated coverage on shares of Doximity in a research report on Thursday. They issued an “outperform” rating and a $59.00 target price for the company.

Insiders Place Their Bets

In other Doximity news, Director Kira Scherer Wampler sold 2,000 shares of the company’s stock in a transaction that occurred on Monday, November 3rd. The stock was sold at an average price of $66.44, for a total transaction of $132,880.00. Following the sale, the director owned 19,839 shares in the company, valued at $1,318,103.16. This represents a 9.16% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. 31.30% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Doximity

Institutional investors have recently made changes to their positions in the company. Central Pacific Bank Trust Division lifted its stake in Doximity by 41.9% during the fourth quarter. Central Pacific Bank Trust Division now owns 4,752 shares of the company’s stock worth $210,000 after purchasing an additional 1,402 shares during the last quarter. Allworth Financial LP raised its holdings in shares of Doximity by 369.7% during the third quarter. Allworth Financial LP now owns 40,952 shares of the company’s stock worth $2,996,000 after purchasing an additional 32,233 shares during the period. Swiss Life Asset Management Ltd lifted its position in shares of Doximity by 1.2% in the 3rd quarter. Swiss Life Asset Management Ltd now owns 209,829 shares of the company’s stock worth $15,349,000 after buying an additional 2,489 shares during the last quarter. Tevis Investment Management lifted its position in shares of Doximity by 7.9% in the 3rd quarter. Tevis Investment Management now owns 7,229 shares of the company’s stock worth $529,000 after buying an additional 528 shares during the last quarter. Finally, CIBC Bancorp USA Inc. acquired a new position in shares of Doximity in the 3rd quarter valued at about $908,000. 87.19% of the stock is currently owned by institutional investors.

Doximity Price Performance

Shares of DOCS stock opened at $43.81 on Tuesday. The company’s fifty day moving average price is $48.46 and its two-hundred day moving average price is $59.77. The firm has a market capitalization of $8.25 billion, a P/E ratio of 43.81, a P/E/G ratio of 4.10 and a beta of 1.39. Doximity has a 12 month low of $43.21 and a 12 month high of $85.21.

Doximity (NASDAQ:DOCS) last announced its earnings results on Thursday, November 6th. The company reported $0.45 earnings per share (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%.The business’s quarterly revenue was up 23.2% compared to the same quarter last year. During the same quarter last year, the business earned $0.30 EPS. On average, sell-side analysts anticipate that Doximity will post 0.99 EPS for the current year.

About Doximity

Doximity, Inc, headquartered in San Francisco, California, operates the leading professional medical network for healthcare professionals in the United States. Founded in 2011 by Jeff Tangney and Shari Buck, the company set out to create a secure digital environment where physicians, nurse practitioners and physician assistants can collaborate, share information and stay current with clinical news. Doximity went public in June 2021 and trades on the NASDAQ under the ticker symbol “DOCS.”

The core offering of Doximity is its HIPAA-compliant communication platform, which includes a secure messaging system, digital fax services and telehealth capabilities.