Piper Sandler Issues Positive Forecast for Doximity (NASDAQ:DOCS) Stock Price

Doximity (NASDAQ:DOCS) had its price objective increased by analysts at Piper Sandler from $40.00 to $42.00 in a report released on Friday, Marketbeat.com reports. The brokerage presently has an “overweight” rating on the stock. Piper Sandler’s price target would suggest a potential upside of 66.51% from the stock’s current price.

Several other equities research analysts also recently issued reports on DOCS. KeyCorp set a $38.00 price target on Doximity in a report on Friday, February 6th. Raymond James Financial reiterated a “strong-buy” rating on shares of Doximity in a research report on Monday, December 29th. BMO Capital Markets set a $25.00 target price on shares of Doximity in a report on Friday, February 6th. Mizuho cut their price target on shares of Doximity from $45.00 to $34.00 and set a “neutral” rating on the stock in a research note on Tuesday, February 10th. Finally, Truist Financial reduced their price target on shares of Doximity from $62.00 to $37.00 and set a “buy” rating for the company in a report on Friday, February 6th. One analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and five have assigned a Hold rating to the company’s stock. According to MarketBeat.com, Doximity has a consensus rating of “Moderate Buy” and an average target price of $48.72.

Doximity Stock Performance

Shares of NASDAQ:DOCS opened at $25.22 on Friday. The company has a 50 day moving average price of $38.69 and a two-hundred day moving average price of $54.56. The company has a market capitalization of $4.66 billion, a PE ratio of 25.22, a PEG ratio of 4.10 and a beta of 1.39. Doximity has a 52 week low of $23.66 and a 52 week high of $76.92.

Doximity (NASDAQ:DOCS) last announced its quarterly earnings results on Thursday, February 5th. The company reported $0.46 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.45 by $0.01. Doximity had a net margin of 36.60% and a return on equity of 21.75%. During the same period last year, the business posted $0.45 earnings per share. The firm’s revenue for the quarter was up 9.8% compared to the same quarter last year. On average, sell-side analysts forecast that Doximity will post 0.99 earnings per share for the current year.

Doximity announced that its board has approved a stock buyback plan on Thursday, February 5th that permits the company to repurchase $500.00 million in outstanding shares. This repurchase authorization permits the company to buy up to 8% of its stock through open market purchases. Stock repurchase plans are often a sign that the company’s board believes its stock is undervalued.

Hedge Funds Weigh In On Doximity

Several hedge funds have recently made changes to their positions in the business. Whittier Trust Co. of Nevada Inc. lifted its position in shares of 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 purchasing an additional 179 shares in the last quarter. Oregon Public Employees Retirement Fund boosted its stake in shares of Doximity by 0.7% during the 3rd quarter. Oregon Public Employees Retirement Fund now owns 27,500 shares of the company’s stock worth $2,012,000 after buying an additional 200 shares during the last quarter. Fairvoy Private Wealth LLC boosted its stake in shares of Doximity by 1.1% during the 3rd quarter. Fairvoy Private Wealth LLC now owns 19,253 shares of the company’s stock worth $1,408,000 after buying an additional 206 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in shares of Doximity by 0.5% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 38,978 shares of the company’s stock valued at $2,262,000 after acquiring an additional 210 shares in the last quarter. Finally, Rakuten Securities Inc. increased its position in shares of Doximity by 14.0% in the third quarter. Rakuten Securities Inc. now owns 1,763 shares of the company’s stock valued at $129,000 after acquiring an additional 217 shares during the last quarter. 87.19% of the stock is owned by institutional investors.

Doximity Company Profile

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.