Doximity, Inc. (NASDAQ:DOCS) Receives $48.33 Average Price Target from Analysts

Shares of Doximity, Inc. (NASDAQ:DOCS) have been assigned a consensus recommendation of “Moderate Buy” from the twenty ratings firms that are covering the company, MarketBeat.com reports. Five investment analysts have rated the stock with a hold rating, fourteen have given a buy rating and one has issued a strong buy rating on the company. The average twelve-month price target among brokers that have issued ratings on the stock in the last year is $48.3333.

Several equities research analysts have commented on DOCS shares. Truist Financial cut their price target on shares of Doximity from $62.00 to $37.00 and set a “buy” rating on the stock in a research report on Friday, February 6th. Raymond James Financial reiterated a “strong-buy” rating on shares of Doximity in a report on Monday, December 29th. Wells Fargo & Company decreased their price target on Doximity from $55.00 to $45.00 and set an “overweight” rating for the company in a research note on Friday, February 6th. JPMorgan Chase & Co. dropped their price objective on Doximity from $40.00 to $33.00 and set a “neutral” rating on the stock in a research note on Friday, February 20th. Finally, Canaccord Genuity Group set a $34.00 target price on shares of Doximity and gave the company a “buy” rating in a research note on Monday, February 9th.

Institutional Investors Weigh In On Doximity

Several hedge funds have recently bought and sold shares of the company. Synergy Asset Management LLC raised its stake in Doximity by 100.0% in the 3rd quarter. Synergy Asset Management LLC now owns 604,502 shares of the company’s stock valued at $44,219,000 after acquiring an additional 302,251 shares during the period. Liontrust Investment Partners LLP increased its holdings in shares of Doximity by 1,189.9% in the second quarter. Liontrust Investment Partners LLP now owns 272,065 shares of the company’s stock valued at $16,688,000 after purchasing an additional 250,973 shares during the last quarter. SG Americas Securities LLC raised its position in shares of Doximity by 335.9% in the third quarter. SG Americas Securities LLC now owns 52,993 shares of the company’s stock valued at $3,876,000 after purchasing an additional 40,837 shares during the period. Aubrey Capital Management Ltd bought a new position in shares of Doximity in the third quarter valued at about $4,572,000. Finally, Voya Investment Management LLC lifted its stake in shares of Doximity by 932.8% during the 3rd quarter. Voya Investment Management LLC now owns 1,567,668 shares of the company’s stock worth $114,267,000 after buying an additional 1,415,882 shares during the last quarter. 87.19% of the stock is currently owned by institutional investors and hedge funds.

Doximity Stock Down 2.5%

NASDAQ:DOCS opened at $24.48 on Wednesday. The company has a market cap of $4.52 billion, a P/E ratio of 24.48, a price-to-earnings-growth ratio of 4.10 and a beta of 1.39. Doximity has a twelve month low of $23.53 and a twelve month high of $76.51. The business has a 50 day moving average price of $36.38 and a two-hundred day moving average price of $53.08.

Doximity (NASDAQ:DOCS) last announced its quarterly earnings data on Thursday, February 5th. The company reported $0.46 EPS for the quarter, topping analysts’ consensus estimates 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 firm earned $0.45 EPS. The business’s revenue was up 9.8% on a year-over-year basis. As a group, analysts anticipate that Doximity will post 0.99 earnings per share for the current fiscal year.

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

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.