Doximity (NASDAQ:DOCS) Price Target Raised to $42.00

Doximity (NASDAQ:DOCS) had its price objective upped by Piper Sandler from $40.00 to $42.00 in a research note published on Friday morning, MarketBeat.com reports. They currently have an overweight rating on the stock.

Several other equities analysts also recently weighed in on DOCS. BMO Capital Markets set a $25.00 price target on shares of Doximity in a report on Friday, February 6th. Truist Financial dropped their price objective on shares of Doximity from $62.00 to $37.00 and set a “buy” rating on the stock in a report on Friday, February 6th. BTIG Research reduced their target price on shares of Doximity from $80.00 to $50.00 and set a “buy” rating for the company in a report on Friday, February 6th. KeyCorp set a $38.00 target price on shares of Doximity in a research report on Friday, February 6th. Finally, Needham & Company LLC lowered their price target on shares of Doximity from $75.00 to $55.00 and set a “buy” rating on the stock in a report on Friday, February 6th. One investment analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating and five have given a Hold rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $48.33.

Doximity Price Performance

NASDAQ DOCS opened at $25.55 on Friday. The company has a market cap of $4.72 billion, a price-to-earnings ratio of 25.55, a PEG ratio of 4.10 and a beta of 1.39. The stock’s fifty day moving average price is $38.33 and its 200 day moving average price is $54.29. Doximity has a 1 year low of $23.66 and a 1 year high of $76.51.

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

Doximity declared that its Board of Directors has authorized a stock buyback plan on Thursday, February 5th that allows the company to repurchase $500.00 million in shares. This repurchase authorization allows the company to reacquire up to 8% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s leadership believes its shares are undervalued.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the business. Invesco Ltd. grew its stake in Doximity by 4.2% in the 4th quarter. Invesco Ltd. now owns 2,426,819 shares of the company’s stock valued at $107,460,000 after acquiring an additional 98,519 shares during the period. Mercer Global Advisors Inc. ADV grew its position in shares of Doximity by 1.7% in the fourth quarter. Mercer Global Advisors Inc. ADV now owns 32,060 shares of the company’s stock valued at $1,420,000 after purchasing an additional 551 shares during the period. EP Wealth Advisors LLC purchased a new stake in shares of Doximity during the fourth quarter worth about $222,000. NewEdge Advisors LLC increased its stake in shares of Doximity by 485.0% during the fourth quarter. NewEdge Advisors LLC now owns 5,897 shares of the company’s stock worth $261,000 after purchasing an additional 4,889 shares in the last quarter. Finally, XTX Topco Ltd raised its position in shares of Doximity by 1,502.6% during the 4th quarter. XTX Topco Ltd now owns 146,782 shares of the company’s stock worth $6,500,000 after purchasing an additional 137,623 shares during the last quarter. 87.19% of the stock is owned by institutional investors and hedge funds.

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.