Doximity, Inc. (NASDAQ:DOCS) Given Consensus Recommendation of “Moderate Buy” by Brokerages

Doximity, Inc. (NASDAQ:DOCS) has been given a consensus recommendation of “Moderate Buy” by the twenty-two brokerages that are currently covering the stock, Marketbeat reports. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating, fourteen have given a buy rating and two have issued a strong buy rating on the company. The average 1 year price objective among brokers that have issued ratings on the stock in the last year is $66.1053.

DOCS has been the subject of a number of research reports. Bank of America raised shares of Doximity from a “neutral” rating to a “buy” rating and raised their price target for the company from $75.00 to $82.00 in a report on Monday, October 27th. Truist Financial set a $62.00 price objective on Doximity in a research report on Thursday. Barclays began coverage on Doximity in a research report on Monday, December 8th. They set an “overweight” rating and a $63.00 target price for the company. Evercore ISI reaffirmed an “outperform” rating on shares of Doximity in a research note on Thursday. Finally, Royal Bank Of Canada began coverage on Doximity in a research report on Thursday. They issued an “outperform” rating and a $59.00 price objective for the company.

Doximity Stock Up 0.2%

Shares of DOCS opened at $43.87 on Tuesday. The stock’s 50-day moving average price is $48.00 and its 200 day moving average price is $59.65. The firm has a market capitalization of $8.26 billion, a price-to-earnings ratio of 43.87, a P/E/G ratio of 4.10 and a beta of 1.39. Doximity has a 12-month low of $42.66 and a 12-month high of $85.21.

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

Insider Activity at Doximity

In other Doximity news, Director Kira Scherer Wampler sold 2,000 shares of the firm’s stock in a transaction dated Monday, November 3rd. The stock was 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 approximately $1,318,103.16. This trade represents a 9.16% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 31.30% of the company’s stock.

Institutional Investors Weigh In On Doximity

Several large investors have recently modified their holdings of DOCS. Voya Investment Management LLC raised its holdings in shares of Doximity by 932.8% in the third quarter. Voya Investment Management LLC now owns 1,567,668 shares of the company’s stock valued at $114,267,000 after purchasing an additional 1,415,882 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its position in Doximity by 130.4% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 1,966,801 shares of the company’s stock valued at $114,133,000 after purchasing an additional 1,113,076 shares in the last quarter. Franklin Resources Inc. grew its position in Doximity by 53.9% in the second quarter. Franklin Resources Inc. now owns 3,162,593 shares of the company’s stock valued at $193,993,000 after purchasing an additional 1,108,162 shares in the last quarter. Capital World Investors increased its stake in Doximity by 25.7% in the 3rd quarter. Capital World Investors now owns 5,381,431 shares of the company’s stock valued at $393,652,000 after buying an additional 1,101,848 shares during the last quarter. Finally, Victory Capital Management Inc. lifted its position in Doximity by 525.3% during the 3rd quarter. Victory Capital Management Inc. now owns 1,096,965 shares of the company’s stock worth $80,243,000 after buying an additional 921,533 shares in the last quarter. 87.19% of the stock is currently owned by institutional investors.

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.