Barclays Cuts Doximity (NASDAQ:DOCS) Price Target to $38.00

Doximity (NASDAQ:DOCS) had its price objective cut by equities research analysts at Barclays from $63.00 to $38.00 in a research note issued to investors on Wednesday,Benzinga reports. The brokerage presently has an “overweight” rating on the stock. Barclays‘s price objective would suggest a potential upside of 39.30% from the stock’s previous close.

A number of other brokerages also recently issued reports on DOCS. JPMorgan Chase & Co. raised Doximity from an “underweight” rating to a “neutral” rating and cut their target price for the stock from $62.00 to $40.00 in a research note on Friday, February 6th. KeyCorp set a $38.00 target price on shares of Doximity in a report on Friday. Evercore reaffirmed an “outperform” rating on shares of Doximity in a report on Thursday, January 8th. Raymond James Financial reiterated a “strong-buy” rating on shares of Doximity in a research report on Monday, December 29th. Finally, Royal Bank Of Canada assumed coverage on Doximity in a research report on Thursday, January 8th. They set an “outperform” rating and a $59.00 price objective for the company. One analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and five have given a Hold rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $48.61.

Doximity Stock Down 0.8%

NASDAQ DOCS opened at $27.28 on Wednesday. The firm has a 50 day moving average of $41.75 and a two-hundred day moving average of $56.18. Doximity has a 52 week low of $23.66 and a 52 week high of $80.25. The stock has a market capitalization of $5.14 billion, a PE ratio of 27.28, a price-to-earnings-growth ratio of 4.10 and a beta of 1.39.

Doximity (NASDAQ:DOCS) last released its earnings results on Thursday, February 5th. The company reported $0.46 EPS for the quarter, topping 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 in the previous year, the firm posted $0.45 earnings per share. Doximity’s revenue for the quarter was up 9.8% compared to the same quarter last year. On average, equities research analysts expect that Doximity will post 0.99 earnings per share for the current fiscal year.

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

Institutional Investors Weigh In On Doximity

Hedge funds and other institutional investors have recently made changes to their positions in the business. Vanguard Group Inc. boosted its stake in Doximity by 4.1% in the 4th quarter. Vanguard Group Inc. now owns 13,285,485 shares of the company’s stock worth $588,281,000 after buying an additional 518,916 shares during the last quarter. William Blair Investment Management LLC grew its stake in shares of Doximity by 11.7% during the 3rd quarter. William Blair Investment Management LLC now owns 5,829,169 shares of the company’s stock valued at $426,404,000 after buying an additional 609,775 shares during the period. Capital World Investors increased its holdings in shares of Doximity by 25.7% during the 3rd quarter. Capital World Investors now owns 5,381,431 shares of the company’s stock worth $393,652,000 after buying an additional 1,101,848 shares during the last quarter. Geode Capital Management LLC raised its position in shares of Doximity by 7.7% in the 2nd quarter. Geode Capital Management LLC now owns 3,639,898 shares of the company’s stock worth $223,829,000 after buying an additional 261,319 shares during the period. Finally, Franklin Resources Inc. raised its position in shares of Doximity by 6.2% in the 3rd quarter. Franklin Resources Inc. now owns 3,357,505 shares of the company’s stock worth $245,601,000 after buying an additional 194,912 shares during the period. Hedge funds and other institutional investors own 87.19% of the company’s stock.

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.