Doximity (NASDAQ:DOCS) Price Target Cut to $33.00 by Analysts at JPMorgan Chase & Co.

Doximity (NASDAQ:DOCS) had its price target cut by JPMorgan Chase & Co. from $40.00 to $33.00 in a research report sent to investors on Friday,Benzinga reports. They currently have a neutral rating on the stock.

A number of other brokerages have also recently commented on DOCS. Wells Fargo & Company reduced their price objective on Doximity from $55.00 to $45.00 and set an “overweight” rating for the company in a research note on Friday, February 6th. The Goldman Sachs Group cut their target price on Doximity from $46.00 to $34.00 and set a “neutral” rating on the stock in a report on Friday, February 6th. Royal Bank Of Canada assumed coverage on shares of Doximity in a research note on Thursday, January 8th. They set an “outperform” rating and a $59.00 price target for the company. Raymond James Financial restated a “strong-buy” rating on shares of Doximity in a report on Monday, December 29th. Finally, Canaccord Genuity Group set a $34.00 price objective on shares of Doximity and gave the company a “buy” rating in a research note on Monday, February 9th. 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 company. According to MarketBeat, Doximity has a consensus rating of “Moderate Buy” and a consensus price target of $48.33.

Doximity Trading Up 1.2%

NASDAQ:DOCS opened at $25.55 on Friday. Doximity has a 12 month low of $23.66 and a 12 month high of $76.51. The stock has a market capitalization 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 firm has a fifty day simple moving average of $38.33 and a two-hundred day simple moving average of $54.34.

Doximity (NASDAQ:DOCS) last announced its quarterly earnings data 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 net margin of 36.60% and a return on equity of 21.75%. The firm’s revenue for the quarter was up 9.8% compared to the same quarter last year. During the same quarter last year, the company earned $0.45 EPS. Equities analysts predict that Doximity will post 0.99 earnings per share for the current fiscal year.

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

Institutional Trading of Doximity

Several institutional investors and hedge funds have recently made changes to their positions in DOCS. Carmignac Gestion boosted its holdings in Doximity by 355.9% during the fourth quarter. Carmignac Gestion now owns 1,893,026 shares of the company’s stock worth $83,831,000 after purchasing an additional 1,477,798 shares during the last quarter. Voya Investment Management LLC increased its stake in Doximity by 932.8% in the 3rd quarter. Voya Investment Management LLC now owns 1,567,668 shares of the company’s stock valued at $114,267,000 after buying an additional 1,415,882 shares during the last quarter. Northwestern Mutual Wealth Management Co. lifted its position in shares of Doximity by 325,436.6% during the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 1,298,891 shares of the company’s stock worth $57,515,000 after buying an additional 1,298,492 shares in the last quarter. Federated Hermes Inc. boosted its stake in shares of Doximity by 3,422.7% in the 4th quarter. Federated Hermes Inc. now owns 1,249,085 shares of the company’s stock worth $55,309,000 after buying an additional 1,213,627 shares during the last quarter. Finally, Franklin Resources Inc. boosted its stake in shares of Doximity by 53.9% in the 2nd quarter. Franklin Resources Inc. now owns 3,162,593 shares of the company’s stock worth $193,993,000 after buying an additional 1,108,162 shares during the last quarter. Hedge funds and other institutional investors own 87.19% of the company’s stock.

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.