Doximity (NYSE:DOCS) Stock Rating Upgraded by Freedom Capital

Doximity (NYSE:DOCS) was upgraded by Freedom Capital to a “strong-buy” rating in a note issued to investors on Tuesday,Zacks.com reports.

Other equities research analysts have also issued reports about the company. BMO Capital Markets set a $25.00 target price on Doximity in a research report on Friday, February 6th. The Goldman Sachs Group reduced their price target on shares of Doximity from $46.00 to $34.00 and set a “neutral” rating for the company in a research report on Friday, February 6th. Wall Street Zen downgraded shares of Doximity from a “buy” rating to a “hold” rating in a report on Saturday, January 10th. Loop Capital set a $31.00 price objective on shares of Doximity in a research report on Tuesday. Finally, Needham & Company LLC upgraded shares of Doximity to a “moderate buy” rating in a research note on Friday, February 6th. Two research analysts have rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and six have assigned a Hold rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $46.63.

Doximity Trading Down 0.6%

DOCS stock opened at $24.76 on Tuesday. The company has a market capitalization of $4.57 billion, a price-to-earnings ratio of 20.63, a PEG ratio of 1.40 and a beta of 1.44. The firm has a 50 day simple moving average of $31.36. Doximity has a 12-month low of $23.53 and a 12-month high of $76.51.

Doximity (NYSE:DOCS) last issued its quarterly earnings results 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 return on equity of 23.84% and a net margin of 37.54%.During the same quarter last year, the company earned $0.45 EPS. The firm’s quarterly revenue was up 9.8% on a year-over-year basis.

Doximity declared that its Board of Directors has approved a share repurchase plan on Thursday, February 5th that permits the company to buyback $500.00 million in outstanding shares. This buyback authorization permits the company to reacquire up to 8% of its shares through open market purchases. Shares buyback plans are often a sign that the company’s board of directors believes its shares are undervalued.

Insider Buying and Selling at Doximity

In related news, Director Kira Scherer Wampler sold 2,000 shares of Doximity stock in a transaction dated Tuesday, March 3rd. The stock was sold at an average price of $26.00, for a total value of $52,000.00. Following the completion of the sale, the director owned 19,839 shares of the company’s stock, valued at approximately $515,814. This trade represents a 9.16% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, insider Siddharth Sitaram sold 2,319 shares of the business’s stock in a transaction dated Tuesday, March 10th. The shares were sold at an average price of $25.37, for a total value of $58,833.03. Following the completion of the sale, the insider owned 84,132 shares in the company, valued at $2,134,428.84. This represents a 2.68% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 6,601 shares of company stock valued at $174,455 in the last quarter. 31.30% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Doximity

Large investors have recently modified their holdings of the business. Royal Bank of Canada lifted its stake in shares of Doximity by 24.2% during the 1st quarter. Royal Bank of Canada now owns 106,845 shares of the company’s stock valued at $6,200,000 after buying an additional 20,847 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in Doximity by 0.5% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 38,978 shares of the company’s stock valued at $2,262,000 after buying an additional 210 shares in the last quarter. NewEdge Advisors LLC grew its stake in Doximity by 613.7% in the 1st quarter. NewEdge Advisors LLC now owns 6,323 shares of the company’s stock valued at $367,000 after buying an additional 5,437 shares in the last quarter. Goldman Sachs Group Inc. raised its holdings in Doximity by 33.3% during the 1st quarter. Goldman Sachs Group Inc. now owns 255,529 shares of the company’s stock valued at $14,828,000 after acquiring an additional 63,873 shares during the period. Finally, Focus Partners Wealth bought a new stake in Doximity during the 1st quarter valued at $283,000. Hedge funds and other institutional investors own 87.19% of the company’s stock.

About Doximity

Doximity, trading as DOCS, operates a digital professional network and communications platform designed primarily for clinicians. Headquartered in San Francisco, the company connects physicians, nurse practitioners, physician assistants and other healthcare professionals, providing tools that streamline clinical communication, telehealth delivery and access to specialty-specific medical information. Its platform is positioned as a professional hub where clinicians manage their workflows, stay current with medical news and collaborate securely with peers.

The company’s offerings include secure messaging and video telehealth capabilities that enable clinicians to consult with patients and colleagues while protecting patient information.