Doximity (NASDAQ:DOCS) Reaches New 1-Year High After Analyst Upgrade

Doximity, Inc. (NASDAQ:DOCS)’s stock price hit a new 52-week high on Friday after Piper Sandler upgraded the stock from a neutral rating to an overweight rating. Piper Sandler now has a $78.00 price target on the stock, up from their previous price target of $31.00. Doximity traded as high as $70.62 and last traded at $77.11, with a volume of 137195 shares changing hands. The stock had previously closed at $58.26.

DOCS has been the subject of several other reports. Morgan Stanley upgraded Doximity from an “underweight” rating to an “equal weight” rating and boosted their price objective for the stock from $33.00 to $53.00 in a research report on Thursday, November 14th. Barclays upped their price target on shares of Doximity from $52.00 to $75.00 and gave the stock an “overweight” rating in a research note on Monday, November 11th. JPMorgan Chase & Co. increased their price target on Doximity from $30.00 to $48.00 and gave the company a “neutral” rating in a research note on Thursday, November 21st. Bank of America raised their target price on Doximity from $54.00 to $57.00 and gave the company a “neutral” rating in a research note on Monday, January 6th. Finally, Wells Fargo & Company raised their price objective on shares of Doximity from $43.00 to $55.00 and gave the company an “equal weight” rating in a research report on Friday. Twelve analysts have rated the stock with a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, Doximity has an average rating of “Hold” and a consensus price target of $60.83.

Insider Buying and Selling at Doximity

In related news, Director Timothy S. Cabral sold 20,000 shares of Doximity stock in a transaction dated Monday, February 3rd. The stock was sold at an average price of $57.62, for a total transaction of $1,152,400.00. Following the sale, the director now directly owns 6,360 shares of the company’s stock, valued at $366,463.20. This trade represents a 75.87 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Corporate insiders own 37.40% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in DOCS. Global Retirement Partners LLC grew its holdings in shares of Doximity by 468.1% in the 4th quarter. Global Retirement Partners LLC now owns 534 shares of the company’s stock worth $29,000 after purchasing an additional 440 shares during the last quarter. UMB Bank n.a. boosted its holdings in shares of Doximity by 69.1% in the 4th quarter. UMB Bank n.a. now owns 575 shares of the company’s stock worth $31,000 after acquiring an additional 235 shares in the last quarter. Farther Finance Advisors LLC increased its holdings in Doximity by 324.2% during the 3rd quarter. Farther Finance Advisors LLC now owns 789 shares of the company’s stock valued at $34,000 after purchasing an additional 603 shares in the last quarter. Larson Financial Group LLC boosted its stake in Doximity by 49.4% in the fourth quarter. Larson Financial Group LLC now owns 756 shares of the company’s stock worth $40,000 after purchasing an additional 250 shares in the last quarter. Finally, Morse Asset Management Inc bought a new stake in Doximity during the 3rd quarter worth about $46,000. Institutional investors and hedge funds own 87.19% of the company’s stock.

Doximity Stock Performance

The firm’s 50-day simple moving average is $55.09 and its two-hundred day simple moving average is $45.31. The stock has a market cap of $14.53 billion, a price-to-earnings ratio of 88.89, a PEG ratio of 4.68 and a beta of 1.39.

Doximity (NASDAQ:DOCS) last released its earnings results on Thursday, November 7th. The company reported $0.24 earnings per share for the quarter, missing analysts’ consensus estimates of $0.26 by ($0.02). Doximity had a return on equity of 19.79% and a net margin of 33.69%. The firm had revenue of $136.83 million for the quarter, compared to the consensus estimate of $127.05 million. During the same quarter in the previous year, the firm earned $0.18 EPS. Equities research analysts expect that Doximity, Inc. will post 0.88 earnings per share for the current fiscal year.

Doximity Company Profile

Doximity, Inc operates a cloud-based digital platform for medical professionals in the United States. The company's platform provides its members with tools built for medical professionals, enabling them to collaborate with their colleagues, coordinate patient care, conduct virtual patient visits, stay up to date with the latest medical news and research, and manage their careers.