Doximity (NASDAQ:DOCS) Stock Price Expected to Rise, Canaccord Genuity Group Analyst Says

Doximity (NASDAQ:DOCS) had its price target upped by investment analysts at Canaccord Genuity Group from $60.00 to $71.00 in a note issued to investors on Friday,Benzinga reports. The firm presently has a “hold” rating on the stock. Canaccord Genuity Group’s target price would suggest a potential downside of 10.60% from the stock’s current price.

A number of other equities research analysts have also recently commented on DOCS. The Goldman Sachs Group assumed coverage on shares of Doximity in a research report on Friday, November 15th. They set a “neutral” rating and a $58.00 target price for the company. Raymond James reiterated an “outperform” rating and issued a $83.00 price objective (up previously from $65.00) on shares of Doximity in a research note on Friday. Truist Financial raised their price target on shares of Doximity from $35.00 to $49.00 and gave the company a “hold” rating in a research report on Thursday, November 14th. Barclays raised their price target on shares of Doximity from $52.00 to $75.00 and gave the company an “overweight” rating in a research report on Monday, November 11th. Finally, JPMorgan Chase & Co. increased their price objective on shares of Doximity from $30.00 to $48.00 and gave the company a “neutral” rating in a report on Thursday, November 21st. Twelve equities research 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 company. Based on data from MarketBeat.com, Doximity has an average rating of “Hold” and a consensus price target of $62.44.

Doximity Trading Up 36.3 %

NASDAQ:DOCS traded up $21.16 during trading hours on Friday, reaching $79.42. The company had a trading volume of 8,257,054 shares, compared to its average volume of 1,826,740. Doximity has a 52 week low of $22.96 and a 52 week high of $80.71. The firm’s 50 day moving average price is $55.09 and its 200-day moving average price is $45.31. The firm has a market cap of $14.83 billion, a price-to-earnings ratio of 90.78, a PEG ratio of 4.68 and a beta of 1.39.

Doximity (NASDAQ:DOCS) last posted 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). The business had revenue of $136.83 million during the quarter, compared to the consensus estimate of $127.05 million. Doximity had a return on equity of 19.79% and a net margin of 33.69%. During the same quarter last year, the firm earned $0.18 earnings per share. On average, analysts forecast that Doximity will post 0.88 earnings per share for the current fiscal year.

Insider Buying and Selling at Doximity

In other news, Director Timothy S. Cabral sold 20,000 shares of the stock in a transaction dated Monday, February 3rd. The shares were sold at an average price of $57.62, for a total transaction of $1,152,400.00. Following the transaction, the director now directly owns 6,360 shares in the company, valued at $366,463.20. This represents a 75.87 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. 37.40% of the stock is owned by insiders.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the business. Fountainhead AM LLC purchased a new position in Doximity in the third quarter valued at approximately $710,000. Penserra Capital Management LLC purchased a new stake in shares of Doximity during the third quarter valued at approximately $2,384,000. Los Angeles Capital Management LLC increased its stake in shares of Doximity by 6,242.6% in the third quarter. Los Angeles Capital Management LLC now owns 650,874 shares of the company’s stock worth $28,359,000 after buying an additional 640,612 shares during the last quarter. Barclays PLC increased its stake in shares of Doximity by 60.5% in the third quarter. Barclays PLC now owns 53,401 shares of the company’s stock worth $2,327,000 after buying an additional 20,125 shares during the last quarter. Finally, Oppenheimer & Co. Inc. increased its stake in shares of Doximity by 139.2% in the third quarter. Oppenheimer & Co. Inc. now owns 35,635 shares of the company’s stock worth $1,553,000 after buying an additional 20,740 shares during the last quarter. Hedge funds and other institutional investors own 87.19% of the company’s stock.

About Doximity

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.