Doximity (NASDAQ:DOCS) Given New $71.00 Price Target at Canaccord Genuity Group

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

DOCS has been the topic of a number of other research reports. Wells Fargo & Company lifted their price target on shares of Doximity from $43.00 to $55.00 and gave the company an “equal weight” rating in a research note on Friday. Stephens assumed coverage on shares of Doximity in a report on Friday, December 20th. They issued an “equal weight” rating and a $55.00 target price for the company. Leerink Partners raised Doximity from a “market perform” rating to an “outperform” rating and upped their price objective for the company from $60.00 to $90.00 in a research note on Friday. Mizuho assumed coverage on shares of Doximity in a research report on Wednesday, December 4th. They set a “neutral” rating and a $55.00 target price for the company. Finally, Needham & Company LLC increased their target price on Doximity from $65.00 to $82.00 and gave the stock a “buy” rating in a report on Friday. Twelve equities research analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $62.44.

Doximity Price Performance

Doximity stock traded up $21.16 during trading hours on Friday, hitting $79.42. The company had a trading volume of 8,257,054 shares, compared to its average volume of 1,826,740. The firm’s fifty day moving average is $55.09 and its 200-day moving average is $45.31. Doximity has a fifty-two week low of $22.96 and a fifty-two week high of $80.71. The firm has a market capitalization of $14.83 billion, a P/E ratio of 90.78, a price-to-earnings-growth ratio of 4.68 and a beta of 1.39.

Doximity (NASDAQ:DOCS) last issued its quarterly 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 company had revenue of $136.83 million during the quarter, compared to the consensus estimate of $127.05 million. Doximity had a net margin of 33.69% and a return on equity of 19.79%. During the same period last year, the company earned $0.18 earnings per share. Analysts anticipate that Doximity will post 0.88 earnings per share for the current year.

Insider Buying and Selling at Doximity

In other 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 value of $1,152,400.00. Following the transaction, the director now directly owns 6,360 shares in the company, valued at approximately $366,463.20. The trade was a 75.87 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 37.40% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the business. Fountainhead AM LLC bought a new position in shares of Doximity in the 3rd quarter worth $710,000. Penserra Capital Management LLC bought a new position in shares of Doximity in the third quarter worth approximately $2,384,000. Los Angeles Capital Management LLC boosted its position in shares of Doximity by 6,242.6% during the third quarter. Los Angeles Capital Management LLC now owns 650,874 shares of the company’s stock worth $28,359,000 after acquiring an additional 640,612 shares during the last quarter. Barclays PLC raised its stake in Doximity by 60.5% during the third quarter. Barclays PLC now owns 53,401 shares of the company’s stock valued at $2,327,000 after purchasing an additional 20,125 shares in the last quarter. Finally, Oppenheimer & Co. Inc. raised 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 valued at $1,553,000 after acquiring an additional 20,740 shares during the period. 87.19% of the stock is owned by institutional investors.

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.