Doximity (NASDAQ:DOCS) Hits New 12-Month High Following Analyst Upgrade

Doximity, Inc. (NASDAQ:DOCS)’s share price reached 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 traded. The stock had previously closed at $58.26.

Several other brokerages have also recently issued reports on DOCS. Barclays raised their target price on shares of Doximity from $52.00 to $75.00 and gave the stock an “overweight” rating in a report on Monday, November 11th. Mizuho began coverage on Doximity in a research note on Wednesday, December 4th. They set a “neutral” rating and a $55.00 price objective for the company. KeyCorp decreased their target price on Doximity from $70.00 to $65.00 and set an “overweight” rating on the stock in a research report on Wednesday, January 8th. Truist Financial boosted their price target on Doximity from $35.00 to $49.00 and gave the stock a “hold” rating in a research report on Thursday, November 14th. Finally, JPMorgan Chase & Co. raised their price objective on Doximity from $30.00 to $48.00 and gave the company a “neutral” rating in a report on Thursday, November 21st. Twelve investment analysts have rated the stock with a hold rating, eight have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $60.83.

Insiders Place Their Bets

In related news, Director Timothy S. Cabral sold 20,000 shares of the business’s 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 owns 6,360 shares in the company, valued at $366,463.20. The trade was a 75.87 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. 37.40% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Doximity

Hedge funds and other institutional investors have recently bought and sold shares of the business. Fountainhead AM LLC acquired a new stake in Doximity during the 3rd quarter valued at $710,000. Penserra Capital Management LLC purchased a new stake in shares of Doximity during the third quarter worth about $2,384,000. Los Angeles Capital Management LLC grew its stake in Doximity by 6,242.6% in the 3rd 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 period. Barclays PLC boosted its holdings in shares of Doximity by 60.5% during the third quarter. Barclays PLC now owns 53,401 shares of the company’s stock worth $2,327,000 after purchasing an additional 20,125 shares during the last quarter. Finally, Oppenheimer & Co. Inc. boosted its stake in Doximity by 139.2% in the 3rd 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. Institutional investors and hedge funds own 87.19% of the company’s stock.

Doximity Trading Up 33.6 %

The stock’s 50 day moving average price is $55.09 and its 200 day moving average price is $45.31. The company has a market cap of $14.53 billion, a price-to-earnings ratio of 88.89, a P/E/G ratio of 4.68 and a beta of 1.39.

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

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.