Doximity (NASDAQ:DOCS) Stock Price Expected to Rise, Truist Financial Analyst Says

Doximity (NASDAQ:DOCS) had its price objective boosted by Truist Financial from $52.00 to $61.00 in a research report issued to clients and investors on Thursday,Benzinga reports. The firm presently has a “hold” rating on the stock. Truist Financial’s price objective points to a potential upside of 1.55% from the stock’s previous close.

Several other brokerages also recently commented on DOCS. Evercore ISI raised Doximity from an “in-line” rating to an “outperform” rating and lifted their price target for the stock from $50.00 to $70.00 in a research report on Wednesday, July 9th. William Blair reaffirmed an “outperform” rating on shares of Doximity in a research report on Friday, May 16th. The Goldman Sachs Group set a $50.00 price objective on Doximity and gave the stock a “neutral” rating in a report on Wednesday, May 21st. BTIG Research raised Doximity from a “neutral” rating to a “buy” rating and set a $80.00 price objective on the stock in a report on Monday, June 2nd. Finally, Raymond James Financial decreased their price objective on Doximity from $83.00 to $65.00 and set an “outperform” rating on the stock in a report on Friday, May 16th. Ten investment analysts have rated the stock with a hold rating, ten have assigned a buy rating and two have issued a strong buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $64.89.

Doximity Stock Performance

Shares of DOCS stock opened at $60.07 on Thursday. The stock’s 50 day simple moving average is $57.47 and its 200 day simple moving average is $59.36. Doximity has a twelve month low of $25.00 and a twelve month high of $85.21. The company has a market capitalization of $11.28 billion, a price-to-earnings ratio of 60.07, a PEG ratio of 4.10 and a beta of 1.37.

Doximity (NASDAQ:DOCS) last issued its quarterly earnings results on Thursday, May 15th. The company reported $0.38 EPS for the quarter, topping the consensus estimate of $0.27 by $0.11. Doximity had a return on equity of 21.75% and a net margin of 36.60%. The company’s revenue for the quarter was up 17.1% on a year-over-year basis. During the same period in the prior year, the company posted $0.25 EPS. On average, analysts forecast that Doximity will post 0.99 EPS for the current fiscal year.

Insider Transactions at Doximity

In other news, Director Timothy S. Cabral sold 10,000 shares of the business’s stock in a transaction on Wednesday, June 25th. The stock was sold at an average price of $60.00, for a total transaction of $600,000.00. Following the completion of the sale, the director owned 6,360 shares in the company, valued at $381,600. The trade was a 61.12% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Regina M. Benjamin sold 5,000 shares of the company’s stock in a transaction dated Friday, July 11th. The shares were sold at an average price of $60.04, for a total value of $300,200.00. Following the completion of the sale, the director owned 16,618 shares of the company’s stock, valued at $997,744.72. This represents a 23.13% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 76,000 shares of company stock worth $4,400,970. Insiders own 37.40% of the company’s stock.

Institutional Investors Weigh In On Doximity

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Ballentine Partners LLC bought a new stake in Doximity in the first quarter valued at about $201,000. Wealth Enhancement Advisory Services LLC increased its holdings in Doximity by 196.6% in the first quarter. Wealth Enhancement Advisory Services LLC now owns 13,570 shares of the company’s stock valued at $787,000 after purchasing an additional 8,995 shares during the last quarter. Range Financial Group LLC bought a new stake in Doximity in the first quarter valued at about $916,000. New York State Teachers Retirement System increased its holdings in Doximity by 10.9% in the first quarter. New York State Teachers Retirement System now owns 113,145 shares of the company’s stock valued at $6,566,000 after purchasing an additional 11,078 shares during the last quarter. Finally, Wells Fargo & Company MN increased its holdings in Doximity by 3.3% in the fourth quarter. Wells Fargo & Company MN now owns 368,941 shares of the company’s stock valued at $19,698,000 after purchasing an additional 11,811 shares during the last quarter. Institutional investors own 87.19% of the company’s stock.

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.