Doximity (NASDAQ:DOCS) Trading Up 6.7% Following Analyst Upgrade

Doximity, Inc. (NASDAQ:DOCS)’s stock price was up 6.7% on Monday after Leerink Partnrs upgraded the stock from a hold rating to a strong-buy rating. The stock traded as high as $84.73 and last traded at $84.53. Approximately 1,721,454 shares were traded during mid-day trading, a decline of 9% from the average daily volume of 1,898,433 shares. The stock had previously closed at $79.23.

Several other analysts also recently issued reports on DOCS. Canaccord Genuity Group boosted their target price on shares of Doximity from $60.00 to $71.00 and gave the company a “hold” rating in a research note on Friday. Canaccord Genuity Group downgraded shares of Doximity from a “buy” rating to a “hold” rating and raised their price objective for the stock from $40.00 to $60.00 in a research note on Wednesday, November 13th. Bank of America raised their price objective on shares of Doximity from $54.00 to $57.00 and gave the stock a “neutral” rating in a report on Monday, January 6th. Stephens initiated coverage on Doximity in a research note on Friday, December 20th. They issued an “equal weight” rating and a $55.00 price objective on the stock. Finally, Raymond James reiterated an “outperform” rating and issued a $83.00 price target (up previously from $65.00) on shares of Doximity in a report on Friday. Eleven equities research analysts have rated the stock with a hold rating, eight have assigned a buy rating and two have issued a strong buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $62.44.

Insider Activity

In other Doximity news, Director Timothy S. Cabral sold 20,000 shares of the company’s stock in a transaction that occurred on 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 sale, the director now owns 6,360 shares in the company, valued at $366,463.20. This 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 at this link. 37.40% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Doximity

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

Doximity Stock Up 6.2 %

The firm has a market capitalization of $15.71 billion, a PE ratio of 84.17, a P/E/G ratio of 4.61 and a beta of 1.39. The stock has a 50-day simple moving average of $55.61 and a 200-day simple moving average of $45.91.

Doximity (NASDAQ:DOCS) last posted its quarterly earnings data on Thursday, November 7th. The company reported $0.24 earnings per share for the quarter, missing the consensus estimate 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 return on equity of 22.38% and a net margin of 36.60%. During the same quarter last year, the company posted $0.18 earnings per share. Equities analysts forecast 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.