Doximity (NASDAQ:DOCS) Price Target Raised to $80.00

Doximity (NASDAQ:DOCS) had its price target boosted by investment analysts at The Goldman Sachs Group from $58.00 to $80.00 in a note issued to investors on Monday,Benzinga reports. The brokerage presently has a “neutral” rating on the stock. The Goldman Sachs Group’s target price would suggest a potential downside of 5.09% from the stock’s previous close.

Several other equities research analysts have also recently issued reports on the stock. KeyCorp reduced their price objective on shares of Doximity from $70.00 to $65.00 and set an “overweight” rating on the stock in a research report on Wednesday, January 8th. Needham & Company LLC lifted their price objective on shares of Doximity from $65.00 to $82.00 and gave the company a “buy” rating in a research report on Friday. Truist Financial lifted their price objective 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. Mizuho started coverage on shares of Doximity in a research report on Wednesday, December 4th. They set a “neutral” rating and a $55.00 price objective on the stock. Finally, Leerink Partnrs upgraded shares of Doximity from a “hold” rating to a “strong-buy” rating in a research report on Friday. Eleven analysts have rated the stock with a hold rating, eight have given a buy rating and two have given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $63.67.

Doximity Price Performance

Shares of DOCS traded up $5.06 on Monday, reaching $84.29. The company’s stock had a trading volume of 2,201,189 shares, compared to its average volume of 1,917,647. The stock has a market capitalization of $15.74 billion, a P/E ratio of 84.30, a PEG ratio of 4.61 and a beta of 1.39. The stock’s 50 day simple moving average is $55.61 and its two-hundred day simple moving average is $45.91. Doximity has a 12-month low of $22.96 and a 12-month high of $84.73.

Doximity (NASDAQ:DOCS) last released its earnings results on Thursday, November 7th. The company reported $0.24 EPS for the quarter, missing analysts’ consensus estimates of $0.26 by ($0.02). Doximity had a return on equity of 22.38% and a net margin of 36.60%. The firm had revenue of $136.83 million for the quarter, compared to the consensus estimate of $127.05 million. During the same quarter in the previous year, the business posted $0.18 EPS. Analysts expect that Doximity will post 0.88 earnings per share for the current year.

Insider Activity at Doximity

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 approximately $366,463.20. This represents a 75.87 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. 37.40% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in the business. FMR LLC lifted its holdings in Doximity by 30.5% in the 3rd quarter. FMR LLC now owns 6,837,733 shares of the company’s stock valued at $297,920,000 after purchasing an additional 1,598,602 shares in the last quarter. Lord Abbett & CO. LLC purchased a new position in Doximity in the 3rd quarter worth approximately $29,453,000. Los Angeles Capital Management LLC lifted 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 purchasing an additional 640,612 shares in the last quarter. Wilmington Savings Fund Society FSB acquired a new position in shares of Doximity during the 3rd quarter worth approximately $24,691,000. Finally, Geode Capital Management LLC boosted its holdings in shares of Doximity by 19.8% during the 3rd quarter. Geode Capital Management LLC now owns 2,856,984 shares of the company’s stock worth $124,503,000 after purchasing an additional 472,565 shares during the last quarter. 87.19% of the stock is owned by institutional investors and hedge funds.

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.