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

Doximity, Inc. (NASDAQ:DOCS) reached a new 52-week high on Wednesday after Baird R W upgraded the stock to a strong-buy rating. The stock traded as high as $40.99 and last traded at $40.30, with a volume of 863782 shares trading hands. The stock had previously closed at $40.16.

Several other equities research analysts also recently issued reports on DOCS. Wells Fargo & Company downgraded shares of Doximity from an “equal weight” rating to an “underweight” rating and decreased their price objective for the stock from $27.00 to $19.00 in a research note on Thursday, July 18th. Needham & Company LLC raised shares of Doximity from a “hold” rating to a “buy” rating and set a $38.00 price target for the company in a research report on Friday, August 9th. Robert W. Baird raised their price objective on Doximity from $41.00 to $45.00 and gave the company an “outperform” rating in a research report on Tuesday. Morgan Stanley upped their target price on Doximity from $25.00 to $26.00 and gave the stock an “underweight” rating in a research report on Friday, August 9th. Finally, Truist Financial reiterated a “hold” rating and set a $35.00 target price (up from $31.00) on shares of Doximity in a report on Wednesday, August 14th. Two investment analysts have rated the stock with a sell rating, eight have assigned a hold rating, four have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $32.42.

Insider Buying and Selling at Doximity

In related news, Director Watkin Phoebe L. Yang sold 1,940 shares of Doximity stock in a transaction dated Monday, July 29th. The stock was sold at an average price of $28.22, for a total value of $54,746.80. Following the completion of the transaction, the director now directly owns 12,269 shares in the company, valued at $346,231.18. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Doximity news, CFO Anna Bryson sold 30,000 shares of the business’s stock in a transaction on Friday, August 9th. The shares were sold at an average price of $35.00, for a total transaction of $1,050,000.00. Following the completion of the sale, the chief financial officer now owns 309,627 shares in the company, valued at $10,836,945. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Director Watkin Phoebe L. Yang sold 1,940 shares of the stock in a transaction on Monday, July 29th. The stock was sold at an average price of $28.22, for a total transaction of $54,746.80. Following the sale, the director now directly owns 12,269 shares in the company, valued at $346,231.18. The disclosure for this sale can be found here. Insiders have sold 37,951 shares of company stock worth $1,271,018 in the last ninety days. 39.40% of the stock is owned by insiders.

Institutional Investors Weigh In On Doximity

A number of institutional investors have recently modified their holdings of DOCS. LRI Investments LLC acquired a new position in Doximity in the first quarter valued at approximately $27,000. Blue Trust Inc. lifted its holdings in shares of Doximity by 621.4% in the 2nd quarter. Blue Trust Inc. now owns 1,385 shares of the company’s stock worth $37,000 after purchasing an additional 1,193 shares during the last quarter. Quarry LP boosted its position in Doximity by 101.2% during the 2nd quarter. Quarry LP now owns 1,616 shares of the company’s stock valued at $45,000 after purchasing an additional 131,253 shares during the period. DekaBank Deutsche Girozentrale bought a new position in Doximity during the 1st quarter worth $46,000. Finally, First Horizon Advisors Inc. increased its position in Doximity by 80.0% in the second quarter. First Horizon Advisors Inc. now owns 1,710 shares of the company’s stock worth $48,000 after buying an additional 760 shares during the period. Institutional investors own 87.19% of the company’s stock.

Doximity Price Performance

The stock has a fifty day moving average price of $32.66 and a two-hundred day moving average price of $28.84. The company has a market cap of $7.47 billion, a P/E ratio of 55.78, a PEG ratio of 5.15 and a beta of 1.27.

Doximity (NASDAQ:DOCS) last announced its earnings results on Thursday, August 8th. The company reported $0.22 earnings per share for the quarter, beating the consensus estimate of $0.16 by $0.06. Doximity had a return on equity of 19.26% and a net margin of 32.53%. The firm had revenue of $126.68 million for the quarter, compared to the consensus estimate of $119.88 million. As a group, analysts forecast that Doximity, Inc. will post 0.8 earnings per share for the current 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.