Morgan Stanley Forecasts Strong Price Appreciation for Doximity (NASDAQ:DOCS) Stock

Doximity (NASDAQ:DOCS) had its target price upped by equities researchers at Morgan Stanley from $26.00 to $33.00 in a research report issued to clients and investors on Wednesday, Benzinga reports. The firm presently has an “underweight” rating on the stock. Morgan Stanley’s price objective points to a potential downside of 20.94% from the company’s previous close.

Other analysts have also issued research reports about the stock. Barclays raised shares of Doximity from an “equal weight” rating to an “overweight” rating and boosted their price target for the company from $35.00 to $52.00 in a research report on Tuesday, October 15th. Truist Financial reaffirmed a “hold” rating and issued a $35.00 price objective (up previously from $31.00) on shares of Doximity in a research note on Wednesday, August 14th. Evercore ISI upped their price objective on shares of Doximity from $34.00 to $45.00 and gave the company an “in-line” rating in a research note on Tuesday, October 8th. 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. Finally, Robert W. Baird increased their price target on shares of Doximity from $41.00 to $45.00 and gave the company an “outperform” rating in a research report on Tuesday, September 17th. Two research analysts have rated the stock with a sell rating, seven have given a hold rating, five have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $36.42.

Doximity Stock Performance

Shares of NASDAQ DOCS opened at $41.74 on Wednesday. Doximity has a 52-week low of $19.89 and a 52-week high of $44.88. The firm has a 50 day moving average price of $40.55 and a two-hundred day moving average price of $32.21. The stock has a market cap of $7.75 billion, a P/E ratio of 52.18, a price-to-earnings-growth ratio of 5.29 and a beta of 1.29.

Doximity (NASDAQ:DOCS) last released its quarterly earnings data on Thursday, August 8th. The company reported $0.22 earnings per share for the quarter, beating analysts’ consensus estimates of $0.16 by $0.06. Doximity had a net margin of 32.53% and a return on equity of 19.26%. The firm had revenue of $126.68 million for the quarter, compared to analyst estimates of $119.88 million. Analysts predict that Doximity will post 0.8 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, Director Watkin Phoebe L. Yang sold 1,011 shares of the firm’s stock in a transaction dated Monday, August 5th. The stock was sold at an average price of $25.54, for a total transaction of $25,820.94. Following the completion of the transaction, the director now directly owns 11,258 shares in the company, valued at $287,529.32. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. In other news, CFO Anna Bryson sold 30,000 shares of the business’s stock in a transaction that occurred on Friday, August 9th. The stock was sold at an average price of $35.00, for a total value of $1,050,000.00. Following the transaction, the chief financial officer now owns 309,627 shares of the company’s stock, valued at approximately $10,836,945. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Watkin Phoebe L. Yang sold 1,011 shares of Doximity stock in a transaction that occurred on Monday, August 5th. The shares were sold at an average price of $25.54, for a total value of $25,820.94. Following the completion of the sale, the director now owns 11,258 shares in the company, valued at approximately $287,529.32. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 37.40% of the company’s stock.

Institutional Trading of Doximity

A number of institutional investors have recently bought and sold shares of the company. LRI Investments LLC purchased a new position in Doximity during the first quarter worth about $27,000. Farther Finance Advisors LLC raised its holdings in shares of Doximity by 324.2% during the 3rd quarter. Farther Finance Advisors LLC now owns 789 shares of the company’s stock valued at $34,000 after buying an additional 603 shares during the period. Blue Trust Inc. raised its holdings in shares of Doximity by 621.4% during the 2nd quarter. Blue Trust Inc. now owns 1,385 shares of the company’s stock valued at $37,000 after buying an additional 1,193 shares during the period. Quarry LP raised its holdings in shares of 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 buying an additional 131,253 shares during the period. Finally, DekaBank Deutsche Girozentrale purchased a new stake in shares of Doximity during the 1st quarter valued at about $46,000. 87.19% of the stock is currently owned by hedge funds and other institutional investors.

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.