Doximity (NASDAQ:DOCS) Upgraded at Truist Financial

Truist Financial upgraded shares of Doximity (NASDAQ:DOCS) from a hold rating to a buy rating in a research note released on Thursday, Marketbeat.com reports.

Other equities analysts also recently issued research reports about the stock. BMO Capital Markets started coverage on shares of Doximity in a research note on Thursday, November 13th. They set a “market perform” rating and a $55.00 target price for the company. The Goldman Sachs Group set a $64.00 price objective on Doximity and gave the company a “sell” rating in a report on Wednesday, October 1st. Evercore ISI reissued an “outperform” rating on shares of Doximity in a research report on Thursday. Morgan Stanley raised Doximity from an “equal weight” rating to an “overweight” rating and upped their price target for the company from $62.00 to $65.00 in a report on Monday, December 15th. Finally, Raymond James Financial reiterated a “strong-buy” rating on shares of Doximity in a research note on Monday, December 29th. Two research analysts have rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating, five have issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $66.11.

Doximity Stock Performance

Shares of Doximity stock opened at $43.81 on Thursday. The business has a 50-day simple moving average of $48.46 and a 200-day simple moving average of $59.77. Doximity has a one year low of $43.21 and a one year high of $85.21. The company has a market cap of $8.25 billion, a PE ratio of 43.81, a P/E/G ratio of 4.10 and a beta of 1.39.

Doximity (NASDAQ:DOCS) last issued its earnings results on Thursday, November 6th. The company reported $0.45 earnings per share for the quarter, beating the consensus estimate of $0.38 by $0.07. Doximity had a net margin of 36.60% and a return on equity of 21.75%. During the same period in the previous year, the business earned $0.30 EPS. The company’s quarterly revenue was up 23.2% compared to the same quarter last year. On average, sell-side analysts predict that Doximity will post 0.99 earnings per share for the current fiscal year.

Insider Buying and Selling at Doximity

In related news, Director Kira Scherer Wampler sold 2,000 shares of the firm’s stock in a transaction that occurred on Monday, November 3rd. The shares were sold at an average price of $66.44, for a total transaction of $132,880.00. Following the sale, the director owned 19,839 shares in the company, valued at approximately $1,318,103.16. This trade represents a 9.16% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 31.30% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the stock. Central Pacific Bank Trust Division boosted its stake in Doximity by 41.9% during the 4th quarter. Central Pacific Bank Trust Division now owns 4,752 shares of the company’s stock valued at $210,000 after acquiring an additional 1,402 shares during the last quarter. Allworth Financial LP boosted its holdings in shares of Doximity by 369.7% during the third quarter. Allworth Financial LP now owns 40,952 shares of the company’s stock valued at $2,996,000 after acquiring an additional 32,233 shares during the period. Swiss Life Asset Management Ltd increased its stake in shares of Doximity by 1.2% in the third quarter. Swiss Life Asset Management Ltd now owns 209,829 shares of the company’s stock valued at $15,349,000 after purchasing an additional 2,489 shares during the period. Tevis Investment Management boosted its position in Doximity by 7.9% during the 3rd quarter. Tevis Investment Management now owns 7,229 shares of the company’s stock worth $529,000 after acquiring an additional 528 shares during the period. Finally, CIBC Bancorp USA Inc. acquired a new position in Doximity during the 3rd quarter valued at about $908,000. 87.19% of the stock is owned by hedge funds and other institutional investors.

Doximity Company Profile

Doximity, Inc, headquartered in San Francisco, California, operates the leading professional medical network for healthcare professionals in the United States. Founded in 2011 by Jeff Tangney and Shari Buck, the company set out to create a secure digital environment where physicians, nurse practitioners and physician assistants can collaborate, share information and stay current with clinical news. Doximity went public in June 2021 and trades on the NASDAQ under the ticker symbol “DOCS.”

The core offering of Doximity is its HIPAA-compliant communication platform, which includes a secure messaging system, digital fax services and telehealth capabilities.