Barclays Has Lowered Expectations for Doximity (NASDAQ:DOCS) Stock Price

Doximity (NASDAQ:DOCS) had its target price dropped by equities research analysts at Barclays from $63.00 to $38.00 in a research note issued on Wednesday,Benzinga reports. The brokerage currently has an “overweight” rating on the stock. Barclays‘s price target points to a potential upside of 39.30% from the company’s previous close.

DOCS has been the topic of several other reports. Truist Financial lowered their price target on shares of Doximity from $62.00 to $37.00 and set a “buy” rating on the stock in a report on Friday, February 6th. Piper Sandler cut their target price on shares of Doximity from $70.00 to $40.00 and set an “overweight” rating for the company in a report on Friday. Needham & Company LLC cut their price objective on shares of Doximity from $75.00 to $55.00 and set a “buy” rating for the company in a report on Friday, February 6th. Evercore reiterated an “outperform” rating on shares of Doximity in a research report on Thursday, January 8th. Finally, BMO Capital Markets set a $25.00 target price on Doximity in a research report on Friday. One investment analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and five have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, Doximity currently has a consensus rating of “Moderate Buy” and an average target price of $48.61.

Doximity Trading Down 0.8%

DOCS opened at $27.28 on Wednesday. The stock has a fifty day moving average price of $41.75 and a 200-day moving average price of $56.18. Doximity has a 12 month low of $23.66 and a 12 month high of $80.25. The firm has a market cap of $5.14 billion, a price-to-earnings ratio of 27.28, a PEG ratio of 4.10 and a beta of 1.39.

Doximity (NASDAQ:DOCS) last issued its quarterly earnings data on Thursday, February 5th. The company reported $0.46 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.45 by $0.01. Doximity had a net margin of 36.60% and a return on equity of 21.75%. The business’s revenue was up 9.8% compared to the same quarter last year. During the same period in the prior year, the company posted $0.45 EPS. On average, equities research analysts forecast that Doximity will post 0.99 EPS for the current year.

Doximity announced that its Board of Directors has initiated a stock buyback plan on Thursday, February 5th that authorizes the company to repurchase $500.00 million in shares. This repurchase authorization authorizes the company to repurchase up to 8% of its stock through open market purchases. Stock repurchase plans are often an indication that the company’s leadership believes its shares are undervalued.

Institutional Trading of Doximity

A number of hedge funds and other institutional investors have recently made changes to their positions in DOCS. Royal Bank of Canada raised its position in Doximity by 24.2% in the first quarter. Royal Bank of Canada now owns 106,845 shares of the company’s stock valued at $6,200,000 after purchasing an additional 20,847 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in Doximity by 0.5% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 38,978 shares of the company’s stock valued at $2,262,000 after buying an additional 210 shares during the period. NewEdge Advisors LLC grew its stake in shares of Doximity by 613.7% in the first quarter. NewEdge Advisors LLC now owns 6,323 shares of the company’s stock worth $367,000 after acquiring an additional 5,437 shares in the last quarter. Goldman Sachs Group Inc. increased its position in shares of Doximity by 33.3% during the first quarter. Goldman Sachs Group Inc. now owns 255,529 shares of the company’s stock worth $14,828,000 after acquiring an additional 63,873 shares during the period. Finally, Focus Partners Wealth acquired a new stake in shares of Doximity in the first quarter valued at $283,000. Institutional investors and hedge funds own 87.19% of the company’s stock.

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.