Barclays Forecasts Strong Price Appreciation for Doximity (NYSE:DOCS) Stock

Doximity (NYSE:DOCS) had its price target increased by Barclays from $20.00 to $27.00 in a research note issued to investors on Friday,Benzinga reports. The firm currently has an “equal weight” rating on the stock. Barclays‘s target price points to a potential upside of 5.02% from the company’s previous close.

A number of other equities research analysts have also commented on the stock. KeyCorp lowered shares of Doximity from an “overweight” rating to a “sector weight” rating in a report on Thursday, May 14th. Piper Sandler reiterated an “overweight” rating and issued a $47.00 price target (up from $42.00) on shares of Doximity in a report on Friday, August 7th. The Goldman Sachs Group lowered their price target on Doximity from $28.00 to $24.00 and set a “neutral” rating on the stock in a report on Thursday, May 14th. JPMorgan Chase & Co. lifted their price target on Doximity from $26.00 to $31.00 and gave the company a “neutral” rating in a report on Friday, August 7th. Finally, Bank of America reissued an “underperform” rating and set a $20.00 target price (down from $38.00) on shares of Doximity in a research note on Monday, June 29th. Two equities research analysts have rated the stock with a Strong Buy rating, seven have assigned a Buy rating, twelve have given a Hold rating and four have assigned a Sell rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $32.43.

Doximity Stock Performance

Shares of Doximity stock traded down $0.23 during midday trading on Friday, hitting $25.71. The company had a trading volume of 506,972 shares, compared to its average volume of 4,233,215. The company has a 50 day moving average of $22.12 and a 200 day moving average of $23.35. The stock has a market capitalization of $4.58 billion, a P/E ratio of 30.25, a P/E/G ratio of 20.14 and a beta of 1.29. Doximity has a 52-week low of $17.15 and a 52-week high of $76.51.

Doximity (NYSE:DOCS) last released its earnings results on Thursday, August 6th. The company reported $0.29 earnings per share for the quarter, topping analysts’ consensus estimates of $0.16 by $0.13. Doximity had a return on equity of 18.06% and a net margin of 25.48%.The business had revenue of $156.62 million for the quarter. During the same quarter in the previous year, the business earned $0.36 EPS. The business’s revenue for the quarter was up 7.3% on a year-over-year basis. Equities research analysts forecast that Doximity will post 0.74 EPS for the current year.

Insiders Place Their Bets

In related news, CAO Siddharth Sitaram sold 1,770 shares of Doximity stock in a transaction dated Thursday, August 13th. The stock was sold at an average price of $24.94, for a total value of $44,143.80. Following the completion of the sale, the chief accounting officer directly owned 97,004 shares in the company, valued at $2,419,279.76. This trade represents a 1.79% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director Timothy S. Cabral sold 7,500 shares of the company’s stock in a transaction that occurred on Friday, August 7th. The shares were sold at an average price of $39.11, for a total value of $293,325.00. Following the completion of the transaction, the director directly owned 3,221 shares in the company, valued at $125,973.31. The trade was a 69.96% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last 90 days, insiders have sold 11,714 shares of company stock valued at $387,351. Insiders own 31.80% of the company’s stock.

Institutional Investors Weigh In On Doximity

Several institutional investors have recently bought and sold shares of DOCS. Northwestern Mutual Wealth Management Co. lifted its holdings in shares of Doximity by 99.5% in the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 796 shares of the company’s stock worth $35,000 after purchasing an additional 397 shares during the last quarter. Parallel Advisors LLC increased its position in Doximity by 111.0% in the 1st quarter. Parallel Advisors LLC now owns 2,560 shares of the company’s stock valued at $60,000 after acquiring an additional 1,347 shares during the period. EverSource Wealth Advisors LLC boosted its stake in Doximity by 937.7% during the first quarter. EverSource Wealth Advisors LLC now owns 2,833 shares of the company’s stock worth $66,000 after buying an additional 2,560 shares in the last quarter. Farther Finance Advisors LLC boosted its position in shares of Doximity by 35.7% in the 4th quarter. Farther Finance Advisors LLC now owns 1,539 shares of the company’s stock worth $68,000 after purchasing an additional 405 shares during the last quarter. Finally, Leonteq Securities AG raised its holdings in shares of Doximity by 65.6% in the 1st quarter. Leonteq Securities AG now owns 2,912 shares of the company’s stock valued at $68,000 after purchasing an additional 1,154 shares during the period. 87.19% of the stock is currently owned by institutional investors and hedge funds.

Doximity Company Profile

Doximity, trading as DOCS, operates a digital professional network and communications platform designed primarily for clinicians. Headquartered in San Francisco, the company connects physicians, nurse practitioners, physician assistants and other healthcare professionals, providing tools that streamline clinical communication, telehealth delivery and access to specialty-specific medical information. Its platform is positioned as a professional hub where clinicians manage their workflows, stay current with medical news and collaborate securely with peers.

The company’s offerings include secure messaging and video telehealth capabilities that enable clinicians to consult with patients and colleagues while protecting patient information.