Doximity (NASDAQ:DOCS) Upgraded by Piper Sandler to “Overweight” Rating

Doximity (NASDAQ:DOCS) was upgraded by stock analysts at Piper Sandler from a “neutral” rating to an “overweight” rating in a report issued on Friday,Briefing.com Automated Import reports. The brokerage currently has a $78.00 price objective on the stock, up from their previous price objective of $31.00. Piper Sandler’s price target suggests a potential upside of 1.78% from the company’s previous close.

Several other brokerages also recently weighed in on DOCS. Canaccord Genuity Group reaffirmed a “hold” rating and set a $60.00 price target (up from $40.00) on shares of Doximity in a research report on Wednesday, November 13th. Raymond James reaffirmed an “outperform” rating and set a $65.00 price target (up previously from $37.00) on shares of Doximity in a research report on Friday, November 8th. Morgan Stanley raised Doximity from an “underweight” rating to an “equal weight” rating and upped their price objective for the stock from $33.00 to $53.00 in a research report on Thursday, November 14th. Mizuho began coverage on Doximity in a report on Wednesday, December 4th. They issued a “neutral” rating and a $55.00 price target for the company. Finally, Stephens assumed coverage on shares of Doximity in a research report on Friday, December 20th. They set an “equal weight” rating and a $55.00 price objective on the stock. Twelve research analysts have rated the stock with a hold rating, eight have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, Doximity presently has a consensus rating of “Hold” and an average price target of $60.83.

Doximity Stock Performance

DOCS stock opened at $76.64 on Friday. The business’s 50-day moving average is $55.09 and its two-hundred day moving average is $45.31. Doximity has a fifty-two week low of $22.96 and a fifty-two week high of $76.57. The company has a market cap of $14.31 billion, a price-to-earnings ratio of 88.50, a P/E/G ratio of 4.68 and a beta of 1.39.

Doximity (NASDAQ:DOCS) last announced its earnings results on Thursday, November 7th. The company reported $0.24 earnings per share for the quarter, missing the consensus estimate of $0.26 by ($0.02). The firm had revenue of $136.83 million during the quarter, compared to analysts’ expectations of $127.05 million. Doximity had a net margin of 33.69% and a return on equity of 19.79%. During the same period in the prior year, the company posted $0.18 EPS. Equities analysts predict that Doximity will post 0.88 earnings per share for the current year.

Insider Buying and Selling at Doximity

In related news, Director Timothy S. Cabral sold 20,000 shares of the firm’s stock in a transaction on Monday, February 3rd. The stock was sold at an average price of $57.62, for a total value of $1,152,400.00. Following the transaction, the director now owns 6,360 shares in the company, valued at approximately $366,463.20. This trade represents a 75.87 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders own 37.40% of the company’s stock.

Hedge Funds Weigh In On Doximity

Hedge funds have recently bought and sold shares of the company. Global Retirement Partners LLC boosted its position in shares of Doximity by 468.1% during the 4th quarter. Global Retirement Partners LLC now owns 534 shares of the company’s stock worth $29,000 after acquiring an additional 440 shares in the last quarter. UMB Bank n.a. lifted its stake in Doximity by 69.1% during the fourth quarter. UMB Bank n.a. now owns 575 shares of the company’s stock worth $31,000 after purchasing an additional 235 shares during the last quarter. Farther Finance Advisors LLC boosted its holdings in shares of Doximity by 324.2% in the 3rd quarter. Farther Finance Advisors LLC now owns 789 shares of the company’s stock valued at $34,000 after purchasing an additional 603 shares in the last quarter. Larson Financial Group LLC increased its stake in shares of Doximity by 49.4% in the 4th quarter. Larson Financial Group LLC now owns 756 shares of the company’s stock valued at $40,000 after purchasing an additional 250 shares during the last quarter. Finally, Morse Asset Management Inc bought a new stake in shares of Doximity during the 3rd quarter worth $46,000. 87.19% of the stock is owned by institutional investors.

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.