Doximity (NASDAQ:DOCS) Given New $71.00 Price Target at Canaccord Genuity Group

Doximity (NASDAQ:DOCS) had its price objective lifted by Canaccord Genuity Group from $60.00 to $71.00 in a research note published on Friday morning,Benzinga reports. Canaccord Genuity Group currently has a hold rating on the stock.

Several other research analysts have also recently issued reports on DOCS. Truist Financial lifted their target price on shares of Doximity from $35.00 to $49.00 and gave the stock a “hold” rating in a report on Thursday, November 14th. The Goldman Sachs Group began coverage on Doximity in a research report on Friday, November 15th. They issued a “neutral” rating and a $58.00 price objective on the stock. Raymond James reissued an “outperform” rating and issued a $83.00 target price (up previously from $65.00) on shares of Doximity in a report on Friday. Wells Fargo & Company upped their price target on Doximity from $43.00 to $55.00 and gave the company an “equal weight” rating in a report on Friday. Finally, Leerink Partners upgraded Doximity from a “market perform” rating to an “outperform” rating and lifted their price objective for the stock from $60.00 to $90.00 in a report on Friday. Twelve investment analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and an average price target of $62.44.

Doximity Price Performance

NASDAQ:DOCS opened at $78.97 on Friday. Doximity has a one year low of $22.96 and a one year high of $80.71. The company’s 50-day simple moving average is $55.61 and its 200 day simple moving average is $45.66. The firm has a market capitalization of $14.74 billion, a P/E ratio of 90.77, a PEG ratio of 4.68 and a beta of 1.39.

Doximity (NASDAQ:DOCS) last issued its quarterly 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 company had revenue of $136.83 million for the quarter, compared to the consensus estimate of $127.05 million. Doximity had a net margin of 33.69% and a return on equity of 19.79%. During the same quarter in the previous year, the business earned $0.18 earnings per share. On average, equities research analysts expect that Doximity will post 0.88 earnings per share for the current fiscal year.

Insider Transactions at Doximity

In other Doximity news, Director Timothy S. Cabral sold 20,000 shares of the business’s stock in a transaction dated Monday, February 3rd. The stock was sold at an average price of $57.62, for a total transaction of $1,152,400.00. Following the completion of the sale, the director now owns 6,360 shares of the company’s stock, valued at approximately $366,463.20. The trade was a 75.87 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. 37.40% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the stock. FMR LLC raised its stake in Doximity by 30.5% during the 3rd quarter. FMR LLC now owns 6,837,733 shares of the company’s stock worth $297,920,000 after acquiring an additional 1,598,602 shares during the period. Lord Abbett & CO. LLC purchased a new stake in shares of Doximity in the third quarter worth $29,453,000. Los Angeles Capital Management LLC raised its position in shares of Doximity by 6,242.6% during the 3rd quarter. Los Angeles Capital Management LLC now owns 650,874 shares of the company’s stock valued at $28,359,000 after purchasing an additional 640,612 shares during the period. Wilmington Savings Fund Society FSB purchased a new position in shares of Doximity during the 3rd quarter valued at $24,691,000. Finally, Geode Capital Management LLC boosted its holdings in Doximity by 19.8% in the 3rd quarter. Geode Capital Management LLC now owns 2,856,984 shares of the company’s stock worth $124,503,000 after buying an additional 472,565 shares during the period. 87.19% of the stock is owned by hedge funds and other 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.