Doximity (NASDAQ:DOCS) Given New $59.00 Price Target at Canaccord Genuity Group

Key Points

• Canaccord Genuity Group has raised its target price for Doximity from $50.00 to $59.00, indicating a potential downside of 11.55% from its previous close, while maintaining a "hold" rating.
• Doximity's stock has seen recent performance improvements, trading up $8.16 to $66.71, with a 50-day moving average of $58.92.
• The company's quarterly earnings surpassed analysts' expectations, reporting $0.36 EPS, a net margin of 36.60%, and a year-over-year revenue increase of 15.2%.

Doximity (NASDAQ:DOCS - Get Free Report) had its price target upped by Canaccord Genuity Group from $50.00 to $59.00 in a report issued on Friday,Benzinga reports. The brokerage currently has a "hold" rating on the stock. Canaccord Genuity Group's target price suggests a potential downside of 5.98% from the company's previous close.

A number of other equities analysts also recently commented on the company. William Blair reiterated an "outperform" rating on shares of Doximity in a research note on Friday, May 16th. KeyCorp raised their target price on shares of Doximity from $65.00 to $70.00 and gave the stock an "overweight" rating in a report on Monday, July 14th. BTIG Research raised shares of Doximity from a "neutral" rating to a "buy" rating and set a $80.00 target price on the stock in a report on Monday, June 2nd. Bank of America raised their target price on shares of Doximity from $55.00 to $62.00 and gave the stock a "neutral" rating in a report on Wednesday, June 25th. Finally, Mizuho cut their target price on shares of Doximity from $65.00 to $60.00 and set a "neutral" rating on the stock in a report on Friday, May 16th. Ten equities research analysts have rated the stock with a hold rating, ten have assigned a buy rating and two have given a strong buy rating to the company's stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average price target of $66.21.

Doximity Price Performance

NASDAQ DOCS traded up $0.94 during trading hours on Friday, hitting $62.76. The company had a trading volume of 294,882 shares, compared to its average volume of 2,356,190. Doximity has a fifty-two week low of $34.34 and a fifty-two week high of $85.21. The company has a market capitalization of $11.79 billion, a price-to-earnings ratio of 62.67, a P/E/G ratio of 4.10 and a beta of 1.36. The firm's 50 day moving average is $59.58 and its 200 day moving average is $60.11.

Doximity (NASDAQ:DOCS - Get Free Report) last announced its earnings results on Thursday, August 7th. The company reported $0.36 earnings per share for the quarter, beating the consensus estimate of $0.31 by $0.05. Doximity had a return on equity of 21.75% and a net margin of 36.60%. The firm's revenue was up 15.2% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.28 earnings per share. On average, equities analysts anticipate that Doximity will post 0.99 EPS for the current year.

Insider Buying and Selling

In related news, Director Regina M. Benjamin sold 5,000 shares of the business's stock in a transaction that occurred on Friday, August 8th. The stock was sold at an average price of $63.00, for a total transaction of $315,000.00. Following the sale, the director owned 16,618 shares of the company's stock, valued at $1,046,934. The trade was a 23.13% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Timothy S. Cabral sold 10,000 shares of the business's stock in a transaction that occurred on Wednesday, June 25th. The stock was sold at an average price of $60.00, for a total value of $600,000.00. Following the sale, the director directly owned 6,360 shares in the company, valued at approximately $381,600. The trade was a 61.12% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 36,000 shares of company stock valued at $2,140,940 over the last quarter. Corporate insiders own 31.30% of the company's stock.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in DOCS. Hantz Financial Services Inc. grew its position in Doximity by 148.9% in the second quarter. Hantz Financial Services Inc. now owns 453 shares of the company's stock worth $28,000 after buying an additional 271 shares during the last quarter. VSM Wealth Advisory LLC acquired a new position in Doximity in the first quarter worth approximately $29,000. Allworth Financial LP grew its position in Doximity by 104.0% in the first quarter. Allworth Financial LP now owns 563 shares of the company's stock worth $32,000 after buying an additional 287 shares during the last quarter. National Bank of Canada FI acquired a new position in Doximity in the first quarter worth approximately $33,000. Finally, Spire Wealth Management grew its position in Doximity by 73.2% in the first quarter. Spire Wealth Management now owns 615 shares of the company's stock worth $36,000 after buying an additional 260 shares during the last quarter. Institutional investors and hedge funds own 87.19% of the company's stock.

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.