Doximity, Inc. (NASDAQ:DOCS) Receives $66.68 Consensus Target Price from Analysts

Key Points

• Doximity, Inc. has received an average analyst rating of "Moderate Buy" from 22 research firms, with an average price target of approximately $66.68.
• Insider trading activity revealed significant sales, with Director Timothy S. Cabral selling 10,000 shares for about $600,000, leading to a 61.12% decrease in his ownership.
• Institutional investors now own 87.19% of Doximity's stock, highlighting strong interest from hedge funds and investment firms.

Shares of Doximity, Inc. (NASDAQ:DOCS - Get Free Report) have been assigned an average recommendation of "Moderate Buy" from the twenty-two ratings firms that are currently covering the company, MarketBeat Ratings reports. Ten research analysts have rated the stock with a hold recommendation, ten have issued a buy recommendation and two have assigned a strong buy recommendation to the company. The average 1-year target price among brokers that have covered the stock in the last year is $66.2105.

DOCS has been the topic of a number of recent research reports. BTIG Research upgraded shares of Doximity from a "neutral" rating to a "buy" rating and set a $80.00 price objective on the stock in a research note on Monday, June 2nd. Raymond James Financial lifted their target price on shares of Doximity from $65.00 to $75.00 and gave the company an "outperform" rating in a report on Friday. JPMorgan Chase & Co. lowered their target price on shares of Doximity from $63.00 to $60.00 and set a "neutral" rating on the stock in a report on Tuesday, May 27th. Robert W. Baird lowered their target price on shares of Doximity from $87.00 to $65.00 and set an "outperform" rating on the stock in a report on Tuesday, May 20th. Finally, Evercore ISI raised shares of Doximity from an "in-line" rating to an "outperform" rating and lifted their target price for the company from $50.00 to $70.00 in a report on Wednesday, July 9th.

Doximity Stock Performance

NASDAQ DOCS traded down $0.13 during trading on Friday, reaching $61.70. The company's stock had a trading volume of 1,670,146 shares, compared to its average volume of 2,366,056. The firm has a market cap of $11.59 billion, a price-to-earnings ratio of 61.66, a P/E/G ratio of 4.10 and a beta of 1.36. Doximity has a twelve month low of $34.34 and a twelve month high of $85.21. The business's fifty day moving average price is $59.41 and its 200-day moving average price is $60.10.

Doximity (NASDAQ:DOCS - Get Free Report) last posted its quarterly earnings data on Thursday, August 7th. The company reported $0.36 EPS for the quarter, beating analysts' consensus estimates of $0.31 by $0.05. Doximity had a net margin of 36.60% and a return on equity of 21.75%. The company's revenue for the quarter was up 15.2% on a year-over-year basis. During the same period last year, the firm earned $0.28 EPS. As a group, sell-side analysts forecast that Doximity will post 0.99 EPS for the current fiscal year.

Insider Buying and Selling at Doximity

In other Doximity news, Director Kira Scherer Wampler sold 2,000 shares of the company's stock in a transaction dated Friday, August 1st. The shares were sold at an average price of $57.09, for a total value of $114,180.00. Following the sale, the director owned 16,618 shares of the company's stock, valued at $948,721.62. This represents a 10.74% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Regina M. Benjamin sold 5,000 shares of the company's stock in a transaction dated Friday, August 8th. The shares were sold at an average price of $63.00, for a total transaction of $315,000.00. Following the completion of the sale, the director directly owned 16,618 shares in the company, valued at $1,046,934. This trade represents a 23.13% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 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 Trading of Doximity

Several institutional investors and hedge funds have recently modified their holdings of the business. Vanguard Group Inc. lifted its holdings in shares of Doximity by 8.8% in the first quarter. Vanguard Group Inc. now owns 12,194,492 shares of the company's stock valued at $707,646,000 after purchasing an additional 990,923 shares in the last quarter. William Blair Investment Management LLC raised its position in shares of Doximity by 13.8% in the second quarter. William Blair Investment Management LLC now owns 5,219,394 shares of the company's stock valued at $320,158,000 after buying an additional 634,927 shares during the last quarter. Geode Capital Management LLC raised its position in shares of Doximity by 7.7% in the second quarter. Geode Capital Management LLC now owns 3,639,898 shares of the company's stock valued at $223,829,000 after buying an additional 261,319 shares during the last quarter. Franklin Resources Inc. raised its position in shares of Doximity by 53.9% in the second quarter. Franklin Resources Inc. now owns 3,162,593 shares of the company's stock valued at $193,993,000 after buying an additional 1,108,162 shares during the last quarter. Finally, Invesco Ltd. raised its position in shares of Doximity by 54.8% in the first quarter. Invesco Ltd. now owns 1,969,326 shares of the company's stock valued at $114,280,000 after buying an additional 696,923 shares during the last quarter. Hedge funds and other institutional investors 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.