Doximity (NASDAQ:DOCS) Stock Price Expected to Rise, Bank of America Analyst Says

Doximity (NASDAQ:DOCS - Free Report) had its price objective lifted by Bank of America from $55.00 to $62.00 in a report released on Wednesday,Benzinga reports. They currently have a neutral rating on the stock.

Other research analysts also recently issued reports about the company. Robert W. Baird cut their target price on Doximity from $87.00 to $65.00 and set an "outperform" rating on the stock in a report on Tuesday, May 20th. Morgan Stanley cut their target price on Doximity from $71.00 to $60.00 and set an "equal weight" rating on the stock in a report on Thursday, April 24th. Mizuho dropped their price objective on Doximity from $65.00 to $60.00 and set a "neutral" rating on the stock in a research note on Friday, May 16th. Canaccord Genuity Group dropped their price objective on Doximity from $71.00 to $50.00 and set a "hold" rating on the stock in a research note on Friday, May 16th. Finally, BTIG Research raised 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. Eleven equities research analysts have rated the stock with a hold rating, nine have assigned a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat, Doximity currently has an average rating of "Moderate Buy" and a consensus target price of $63.11.

Doximity Price Performance

DOCS stock traded up $0.78 during midday trading on Wednesday, reaching $61.19. 4,819,229 shares of the stock were exchanged, compared to its average volume of 2,171,658. The stock has a market capitalization of $11.49 billion, a PE ratio of 61.19, a P/E/G ratio of 4.10 and a beta of 1.33. Doximity has a 52 week low of $25.00 and a 52 week high of $85.21. The company has a fifty day moving average price of $56.21 and a 200 day moving average price of $58.74.

Doximity (NASDAQ:DOCS - Get Free Report) last announced its earnings results on Thursday, May 15th. The company reported $0.38 EPS for the quarter, topping the consensus estimate of $0.27 by $0.11. Doximity had a return on equity of 21.75% and a net margin of 36.60%. Doximity's revenue for the quarter was up 17.1% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.25 EPS. As a group, analysts anticipate that Doximity will post 0.99 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, Director Kira Scherer Wampler sold 2,000 shares of the company's stock in a transaction that occurred on Thursday, May 1st. The stock was sold at an average price of $56.93, for a total transaction of $113,860.00. Following the transaction, the director now directly owns 16,618 shares of the company's stock, valued at approximately $946,062.74. This represents a 10.74% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Regina M. Benjamin sold 10,000 shares of the company'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 transaction, the director now directly owns 16,618 shares in the company, valued at approximately $997,080. This trade represents a 37.57% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 71,000 shares of company stock valued at $4,100,770. 37.40% of the stock is owned by company insiders.

Institutional Trading of Doximity

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. QSV Equity Investors LLC increased its holdings in Doximity by 0.3% during the 4th quarter. QSV Equity Investors LLC now owns 60,763 shares of the company's stock worth $3,244,000 after purchasing an additional 186 shares in the last quarter. Amalgamated Bank increased its holdings in Doximity by 0.3% during the 1st quarter. Amalgamated Bank now owns 60,928 shares of the company's stock worth $3,536,000 after purchasing an additional 186 shares in the last quarter. Handelsbanken Fonder AB increased its holdings in Doximity by 0.7% during the 4th quarter. Handelsbanken Fonder AB now owns 29,700 shares of the company's stock worth $1,586,000 after purchasing an additional 200 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its holdings in Doximity by 0.5% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 38,978 shares of the company's stock worth $2,262,000 after purchasing an additional 210 shares in the last quarter. Finally, Greenleaf Trust increased its holdings in Doximity by 5.4% during the 1st quarter. Greenleaf Trust now owns 4,492 shares of the company's stock worth $261,000 after purchasing an additional 230 shares in the last quarter. 87.19% of the stock is owned by institutional investors.

Doximity Company Profile

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.