Doximity (NASDAQ:DOCS) Price Target Raised to $69.00 at Piper Sandler

Key Points

• Piper Sandler raised Doximity's price target from $65.00 to $69.00, indicating a potential upside of 3.44% from its previous close.
• Company insiders have sold a total of 31,000 shares valued at approximately $1.83 million over the last quarter, with insider ownership now at 31.30%.
• Doximity reported $0.36 earnings per share for the last quarter, surpassing analyst estimates of $0.31, and its revenue increased by 15.2% year-over-year.

Doximity (NASDAQ:DOCS - Get Free Report) had its price target boosted by analysts at Piper Sandler from $65.00 to $69.00 in a note issued to investors on Monday,Benzinga reports. The firm currently has an "overweight" rating on the stock. Piper Sandler's price objective would indicate a potential upside of 3.44% from the stock's previous close.

Other equities research analysts also recently issued research reports about the company. Morgan Stanley reduced 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 reduced their target price on Doximity from $65.00 to $60.00 and set a "neutral" rating on the stock in a report on Friday, May 16th. KeyCorp raised their price objective on Doximity from $65.00 to $70.00 and gave the company an "overweight" rating in a report on Monday, July 14th. Wells Fargo & Company raised their price objective on Doximity from $55.00 to $62.00 and gave the company an "equal weight" rating in a report on Monday, August 4th. Finally, William Blair reissued an "outperform" rating on shares of Doximity in a report on Friday, May 16th. Ten analysts have rated the stock with a hold rating, ten have issued a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat, Doximity has a consensus rating of "Moderate Buy" and a consensus target price of $66.21.

Doximity Stock Performance

Shares of DOCS stock opened at $66.71 on Monday. The stock's fifty day moving average price is $59.21 and its two-hundred day moving average price is $60.06. The company has a market cap of $12.53 billion, a PE ratio of 66.71, a P/E/G ratio of 4.10 and a beta of 1.36. Doximity has a fifty-two week low of $32.58 and a fifty-two week high of $85.21.

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

Insider Activity

In other news, Director Regina M. Benjamin sold 5,000 shares of the business's stock in a transaction dated Friday, July 11th. The stock was sold at an average price of $60.04, for a total value of $300,200.00. Following the transaction, the director directly owned 16,618 shares of the company's stock, valued at $997,744.72. The trade was a 23.13% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Timothy S. Cabral sold 10,000 shares of the business's stock in a transaction dated Wednesday, June 25th. The shares were sold at an average price of $60.00, for a total value of $600,000.00. Following the completion of the transaction, the director directly owned 6,360 shares in the company, valued at $381,600. This represents a 61.12% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 31,000 shares of company stock valued at $1,825,940. Company insiders own 31.30% of the company's stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Hantz Financial Services Inc. increased its position in Doximity by 148.9% in the 2nd quarter. Hantz Financial Services Inc. now owns 453 shares of the company's stock valued at $28,000 after buying an additional 271 shares in the last quarter. VSM Wealth Advisory LLC bought a new stake in Doximity in the 1st quarter valued at about $29,000. Allworth Financial LP increased its position in Doximity by 104.0% in the 1st quarter. Allworth Financial LP now owns 563 shares of the company's stock valued at $32,000 after buying an additional 287 shares in the last quarter. National Bank of Canada FI bought a new stake in Doximity in the 1st quarter valued at about $33,000. Finally, Spire Wealth Management increased its position in Doximity by 73.2% in the 1st quarter. Spire Wealth Management now owns 615 shares of the company's stock valued at $36,000 after buying an additional 260 shares in the last quarter. 87.19% of the stock is owned by institutional investors and hedge funds.

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.

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