Doximity (NASDAQ:DOCS) Price Target Raised to $75.00 at Needham & Company LLC

Key Points

• Needham & Company LLC has raised Doximity's price target from $67.00 to $75.00, indicating a potential upside of 22.44% from the current price, and maintains a "buy" rating on the stock.
• Doximity recently reported a quarterly earnings per share (EPS) of $0.36, exceeding analysts' expectations of $0.31, with revenue up by 15.2% compared to the same quarter last year.
• Ten analysts have rated Doximity with a "buy" or better rating, while the average price target stands at $65.68, reflecting a consensus of optimism among industry experts.

Doximity (NASDAQ:DOCS - Get Free Report) had its price target lifted by Needham & Company LLC from $67.00 to $75.00 in a research report issued on Friday,Benzinga reports. The brokerage currently has a "buy" rating on the stock. Needham & Company LLC's target price points to a potential upside of 22.44% from the stock's current price.

A number of other equities analysts have also commented on DOCS. The Goldman Sachs Group set a $50.00 price target on shares of Doximity and gave the stock a "neutral" rating in a report on Wednesday, May 21st. JPMorgan Chase & Co. reduced their price target on Doximity from $63.00 to $60.00 and set a "neutral" rating on the stock in a research report on Tuesday, May 27th. Robert W. Baird lowered their price objective on Doximity from $87.00 to $65.00 and set an "outperform" rating for the company in a research report on Tuesday, May 20th. BTIG Research upgraded 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. Finally, KeyCorp raised their price target on shares of Doximity from $65.00 to $70.00 and gave the stock an "overweight" rating in a report on Monday, July 14th. Ten investment analysts have rated the stock with a hold rating, ten have assigned a buy rating and two have issued a strong buy rating to the company's stock. Based on data from MarketBeat.com, Doximity has an average rating of "Moderate Buy" and a consensus price target of $65.68.

Doximity Trading Up 4.6%

Shares of DOCS stock opened at $61.26 on Friday. The firm has a market capitalization of $11.51 billion, a price-to-earnings ratio of 61.26, a PEG ratio of 4.10 and a beta of 1.36. The business's 50-day moving average price is $58.92 and its 200-day moving average price is $59.92. Doximity has a 12 month low of $32.58 and a 12 month high of $85.21.

Doximity (NASDAQ:DOCS - Get Free Report) last issued its quarterly earnings data on Thursday, August 7th. The company reported $0.36 earnings per share (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%. During the same period last year, the firm posted $0.28 earnings per share. The company's revenue for the quarter was up 15.2% compared to the same quarter last year. On average, sell-side analysts predict that Doximity will post 0.99 earnings per share for the current fiscal year.

Insider Activity

In related news, Director Timothy S. Cabral 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 owned 6,360 shares in the company, valued at approximately $381,600. This represents a 61.12% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Kira Scherer Wampler sold 2,000 shares of the firm's stock in a transaction on Friday, August 1st. The stock was sold at an average price of $57.09, for a total value of $114,180.00. Following the completion of the sale, the director directly 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 disclosure for this sale can be found here. Insiders sold 31,000 shares of company stock valued at $1,825,940 in the last three months. Company insiders own 31.30% of the company's stock.

Hedge Funds Weigh In On Doximity

Several large investors have recently modified their holdings of DOCS. SG Americas Securities LLC bought a new position in Doximity in the 1st quarter worth approximately $65,702,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its position in shares of Doximity by 130.4% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 1,966,801 shares of the company's stock valued at $114,133,000 after purchasing an additional 1,113,076 shares in the last quarter. Invesco Ltd. grew its position in shares of Doximity by 525.1% in the fourth quarter. Invesco Ltd. now owns 1,272,403 shares of the company's stock valued at $67,934,000 after purchasing an additional 1,068,849 shares in the last quarter. Vanguard Group Inc. lifted its holdings in Doximity by 8.8% during the 1st quarter. Vanguard Group Inc. now owns 12,194,492 shares of the company's stock worth $707,646,000 after purchasing an additional 990,923 shares in the last quarter. Finally, Fundsmith LLP purchased a new stake in Doximity during the 4th quarter worth about $37,934,000. Hedge funds and other institutional investors own 87.19% of the company's stock.

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.

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