Evercore ISI Upgrades Doximity (NASDAQ:DOCS) to Outperform

Evercore ISI upgraded shares of Doximity (NASDAQ:DOCS - Free Report) from an in-line rating to an outperform rating in a report released on Wednesday morning, MarketBeat Ratings reports. Evercore ISI currently has $70.00 target price on the stock, up from their previous target price of $50.00.

A number of other equities research analysts have also recently commented on the company. Morgan Stanley lowered 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. The Goldman Sachs Group set a $50.00 price objective on Doximity and gave the company a "neutral" rating in a research note on Wednesday, May 21st. KeyCorp dropped their price objective on Doximity from $83.00 to $70.00 and set an "overweight" rating for the company in a research report on Wednesday, April 16th. JPMorgan Chase & Co. reduced 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. Finally, BTIG Research raised shares of Doximity from a "neutral" rating to a "buy" rating and set a $80.00 price target on the stock in a research note on Monday, June 2nd. Ten analysts have rated the stock with a hold rating, ten have given a buy rating and two have issued a strong buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average price target of $64.42.

Doximity Price Performance

Doximity stock traded up $0.18 during mid-day trading on Wednesday, reaching $60.26. The company had a trading volume of 1,616,681 shares, compared to its average volume of 2,172,605. The stock's 50-day simple moving average is $57.17 and its 200-day simple moving average is $59.17. Doximity has a 1 year low of $25.00 and a 1 year high of $85.21. The company has a market capitalization of $11.32 billion, a P/E ratio of 60.26, a P/E/G ratio of 4.10 and a beta of 1.37.

Doximity (NASDAQ:DOCS - Get Free Report) last announced its quarterly earnings results on Thursday, May 15th. The company reported $0.38 earnings per share for the quarter, beating analysts' consensus estimates of $0.27 by $0.11. Doximity had a return on equity of 21.75% and a net margin of 36.60%. During the same period in the previous year, the company earned $0.25 earnings per share. The company's revenue for the quarter was up 17.1% on a year-over-year basis. On average, equities analysts forecast that Doximity will post 0.99 EPS for the current fiscal year.

Insider Transactions at Doximity

In related news, Director Kira Scherer Wampler sold 2,000 shares of the stock in a transaction that occurred on Thursday, May 1st. The shares were sold at an average price of $56.93, for a total transaction of $113,860.00. Following the completion of the sale, the director owned 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 document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Anna Bryson sold 45,000 shares of the firm's stock in a transaction that occurred on Thursday, May 1st. The shares were sold at an average price of $57.23, for a total transaction of $2,575,350.00. Following the completion of the transaction, the chief financial officer owned 357,165 shares in the company, valued at $20,440,552.95. The trade was a 11.19% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 71,000 shares of company stock worth $4,100,770 over the last ninety days. 37.40% of the stock is owned by insiders.

Institutional Investors Weigh In On Doximity

Several institutional investors have recently bought and sold shares of DOCS. Wealth Enhancement Advisory Services LLC grew its stake in shares of Doximity by 196.6% in the first quarter. Wealth Enhancement Advisory Services LLC now owns 13,570 shares of the company's stock valued at $787,000 after buying an additional 8,995 shares in the last quarter. Range Financial Group LLC acquired a new stake in Doximity in the first quarter valued at approximately $916,000. New York State Teachers Retirement System grew its position in Doximity by 10.9% in the first quarter. New York State Teachers Retirement System now owns 113,145 shares of the company's stock valued at $6,566,000 after acquiring an additional 11,078 shares in the last quarter. Wells Fargo & Company MN raised its stake in shares of Doximity by 3.3% during the fourth quarter. Wells Fargo & Company MN now owns 368,941 shares of the company's stock valued at $19,698,000 after purchasing an additional 11,811 shares during the period. Finally, Bessemer Group Inc. lifted its position in shares of Doximity by 214.2% during the first quarter. Bessemer Group Inc. now owns 1,398 shares of the company's stock worth $81,000 after purchasing an additional 953 shares in the last quarter. 87.19% of the stock is currently owned by hedge funds and other institutional investors.

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.