Doximity (NASDAQ:DOCS) Price Target Raised to $62.00 at Wells Fargo & Company

Key Points

• Wells Fargo & Company has increased its price target for Doximity (NASDAQ:DOCS) from $55.00 to $62.00, indicating a potential upside of 6.39% from the stock's previous close.
• Doximity's recent earnings report showed an EPS of $0.38, exceeding expectations and reflecting a 17.1% increase in quarterly revenue compared to the previous year.
• The stock currently holds a consensus rating of "Moderate Buy" based on analyst ratings, with a consensus price target of $65.26.

Doximity (NASDAQ:DOCS - Free Report) had its target price hoisted by Wells Fargo & Company from $55.00 to $62.00 in a report released on Monday morning,Benzinga reports. The brokerage currently has an equal weight rating on the stock.

A number of other analysts have also recently commented on the stock. Bank of America upped their price objective on shares of Doximity from $55.00 to $62.00 and gave the company a "neutral" rating in a research report on Wednesday, June 25th. Mizuho lowered their price target on Doximity from $65.00 to $60.00 and set a "neutral" rating for the company in a report on Friday, May 16th. BTIG Research upgraded Doximity from a "neutral" rating to a "buy" rating and set a $80.00 price objective for the company in a research report on Monday, June 2nd. Truist Financial increased their target price on Doximity from $52.00 to $61.00 and gave the stock a "hold" rating in a research note on Thursday, July 17th. Finally, Morgan Stanley reduced their price target on shares of Doximity from $71.00 to $60.00 and set an "equal weight" rating for the company in a report on Thursday, April 24th. Ten analysts have rated the stock with a hold rating, ten have given a buy rating and two have given a strong buy rating to the company's stock. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus target price of $65.26.

Doximity Trading Up 0.4%

Doximity stock traded up $0.26 during mid-day trading on Monday, hitting $58.39. The stock had a trading volume of 262,108 shares, compared to its average volume of 2,332,290. The stock has a 50-day simple moving average of $58.78 and a two-hundred day simple moving average of $59.89. The stock has a market capitalization of $10.97 billion, a PE ratio of 58.36, a P/E/G ratio of 4.10 and a beta of 1.36. Doximity has a 12 month low of $25.36 and a 12 month high of $85.21.

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

Insider Buying and Selling

In related news, Director Timothy S. Cabral sold 10,000 shares of Doximity stock in a transaction that occurred on Wednesday, June 25th. The shares were sold at an average price of $60.00, for a total value of $600,000.00. Following the transaction, the director directly owned 6,360 shares of the company's stock, valued at $381,600. This trade represents a 61.12% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available 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 shares were 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 in the company, valued at approximately $948,721.62. This represents a 10.74% decrease in their position. The disclosure for this sale can be found here. Insiders sold 31,000 shares of company stock valued at $1,825,940 over the last quarter. 37.40% of the stock is owned by company insiders.

Institutional Trading of Doximity

Several large investors have recently bought and sold shares of the business. Vanguard Group Inc. boosted its stake in shares of Doximity by 8.8% in the 1st 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. FMR LLC lifted its stake in Doximity by 37.6% in the 4th quarter. FMR LLC now owns 9,409,313 shares of the company's stock valued at $502,363,000 after purchasing an additional 2,571,580 shares during the last quarter. William Blair Investment Management LLC boosted its position in 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 in the last quarter. Geode Capital Management LLC grew its stake in shares of Doximity by 3.3% during the fourth quarter. Geode Capital Management LLC now owns 2,952,442 shares of the company's stock worth $157,668,000 after buying an additional 95,458 shares during the last quarter. Finally, Invesco Ltd. increased its holdings in shares of Doximity by 54.8% during the first quarter. Invesco Ltd. now owns 1,969,326 shares of the company's stock worth $114,280,000 after buying an additional 696,923 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.