Doximity (NYSE:DOCS) Given New $27.00 Price Target at Barclays

Key Points

• Barclays raised Doximity’s price target to $27 from $20 while maintaining an “equal weight” rating, implying about 5% upside from the stock’s reported $25.71 price.
• Analyst sentiment remains mixed, with a consensus “Hold” rating and an average price target of $32.43 after several brokerages recently lowered their targets.
• Doximity reported quarterly EPS of $0.29, beating estimates of $0.16, while revenue rose 7.3% year over year to $156.62 million. The stock was down 0.9% in Friday midday trading.

Doximity (NYSE:DOCS - Get Free Report) had its price target lifted by Barclays from $20.00 to $27.00 in a research note issued on Friday,Benzinga reports. The firm presently has an "equal weight" rating on the stock. Barclays's price target suggests a potential upside of 5.02% from the company's current price.

Several other brokerages have also recently weighed in on DOCS. Morgan Stanley reduced their price target on shares of Doximity from $49.00 to $35.00 and set an "overweight" rating on the stock in a research report on Thursday, May 14th. The Goldman Sachs Group reduced their target price on Doximity from $28.00 to $24.00 and set a "neutral" rating for the company in a report on Thursday, May 14th. Leerink Partners cut their price target on Doximity from $31.00 to $25.00 and set an "outperform" rating on the stock in a report on Thursday, May 14th. Jefferies Financial Group cut shares of Doximity from a "buy" rating to a "hold" rating and decreased their price target for the stock from $51.00 to $19.00 in a report on Thursday, May 14th. Finally, Weiss Ratings restated a "sell (d+)" rating on shares of Doximity in a research report on Wednesday, August 12th. Two research analysts have rated the stock with a Strong Buy rating, seven have assigned a Buy rating, twelve have issued a Hold rating and four have given a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and a consensus price target of $32.43.

Doximity Trading Down 0.9%

DOCS traded down $0.23 during midday trading on Friday, reaching $25.71. The company's stock had a trading volume of 506,972 shares, compared to its average volume of 4,233,215. The company has a fifty day simple moving average of $22.12 and a 200 day simple moving average of $23.35. Doximity has a twelve month low of $17.15 and a twelve month high of $76.51. The stock has a market cap of $4.58 billion, a P/E ratio of 30.25, a PEG ratio of 20.14 and a beta of 1.29.

Doximity (NYSE:DOCS - Get Free Report) last announced its quarterly earnings results on Thursday, August 6th. The company reported $0.29 EPS for the quarter, beating analysts' consensus estimates of $0.16 by $0.13. Doximity had a return on equity of 18.06% and a net margin of 25.48%.The company had revenue of $156.62 million during the quarter. During the same quarter in the previous year, the company posted $0.36 earnings per share. The firm's revenue was up 7.3% on a year-over-year basis. Sell-side analysts expect that Doximity will post 0.74 earnings per share for the current year.

Insider Transactions at Doximity

In other news, Director Timothy S. Cabral sold 7,500 shares of the firm's stock in a transaction dated Friday, August 7th. The shares were sold at an average price of $39.11, for a total value of $293,325.00. Following the transaction, the director owned 3,221 shares of the company's stock, valued at approximately $125,973.31. This trade represents a 69.96% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Siddharth Sitaram sold 2,444 shares of the company's stock in a transaction that occurred on Monday, June 8th. The shares were sold at an average price of $20.41, for a total value of $49,882.04. Following the completion of the transaction, the insider owned 90,706 shares in the company, valued at approximately $1,851,309.46. The trade was a 2.62% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last 90 days, insiders sold 11,714 shares of company stock worth $387,351. Company insiders own 31.80% of the company's stock.

Institutional Investors Weigh In On Doximity

A number of hedge funds and other institutional investors have recently bought and sold shares of DOCS. Wellington Management Group LLP raised its position in shares of Doximity by 24.7% in the second quarter. Wellington Management Group LLP now owns 3,135,113 shares of the company's stock valued at $65,022,000 after buying an additional 621,464 shares in the last quarter. Public Employees Retirement System of Ohio acquired a new position in shares of Doximity in the second quarter valued at approximately $778,000. Handelsbanken Fonder AB increased its position in Doximity by 5.4% during the 2nd quarter. Handelsbanken Fonder AB now owns 39,300 shares of the company's stock worth $815,000 after purchasing an additional 2,000 shares during the period. Central Pacific Bank Trust Division increased its position in Doximity by 34.3% during the 2nd quarter. Central Pacific Bank Trust Division now owns 6,972 shares of the company's stock valued at $145,000 after buying an additional 1,780 shares in the last quarter. Finally, Pacer Advisors Inc. grew its holdings in shares of Doximity by 108.0% in the first quarter. Pacer Advisors Inc. now owns 908,938 shares of the company's stock valued at $21,178,000 after purchasing an additional 471,972 shares in the last quarter. Institutional investors and hedge funds own 87.19% of the company's stock.

Doximity Company Profile

Doximity, trading as DOCS, operates a digital professional network and communications platform designed primarily for clinicians. Headquartered in San Francisco, the company connects physicians, nurse practitioners, physician assistants and other healthcare professionals, providing tools that streamline clinical communication, telehealth delivery and access to specialty-specific medical information. Its platform is positioned as a professional hub where clinicians manage their workflows, stay current with medical news and collaborate securely with peers.

The company’s offerings include secure messaging and video telehealth capabilities that enable clinicians to consult with patients and colleagues while protecting patient information.

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