Doximity (NYSE:DOCS) Given New $47.00 Price Target at Bank of America

Key Points

• Bank of America cut its price target on Doximity from $56 to $47 but maintained a "buy" rating, implying about a **93.5% upside** from the stock's current price; MarketBeat consensus is a "Moderate Buy" with an average target of $41.68.
• Doximity's board authorized a **$500 million share buyback** (up to ~8% of outstanding shares), signaling management believes the stock may be undervalued.
• The company slightly beat quarterly EPS expectations ($0.46 vs. $0.45), reported revenue growth of **9.8%**, and a strong net margin (~37.5%), while shares trade around **$24.29** with a market cap of **$4.49 billion**.

Doximity (NYSE:DOCS - Get Free Report) had its target price cut by investment analysts at Bank of America from $56.00 to $47.00 in a research note issued on Thursday,Benzinga reports. The firm currently has a "buy" rating on the stock. Bank of America's target price would indicate a potential upside of 93.50% from the stock's current price.

DOCS has been the topic of a number of other research reports. Weiss Ratings restated a "hold (c+)" rating on shares of Doximity in a research note on Wednesday, December 24th. Mizuho lowered their price objective on Doximity from $45.00 to $34.00 and set a "neutral" rating on the stock in a research note on Tuesday, February 10th. BTIG Research lowered their price objective on Doximity from $80.00 to $50.00 and set a "buy" rating on the stock in a research note on Friday, February 6th. Needham & Company LLC upgraded Doximity to a "moderate buy" rating in a research note on Friday, February 6th. Finally, Morgan Stanley lowered their price objective on Doximity from $65.00 to $49.00 and set an "overweight" rating on the stock in a research note on Friday, February 6th. Two research analysts have rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating, six have issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average price target of $41.68.

Doximity Stock Up 1.6%

Shares of NYSE DOCS traded up $0.39 during trading hours on Thursday, reaching $24.29. 724,303 shares of the stock were exchanged, compared to its average volume of 3,407,204. The company has a market cap of $4.49 billion, a price-to-earnings ratio of 20.28, a price-to-earnings-growth ratio of 1.25 and a beta of 1.42. Doximity has a 52 week low of $20.55 and a 52 week high of $76.51. The company's fifty day simple moving average is $24.64.

Doximity (NYSE:DOCS - Get Free Report) last announced its earnings results on Thursday, February 5th. The company reported $0.46 earnings per share for the quarter, topping analysts' consensus estimates of $0.45 by $0.01. Doximity had a return on equity of 23.84% and a net margin of 37.54%.The business's quarterly revenue was up 9.8% compared to the same quarter last year. During the same quarter last year, the company earned $0.45 EPS.

Doximity announced that its board has authorized a stock buyback plan on Thursday, February 5th that permits the company to buyback $500.00 million in outstanding shares. This buyback authorization permits the company to reacquire up to 8% of its shares through open market purchases. Shares buyback plans are generally an indication that the company's leadership believes its stock is undervalued.

Insider Buying and Selling at Doximity

In other Doximity news, insider Siddharth Sitaram sold 2,427 shares of the business's stock in a transaction that occurred on Friday, April 10th. The shares were sold at an average price of $21.09, for a total transaction of $51,185.43. Following the sale, the insider directly owned 86,705 shares of the company's stock, valued at $1,828,608.45. The trade was a 2.72% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. 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. Also, Director Kira Scherer Wampler sold 2,000 shares of the business's stock in a transaction that occurred on Tuesday, March 3rd. The stock was sold at an average price of $26.00, for a total transaction of $52,000.00. Following the sale, the director directly owned 19,839 shares in the company, valued at $515,814. The trade was a 9.16% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last three months, insiders have sold 9,028 shares of company stock worth $225,641. 31.30% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Doximity

A number of institutional investors have recently added to or reduced their stakes in DOCS. Root Financial Partners LLC acquired a new position in Doximity during the 3rd quarter worth about $30,000. Whittier Trust Co. of Nevada Inc. lifted its holdings in Doximity by 59.5% during the 3rd quarter. Whittier Trust Co. of Nevada Inc. now owns 480 shares of the company's stock worth $35,000 after buying an additional 179 shares during the period. Toth Financial Advisory Corp lifted its holdings in Doximity by 150.0% during the 3rd quarter. Toth Financial Advisory Corp now owns 500 shares of the company's stock worth $37,000 after buying an additional 300 shares during the period. Atlantic Union Bankshares Corp lifted its holdings in Doximity by 136.9% during the 3rd quarter. Atlantic Union Bankshares Corp now owns 616 shares of the company's stock worth $45,000 after buying an additional 356 shares during the period. Finally, First Horizon Corp acquired a new position in Doximity during the 3rd quarter worth about $58,000. 87.19% of the stock is owned by institutional investors.

About Doximity

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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