KeyCorp Issues Pessimistic Forecast for Doximity (NYSE:DOCS) Stock Price

Key Points

• KeyCorp cut its price target on Doximity from $38 to $30 while maintaining an "overweight" rating, with the new target implying about a 42.09% upside from the prior close.
• Despite recent downgrades and target cuts by some firms, the Street consensus remains a "Moderate Buy" with a consensus price target of $43.53 (ratings: 2 Strong Buy, 13 Buy, 6 Hold, 1 Sell).
• Doximity recently beat quarterly EPS estimates and reported 9.8% revenue growth, and its board authorized a $500 million buyback (up to ~8% of shares), signaling management confidence.

Doximity (NYSE:DOCS - Get Free Report) had its price objective lowered by equities research analysts at KeyCorp from $38.00 to $30.00 in a research report issued on Monday,Benzinga reports. The brokerage presently has an "overweight" rating on the stock. KeyCorp's target price indicates a potential upside of 42.09% from the stock's previous close.

DOCS has been the subject of a number of other reports. Wells Fargo & Company reduced their price objective on shares of Doximity from $55.00 to $45.00 and set an "overweight" rating for the company in a research note on Friday, February 6th. Evercore downgraded shares of Doximity from an "outperform" rating to an "in-line" rating and set a $25.00 price objective for the company. in a research note on Wednesday, April 8th. Piper Sandler increased their price objective on shares of Doximity from $40.00 to $42.00 and gave the stock an "overweight" rating in a research note on Friday, February 20th. Needham & Company LLC upgraded shares of Doximity to a "moderate buy" rating in a research note on Friday, February 6th. Finally, Morgan Stanley reduced their price objective on shares of Doximity from $65.00 to $49.00 and set an "overweight" rating for the company in a research note on Friday, February 6th. Two investment analysts have rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating, six have given a Hold rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $43.53.

Doximity Stock Performance

Doximity stock opened at $21.11 on Monday. The business's 50-day simple moving average is $25.41. Doximity has a one year low of $20.55 and a one year high of $76.51. The firm has a market cap of $3.90 billion, a P/E ratio of 17.60, a price-to-earnings-growth ratio of 1.18 and a beta of 1.42.

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

Doximity announced that its Board of Directors has initiated a stock buyback program on Thursday, February 5th that authorizes the company to buyback $500.00 million in shares. This buyback authorization authorizes the company to repurchase up to 8% of its stock through open market purchases. Stock buyback programs are usually a sign that the company's leadership believes its stock is undervalued.

Insider Activity at Doximity

In other Doximity news, Director Kira Scherer Wampler sold 2,000 shares of the firm's stock in a transaction that occurred on Tuesday, March 3rd. The shares were sold at an average price of $26.00, for a total transaction of $52,000.00. Following the completion of the sale, the director directly owned 19,839 shares in the company, valued at $515,814. This trade represents a 9.16% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, insider Siddharth Sitaram sold 2,319 shares of the firm's stock in a transaction that occurred on Tuesday, March 10th. The stock was sold at an average price of $25.37, for a total transaction of $58,833.03. Following the sale, the insider owned 84,132 shares of the company's stock, valued at $2,134,428.84. This trade represents a 2.68% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 6,601 shares of company stock valued at $174,455 over the last 90 days. Company insiders own 31.30% of the company's stock.

Institutional Investors Weigh In On Doximity

Hedge funds and other institutional investors have recently made changes to their positions in the business. Root Financial Partners LLC acquired a new stake in shares of Doximity in the third quarter valued at approximately $30,000. Whittier Trust Co. of Nevada Inc. raised its position in shares of Doximity by 59.5% in the third quarter. Whittier Trust Co. of Nevada Inc. now owns 480 shares of the company's stock valued at $35,000 after buying an additional 179 shares in the last quarter. Toth Financial Advisory Corp raised its position in shares of Doximity by 150.0% in the third quarter. Toth Financial Advisory Corp now owns 500 shares of the company's stock valued at $37,000 after buying an additional 300 shares in the last quarter. Atlantic Union Bankshares Corp raised its position in shares of Doximity by 136.9% in the third quarter. Atlantic Union Bankshares Corp now owns 616 shares of the company's stock valued at $45,000 after buying an additional 356 shares in the last quarter. Finally, First Horizon Corp acquired a new stake in shares of Doximity in the third quarter valued at approximately $58,000. 87.19% of the stock is currently owned by institutional investors and hedge funds.

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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