Doximity (NASDAQ:DOCS) Shares Gap Up After Analyst Upgrade

Doximity, Inc. (NASDAQ:DOCS - Get Free Report) shares gapped up prior to trading on Friday after Evercore ISI raised their price target on the stock from $28.00 to $29.00. The stock had previously closed at $23.74, but opened at $28.81. Evercore ISI currently has an in-line rating on the stock. Doximity shares last traded at $28.12, with a volume of 3,575,282 shares.

Several other research analysts have also weighed in on the company. Truist Financial increased their price objective on Doximity from $28.00 to $29.00 and gave the stock a "hold" rating in a research report on Friday, February 9th. Needham & Company LLC reiterated a "hold" rating on shares of Doximity in a report on Friday. Wells Fargo & Company raised their price objective on Doximity from $25.00 to $27.00 and gave the stock an "equal weight" rating in a research report on Friday, February 9th. SVB Leerink started coverage on shares of Doximity in a research report on Monday, February 26th. They issued a "market perform" rating and a $32.00 target price on the stock. Finally, JPMorgan Chase & Co. upgraded shares of Doximity from an "underweight" rating to a "neutral" rating and set a $25.00 price target for the company in a research report on Thursday, April 25th. One research analyst has rated the stock with a sell rating, eleven have given a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and a consensus price target of $28.73.

Insider Activity

In related news, insider Craig Overpeck sold 1,500 shares of Doximity stock in a transaction that occurred on Thursday, May 16th. The shares were sold at an average price of $23.85, for a total value of $35,775.00. Following the completion of the transaction, the insider now owns 108,609 shares in the company, valued at $2,590,324.65. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In related news, insider Craig Overpeck sold 1,500 shares of Doximity stock in a transaction on Thursday, May 16th. The stock was sold at an average price of $23.85, for a total value of $35,775.00. Following the completion of the transaction, the insider now directly owns 108,609 shares in the company, valued at $2,590,324.65. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Kira Scherer Wampler sold 2,500 shares of the stock in a transaction dated Monday, April 1st. The shares were sold at an average price of $26.97, for a total value of $67,425.00. Following the completion of the sale, the director now directly owns 10,258 shares in the company, valued at approximately $276,658.26. The disclosure for this sale can be found here. Over the last quarter, insiders sold 6,500 shares of company stock valued at $171,250. 39.40% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in the company. Cambridge Investment Research Advisors Inc. acquired a new position in shares of Doximity during the 3rd quarter worth about $448,000. Raymond James & Associates lifted its stake in Doximity by 3.2% during the third quarter. Raymond James & Associates now owns 221,928 shares of the company's stock worth $4,709,000 after purchasing an additional 6,963 shares during the last quarter. Raymond James Financial Services Advisors Inc. boosted its holdings in Doximity by 190.7% in the third quarter. Raymond James Financial Services Advisors Inc. now owns 18,269 shares of the company's stock valued at $388,000 after purchasing an additional 11,985 shares in the last quarter. Bank of New York Mellon Corp increased its stake in Doximity by 9.6% in the third quarter. Bank of New York Mellon Corp now owns 1,229,750 shares of the company's stock valued at $26,095,000 after purchasing an additional 107,776 shares during the last quarter. Finally, New York State Teachers Retirement System raised its holdings in Doximity by 4.8% during the third quarter. New York State Teachers Retirement System now owns 79,412 shares of the company's stock worth $1,685,000 after purchasing an additional 3,644 shares in the last quarter. Hedge funds and other institutional investors own 87.19% of the company's stock.

Doximity Trading Up 18.1 %

The firm's fifty day moving average price is $25.65 and its 200-day moving average price is $26.38. The firm has a market cap of $5.23 billion, a price-to-earnings ratio of 41.82, a PEG ratio of 3.00 and a beta of 1.18.

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.