Doximity (NASDAQ:DOCS) Hits New 1-Year High – Here’s What Happened

Doximity, Inc. (NASDAQ:DOCS) shares reached a new 52-week high on Friday . The company traded as high as $57.10 and last traded at $57.10, with a volume of 272953 shares trading hands. The stock had previously closed at $43.42.

Analyst Upgrades and Downgrades

A number of research firms recently weighed in on DOCS. Wells Fargo & Company upgraded shares of Doximity from an “underweight” rating to an “equal weight” rating and lifted their target price for the company from $19.00 to $41.00 in a research note on Friday. Bank of America boosted their price target on shares of Doximity from $32.00 to $45.00 and gave the stock a “neutral” rating in a research note on Monday, October 7th. Truist Financial reiterated a “hold” rating and issued a $35.00 price target (up previously from $31.00) on shares of Doximity in a research note on Wednesday, August 14th. Evercore ISI boosted their price target on shares of Doximity from $34.00 to $45.00 and gave the stock an “in-line” rating in a research note on Tuesday, October 8th. Finally, KeyCorp upgraded shares of Doximity from a “sector weight” rating to an “overweight” rating and set a $70.00 price target on the stock in a research note on Friday. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, Doximity has a consensus rating of “Hold” and an average target price of $42.43.

Doximity Trading Up 34.2 %

The firm’s 50-day moving average price is $41.55 and its 200-day moving average price is $33.05. The stock has a market capitalization of $10.81 billion, a PE ratio of 49.82, a PEG ratio of 5.09 and a beta of 1.30.

Doximity (NASDAQ:DOCS) last announced its earnings results on Thursday, August 8th. The company reported $0.22 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.16 by $0.06. The firm had revenue of $126.68 million for the quarter, compared to analysts’ expectations of $119.88 million. Doximity had a net margin of 32.53% and a return on equity of 19.26%. On average, equities research analysts predict that Doximity, Inc. will post 0.8 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Doximity

Hedge funds have recently added to or reduced their stakes in the stock. William Blair Investment Management LLC bought a new position in Doximity in the 1st quarter worth about $148,823,000. Swedbank AB bought a new position in Doximity in the 1st quarter worth about $91,673,000. Capital World Investors grew its stake in Doximity by 250.7% in the 1st quarter. Capital World Investors now owns 1,714,707 shares of the company’s stock worth $46,143,000 after acquiring an additional 1,225,707 shares in the last quarter. Los Angeles Capital Management LLC grew its stake in Doximity by 6,242.6% in the 3rd quarter. Los Angeles Capital Management LLC now owns 650,874 shares of the company’s stock worth $28,359,000 after acquiring an additional 640,612 shares in the last quarter. Finally, Janus Henderson Group PLC grew its stake in Doximity by 33.5% in the 1st quarter. Janus Henderson Group PLC now owns 2,474,695 shares of the company’s stock worth $66,594,000 after acquiring an additional 621,590 shares in the last quarter. 87.19% of the stock is currently owned by institutional investors.

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.