Doximity (NASDAQ:DOCS) Reaches New 12-Month High After Analyst Upgrade

Doximity, Inc. (NASDAQ:DOCS) hit a new 52-week high during trading on Wednesday after Baird R W upgraded the stock to a strong-buy rating. The stock traded as high as $40.99 and last traded at $40.30, with a volume of 863782 shares trading hands. The stock had previously closed at $40.16.

Other analysts have also issued reports about the stock. Robert W. Baird upped their price objective on shares of Doximity from $41.00 to $45.00 and gave the company an “outperform” rating in a research note on Tuesday. Wells Fargo & Company downgraded shares of Doximity from an “equal weight” rating to an “underweight” rating and reduced their price target for the company from $27.00 to $19.00 in a research report on Thursday, July 18th. Needham & Company LLC upgraded shares of Doximity from a “hold” rating to a “buy” rating and set a $38.00 price objective on the stock in a research report on Friday, August 9th. JPMorgan Chase & Co. boosted their target price on shares of Doximity from $27.00 to $30.00 and gave the company a “neutral” rating in a research note on Monday, August 19th. Finally, Morgan Stanley raised their target price on Doximity from $25.00 to $26.00 and gave the stock an “underweight” rating in a research report on Friday, August 9th. Two investment analysts have rated the stock with a sell rating, eight have assigned a hold rating, four have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $32.42.

Insider Buying and Selling

In other Doximity news, Director Watkin Phoebe L. Yang sold 1,011 shares of the company’s stock in a transaction dated Monday, August 5th. The stock was sold at an average price of $25.54, for a total value of $25,820.94. Following the transaction, the director now directly owns 11,258 shares of the company’s stock, valued at approximately $287,529.32. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In related news, CFO Anna Bryson sold 30,000 shares of the business’s stock in a transaction that occurred on Friday, August 9th. The stock was sold at an average price of $35.00, for a total value of $1,050,000.00. Following the completion of the sale, the chief financial officer now directly owns 309,627 shares in the company, valued at approximately $10,836,945. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Watkin Phoebe L. Yang sold 1,011 shares of the company’s stock in a transaction that occurred on Monday, August 5th. The stock was sold at an average price of $25.54, for a total value of $25,820.94. Following the sale, the director now directly owns 11,258 shares of the company’s stock, valued at approximately $287,529.32. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 37,951 shares of company stock worth $1,271,018. Corporate insiders own 39.40% of the company’s stock.

Institutional Trading of Doximity

Several large investors have recently modified their holdings of DOCS. LRI Investments LLC acquired a new position in Doximity during the 1st quarter worth $27,000. Blue Trust Inc. grew its position in shares of Doximity by 621.4% in the second quarter. Blue Trust Inc. now owns 1,385 shares of the company’s stock valued at $37,000 after purchasing an additional 1,193 shares during the last quarter. Quarry LP increased its stake in shares of Doximity by 101.2% in the second quarter. Quarry LP now owns 1,616 shares of the company’s stock worth $45,000 after purchasing an additional 131,253 shares during the period. DekaBank Deutsche Girozentrale acquired a new position in shares of Doximity during the 1st quarter worth about $46,000. Finally, First Horizon Advisors Inc. boosted its stake in Doximity by 80.0% during the 2nd quarter. First Horizon Advisors Inc. now owns 1,710 shares of the company’s stock valued at $48,000 after purchasing an additional 760 shares during the period. 87.19% of the stock is owned by institutional investors.

Doximity Stock Performance

The stock has a market cap of $7.47 billion, a P/E ratio of 55.78, a P/E/G ratio of 5.15 and a beta of 1.27. The firm has a 50 day moving average of $32.66 and a two-hundred day moving average of $28.84.

Doximity (NASDAQ:DOCS) last announced its quarterly earnings data on Thursday, August 8th. The company reported $0.22 earnings per share for the quarter, topping the consensus estimate of $0.16 by $0.06. The company had revenue of $126.68 million for the quarter, compared to analyst estimates of $119.88 million. Doximity had a return on equity of 19.26% and a net margin of 32.53%. On average, sell-side analysts anticipate that Doximity, Inc. will post 0.8 EPS for the current fiscal year.

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.