Doximity (NYSE:DOCS) Upgraded to “Strong-Buy” at Freedom Capital

Doximity (NYSE:DOCS) was upgraded by stock analysts at Freedom Capital to a “strong-buy” rating in a research note issued on Tuesday,Zacks.com reports.

Other research analysts have also issued reports about the company. Raymond James Financial restated a “strong-buy” rating on shares of Doximity in a research report on Monday, December 29th. JPMorgan Chase & Co. dropped their price objective on Doximity from $40.00 to $33.00 and set a “neutral” rating for the company in a report on Friday, February 20th. Mizuho cut their target price 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 reduced their target price on Doximity from $80.00 to $50.00 and set a “buy” rating on the stock in a report on Friday, February 6th. Finally, Weiss Ratings restated a “hold (c+)” rating on shares of Doximity in a research report on Wednesday, December 24th. Two equities research analysts have rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and six have assigned a Hold rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $46.63.

Doximity Stock Performance

DOCS opened at $24.76 on Tuesday. The business’s 50 day simple moving average is $31.36. Doximity has a fifty-two week low of $23.53 and a fifty-two week high of $76.51. The company has a market capitalization of $4.57 billion, a P/E ratio of 20.63, a price-to-earnings-growth ratio of 1.40 and a beta of 1.44.

Doximity (NYSE:DOCS) last announced its quarterly earnings data on Thursday, February 5th. The company reported $0.46 earnings per share (EPS) for the quarter, beating 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 period in the previous year, the firm earned $0.45 EPS. The company’s revenue was up 9.8% compared to the same quarter last year.

Doximity declared that its Board of Directors has authorized a share buyback plan on Thursday, February 5th that authorizes the company to repurchase $500.00 million in outstanding shares. This repurchase authorization authorizes the company to buy up to 8% of its shares through open market purchases. Shares repurchase plans are usually an indication that the company’s board believes its stock is undervalued.

Insider Activity at Doximity

In other news, insider Siddharth Sitaram sold 2,319 shares of the stock in a transaction on Tuesday, March 10th. The shares were sold at an average price of $25.37, for a total transaction of $58,833.03. Following the completion of the sale, the insider owned 84,132 shares of the company’s stock, valued at $2,134,428.84. This represents a 2.68% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Kira Scherer Wampler sold 2,000 shares of the firm’s stock in a transaction 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 owned 19,839 shares in the company, valued at approximately $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. Insiders sold 6,601 shares of company stock valued at $174,455 in the last quarter. Corporate insiders own 31.30% of the company’s stock.

Institutional Trading of Doximity

Several hedge funds and other institutional investors have recently modified their holdings of DOCS. Root Financial Partners LLC acquired a new position in shares of Doximity during the third quarter worth about $30,000. Whittier Trust Co. of Nevada Inc. raised its position in Doximity by 59.5% in the 3rd 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 during the last quarter. Northwestern Mutual Wealth Management Co. raised its position in Doximity by 99.5% in the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 796 shares of the company’s stock valued at $35,000 after buying an additional 397 shares during the last quarter. Toth Financial Advisory Corp lifted its stake in Doximity by 150.0% in the 3rd quarter. Toth Financial Advisory Corp now owns 500 shares of the company’s stock valued at $37,000 after acquiring an additional 300 shares in the last quarter. Finally, Atlantic Union Bankshares Corp boosted its position 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 acquiring an additional 356 shares during the last quarter. Institutional investors and hedge funds own 87.19% of the company’s stock.

Doximity Company Profile

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.