Doximity (NASDAQ:DOCS) Receives “Outperform” Rating from Royal Bank Of Canada

Doximity (NASDAQ:DOCS)‘s stock had its “outperform” rating reiterated by equities researchers at Royal Bank Of Canada in a research note issued on Monday,Benzinga reports. They presently have a $44.00 price target on the stock. Royal Bank Of Canada’s price objective indicates a potential upside of 75.58% from the stock’s current price.

A number of other analysts have also recently commented on DOCS. BTIG Research lowered their price target on Doximity from $80.00 to $50.00 and set a “buy” rating for the company in a research note on Friday, February 6th. Canaccord Genuity Group set a $34.00 price target on Doximity and gave the stock a “buy” rating in a report on Monday, February 9th. BMO Capital Markets set a $25.00 target price on Doximity in a research note on Friday, February 6th. Barclays reduced their price target on shares of Doximity from $63.00 to $38.00 and set an “overweight” rating for the company in a report on Wednesday, February 11th. Finally, Piper Sandler upped their price objective on Doximity from $40.00 to $42.00 and gave the stock an “overweight” rating in a research report on Friday, February 20th. One research analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating and five have issued a Hold rating to the company’s stock. Based on data from MarketBeat, Doximity presently has a consensus rating of “Moderate Buy” and an average price target of $47.50.

Doximity Price Performance

Shares of DOCS stock traded down $0.28 during trading hours on Monday, reaching $25.06. The company had a trading volume of 155,934 shares, compared to its average volume of 3,792,546. Doximity has a 1-year low of $23.53 and a 1-year high of $76.51. The firm has a market cap of $4.63 billion, a price-to-earnings ratio of 25.06, a P/E/G ratio of 4.10 and a beta of 1.44. The company has a 50 day moving average of $34.57 and a 200 day moving average of $51.59.

Doximity (NASDAQ:DOCS) last released its quarterly earnings data on Thursday, February 5th. The company reported $0.46 EPS for the quarter, beating analysts’ consensus estimates of $0.45 by $0.01. Doximity had a return on equity of 21.75% and a net margin of 36.60%.During the same period in the prior year, the firm earned $0.45 earnings per share. The firm’s quarterly revenue was up 9.8% on a year-over-year basis. As a group, sell-side analysts forecast that Doximity will post 0.99 EPS for the current fiscal year.

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

Insider Buying and Selling at Doximity

In related news, Director Kira Scherer Wampler sold 2,000 shares of the business’s stock in a transaction 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 transaction, the director directly 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 sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 31.30% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the company. Root Financial Partners LLC bought a new position in Doximity during the third quarter worth about $30,000. Whittier Trust Co. of Nevada Inc. increased its holdings 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 purchasing an additional 179 shares during the last quarter. Northwestern Mutual Wealth Management Co. raised its position in shares of Doximity by 99.5% in the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 796 shares of the company’s stock valued at $35,000 after purchasing an additional 397 shares during the period. Toth Financial Advisory Corp lifted its stake in shares of Doximity by 150.0% during the 3rd quarter. Toth Financial Advisory Corp now owns 500 shares of the company’s stock worth $37,000 after buying an additional 300 shares during the last quarter. Finally, Atlantic Union Bankshares Corp boosted its holdings in shares of 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 buying an additional 356 shares during the period. Institutional investors own 87.19% of the company’s stock.

About Doximity

Doximity, Inc, headquartered in San Francisco, California, operates the leading professional medical network for healthcare professionals in the United States. Founded in 2011 by Jeff Tangney and Shari Buck, the company set out to create a secure digital environment where physicians, nurse practitioners and physician assistants can collaborate, share information and stay current with clinical news. Doximity went public in June 2021 and trades on the NASDAQ under the ticker symbol “DOCS.”

The core offering of Doximity is its HIPAA-compliant communication platform, which includes a secure messaging system, digital fax services and telehealth capabilities.