Raymond James Reiterates Outperform Rating for Doximity (NASDAQ:DOCS)

Doximity (NASDAQ:DOCS)‘s stock had its “outperform” rating restated by equities researchers at Raymond James in a report issued on Friday,Benzinga reports. They currently have a $65.00 target price on the stock, up from their previous target price of $37.00. Raymond James’ price target would suggest a potential upside of 11.00% from the stock’s current price.

Other equities analysts have also issued reports about the company. Evercore ISI upped their target price on Doximity from $34.00 to $45.00 and gave the stock an “in-line” rating in a research note on Tuesday, October 8th. 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. Truist Financial restated a “hold” rating and set a $35.00 price objective (up previously from $31.00) on shares of Doximity in a research report on Wednesday, August 14th. Wells Fargo & Company upgraded shares of Doximity from an “underweight” rating to an “equal weight” rating and upped their target price for the stock from $19.00 to $41.00 in a research report on Friday. Finally, Baird R W upgraded Doximity to a “strong-buy” rating in a research report on Tuesday, September 17th. One research analyst has rated the stock with a sell rating, eight have given a hold rating, seven have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $42.43.

Doximity Stock Up 34.9 %

NASDAQ:DOCS traded up $15.14 during mid-day trading on Friday, hitting $58.56. 5,884,627 shares of the stock traded hands, compared to its average volume of 1,681,506. The business’s 50-day moving average price is $41.12 and its 200 day moving average price is $32.82. The company has a market cap of $10.87 billion, a PE ratio of 73.20, a price-to-earnings-growth ratio of 5.03 and a beta of 1.30. Doximity has a 12-month low of $20.28 and a 12-month high of $60.90.

Doximity (NASDAQ:DOCS) last released its quarterly earnings results on Thursday, August 8th. The company reported $0.22 EPS for the quarter, beating analysts’ consensus estimates of $0.16 by $0.06. Doximity had a net margin of 32.53% and a return on equity of 19.26%. The firm had revenue of $126.68 million during the quarter, compared to analyst estimates of $119.88 million. Analysts anticipate that Doximity will post 0.8 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Doximity

Several institutional investors and hedge funds have recently modified their holdings of the stock. Sumitomo Mitsui Trust Holdings Inc. bought a new stake in shares of Doximity during the 1st quarter valued at $416,000. Janney Montgomery Scott LLC increased its stake in shares of Doximity by 17.4% during the first quarter. Janney Montgomery Scott LLC now owns 20,802 shares of the company’s stock valued at $560,000 after purchasing an additional 3,086 shares in the last quarter. GSA Capital Partners LLP lifted its holdings in shares of Doximity by 40.1% during the first quarter. GSA Capital Partners LLP now owns 17,390 shares of the company’s stock valued at $468,000 after purchasing an additional 4,981 shares during the last quarter. Texas Permanent School Fund Corp raised its stake in Doximity by 4.9% during the first quarter. Texas Permanent School Fund Corp now owns 106,915 shares of the company’s stock valued at $2,877,000 after buying an additional 5,018 shares during the last quarter. Finally, Oppenheimer Asset Management Inc. raised its position in shares of Doximity by 18.9% in the 1st quarter. Oppenheimer Asset Management Inc. now owns 15,320 shares of the company’s stock worth $412,000 after purchasing an additional 2,432 shares during the last quarter. 87.19% of the stock is owned by hedge funds and other 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.