Truist Financial Forecasts Strong Price Appreciation for Doximity (NASDAQ:DOCS) Stock

Doximity (NASDAQ:DOCS) had its price target increased by equities research analysts at Truist Financial from $35.00 to $49.00 in a research note issued to investors on Thursday,Benzinga reports. The brokerage currently has a “hold” rating on the stock. Truist Financial’s price objective suggests a potential downside of 0.84% from the company’s current price.

DOCS has been the topic of several other reports. Robert W. Baird boosted their price target on shares of Doximity from $41.00 to $45.00 and gave the stock an “outperform” rating in a research report on Tuesday, September 17th. Canaccord Genuity Group cut shares of Doximity from a “buy” rating to a “hold” rating and lifted their price objective for the stock from $40.00 to $60.00 in a research note on Wednesday. Wells Fargo & Company raised shares of Doximity from an “underweight” rating to an “equal weight” rating and increased their target price for the company from $19.00 to $41.00 in a research note on Friday, November 8th. Bank of America raised their target price on shares of Doximity from $32.00 to $45.00 and gave the stock a “neutral” rating in a report on Monday, October 7th. Finally, Morgan Stanley raised Doximity from an “underweight” rating to an “equal weight” rating and upped their price target for the company from $33.00 to $53.00 in a report on Thursday. Eleven research analysts have rated the stock with a hold rating, six have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $51.07.

Doximity Stock Down 5.0 %

DOCS stock opened at $49.42 on Thursday. The company has a market capitalization of $9.17 billion, a P/E ratio of 56.80, a PEG ratio of 4.51 and a beta of 1.30. The company has a 50-day simple moving average of $43.40 and a 200 day simple moving average of $34.11. Doximity has a fifty-two week low of $22.96 and a fifty-two week high of $61.75.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in DOCS. Fountainhead AM LLC bought a new stake in shares of Doximity during the 3rd quarter worth approximately $710,000. Blair William & Co. IL lifted its stake in Doximity by 31.7% in the first quarter. Blair William & Co. IL now owns 90,600 shares of the company’s stock valued at $2,438,000 after acquiring an additional 21,787 shares during the last quarter. Federated Hermes Inc. grew its position in shares of Doximity by 1,824.5% in the 2nd quarter. Federated Hermes Inc. now owns 279,634 shares of the company’s stock valued at $7,821,000 after acquiring an additional 265,104 shares during the period. AXA S.A. grew its position in shares of Doximity by 40.2% in the 2nd quarter. AXA S.A. now owns 216,392 shares of the company’s stock valued at $6,052,000 after acquiring an additional 61,992 shares during the period. Finally, Acadian Asset Management LLC increased its stake in shares of Doximity by 128.7% during the 1st quarter. Acadian Asset Management LLC now owns 96,442 shares of the company’s stock worth $2,590,000 after purchasing an additional 54,281 shares during the last quarter. Institutional investors own 87.19% of the company’s stock.

Doximity Company Profile

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.