Doximity (NASDAQ:DOCS) Stock Price Up 4.9% – Still a Buy?

Doximity, Inc. (NASDAQ:DOCS)’s stock price shot up 4.9% on Tuesday . The company traded as high as $51.16 and last traded at $51.13. 693,143 shares traded hands during mid-day trading, a decline of 60% from the average session volume of 1,751,032 shares. The stock had previously closed at $48.75.

Analysts Set New Price Targets

A number of equities analysts have issued reports on DOCS shares. Bank of America increased their price target on Doximity from $32.00 to $45.00 and gave the company a “neutral” rating in a research note on Monday, October 7th. Canaccord Genuity Group reissued a “hold” rating and issued a $60.00 target price (up from $40.00) on shares of Doximity in a research report on Wednesday, November 13th. Robert W. Baird upped their price target on Doximity from $41.00 to $45.00 and gave the company an “outperform” rating in a research report on Tuesday, September 17th. The Goldman Sachs Group began coverage on shares of Doximity in a research note on Friday, November 15th. They issued a “neutral” rating and a $58.00 price objective on the stock. Finally, Wells Fargo & Company raised Doximity from an “underweight” rating to an “equal weight” rating and raised their price target for the stock from $19.00 to $41.00 in a research note on Friday, November 8th. Eleven equities research analysts have rated the stock with a hold rating, six have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $52.27.

Doximity Trading Up 7.5 %

The firm has a market cap of $9.78 billion, a P/E ratio of 56.03, a price-to-earnings-growth ratio of 3.91 and a beta of 1.30. The company’s fifty day moving average price is $44.83 and its two-hundred day moving average price is $35.34.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the stock. LRI Investments LLC bought a new stake in shares of Doximity during the first quarter worth $27,000. Farther Finance Advisors LLC lifted its position in Doximity by 324.2% during the 3rd quarter. Farther Finance Advisors LLC now owns 789 shares of the company’s stock valued at $34,000 after purchasing an additional 603 shares during the period. Blue Trust Inc. grew its position in shares of Doximity by 621.4% during the 2nd quarter. Blue Trust Inc. now owns 1,385 shares of the company’s stock worth $37,000 after buying an additional 1,193 shares during the period. Quarry LP lifted its holdings in Doximity by 101.2% in the second quarter. Quarry LP now owns 1,616 shares of the company’s stock valued at $45,000 after buying an additional 131,253 shares during the period. Finally, DekaBank Deutsche Girozentrale bought a new position in Doximity in the first quarter valued at approximately $46,000. Institutional investors own 87.19% of the company’s stock.

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.