Doximity (NASDAQ:DOCS) Announces Earnings Results

Doximity (NASDAQ:DOCS) issued its quarterly earnings results on Thursday. The company reported $0.46 EPS for the quarter, beating analysts’ consensus estimates of $0.45 by $0.01, Briefing.com reports. Doximity had a net margin of 36.60% and a return on equity of 21.75%. During the same quarter in the previous year, the company earned $0.45 EPS. The firm’s revenue was up 9.8% on a year-over-year basis.

Doximity Stock Down 5.5%

DOCS stock traded down $1.95 during midday trading on Thursday, reaching $33.30. 9,431,108 shares of the company’s stock traded hands, compared to its average volume of 3,212,373. The firm’s fifty day moving average price is $43.52 and its 200-day moving average price is $57.09. Doximity has a 52 week low of $32.66 and a 52 week high of $85.21. The company has a market cap of $6.27 billion, a price-to-earnings ratio of 33.30, a P/E/G ratio of 4.10 and a beta of 1.39.

Analyst Ratings Changes

Several equities research analysts recently commented on DOCS shares. JPMorgan Chase & Co. restated an “underweight” rating and set a $62.00 target price on shares of Doximity in a research report on Friday, October 10th. Morgan Stanley raised shares of Doximity from an “equal weight” rating to an “overweight” rating and raised their price objective for the stock from $62.00 to $65.00 in a research report on Monday, December 15th. Mizuho set a $45.00 target price on shares of Doximity in a research report on Wednesday. Evercore ISI reissued an “outperform” rating on shares of Doximity in a research note on Thursday, January 8th. Finally, Royal Bank Of Canada initiated coverage on shares of Doximity in a research note on Thursday, January 8th. They issued an “outperform” rating and a $59.00 price target for the company. One research analyst has rated the stock with a Strong Buy rating, fifteen have given a Buy rating, four have issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, Doximity currently has a consensus rating of “Moderate Buy” and a consensus price target of $64.95.

Institutional Investors Weigh In On Doximity

Hedge funds and other institutional investors have recently made changes to their positions in the business. Holocene Advisors LP acquired a new position in Doximity during the 2nd quarter valued at about $44,983,000. Invesco Ltd. lifted its holdings in shares of Doximity by 22.9% in the third quarter. Invesco Ltd. now owns 2,328,300 shares of the company’s stock valued at $170,315,000 after purchasing an additional 433,983 shares in the last quarter. Ameriprise Financial Inc. lifted its holdings in shares of Doximity by 170.7% in the third quarter. Ameriprise Financial Inc. now owns 660,101 shares of the company’s stock valued at $48,277,000 after purchasing an additional 416,219 shares in the last quarter. Raymond James Financial Inc. boosted its position in shares of Doximity by 169.6% during the second quarter. Raymond James Financial Inc. now owns 525,251 shares of the company’s stock valued at $32,219,000 after buying an additional 330,442 shares during the last quarter. Finally, Gotham Asset Management LLC grew its holdings in Doximity by 217.3% during the third quarter. Gotham Asset Management LLC now owns 320,580 shares of the company’s stock worth $23,450,000 after buying an additional 219,538 shares in the last quarter. 87.19% of the stock is owned by institutional investors.

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.