Doximity (NASDAQ:DOCS) Price Target Lowered to $33.00 at JPMorgan Chase & Co.

Doximity (NASDAQ:DOCS) had its price objective decreased by equities researchers at JPMorgan Chase & Co. from $40.00 to $33.00 in a research report issued on Friday,Benzinga reports. The firm currently has a “neutral” rating on the stock. JPMorgan Chase & Co.‘s price target suggests a potential upside of 28.92% from the stock’s current price.

DOCS has been the topic of a number of other research reports. Royal Bank Of Canada started coverage on Doximity in a report on Thursday, January 8th. They set an “outperform” rating and a $59.00 price objective on the stock. Evercore reissued an “outperform” rating on shares of Doximity in a research report on Thursday, January 8th. Wells Fargo & Company dropped their target price on Doximity from $55.00 to $45.00 and set an “overweight” rating on the stock in a research report on Friday, February 6th. Canaccord Genuity Group set a $34.00 price target on shares of Doximity and gave the stock a “buy” rating in a research report on Monday, February 9th. Finally, Barclays decreased their price objective 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. One analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and five have given a Hold rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $48.33.

Doximity Stock Performance

Shares of NASDAQ DOCS traded up $0.37 during trading on Friday, hitting $25.60. 1,128,051 shares of the company were exchanged, compared to its average volume of 4,099,731. Doximity has a 12-month low of $23.66 and a 12-month high of $76.51. The company has a fifty day moving average price of $38.69 and a 200-day moving average price of $54.56. The firm has a market capitalization of $4.73 billion, a PE ratio of 25.62, a P/E/G ratio of 4.10 and a beta of 1.39.

Doximity (NASDAQ:DOCS) last posted its earnings results 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 net margin of 36.60% and a return on equity of 21.75%. During the same period in the previous year, the company earned $0.45 EPS. Doximity’s quarterly revenue was up 9.8% on a year-over-year basis. Research analysts anticipate that Doximity will post 0.99 earnings per share for the current fiscal year.

Doximity declared that its board has initiated a stock buyback program on Thursday, February 5th that allows the company to repurchase $500.00 million in shares. This repurchase authorization allows the company to buy up to 8% of its shares through open market purchases. Shares repurchase programs are typically a sign that the company’s leadership believes its stock is undervalued.

Hedge Funds Weigh In On Doximity

Several hedge funds and other institutional investors have recently modified their holdings of DOCS. Carmignac Gestion grew its stake in shares of Doximity by 355.9% during the 4th quarter. Carmignac Gestion now owns 1,893,026 shares of the company’s stock worth $83,831,000 after acquiring an additional 1,477,798 shares in the last quarter. Voya Investment Management LLC increased its position in shares of Doximity by 932.8% in the third quarter. Voya Investment Management LLC now owns 1,567,668 shares of the company’s stock valued at $114,267,000 after acquiring an additional 1,415,882 shares during the last quarter. Northwestern Mutual Wealth Management Co. raised its holdings in Doximity by 325,436.6% during the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 1,298,891 shares of the company’s stock worth $57,515,000 after acquiring an additional 1,298,492 shares in the last quarter. Federated Hermes Inc. boosted its position in Doximity by 3,422.7% during the fourth quarter. Federated Hermes Inc. now owns 1,249,085 shares of the company’s stock valued at $55,309,000 after purchasing an additional 1,213,627 shares during the last quarter. Finally, Franklin Resources Inc. grew its stake in Doximity by 53.9% in the second quarter. Franklin Resources Inc. now owns 3,162,593 shares of the company’s stock valued at $193,993,000 after purchasing an additional 1,108,162 shares in the last quarter. 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.