Doximity (NASDAQ:DOCS) Hits New 12-Month Low After Analyst Downgrade

Doximity, Inc. (NASDAQ:DOCS)’s stock price hit a new 52-week low during mid-day trading on Monday after JPMorgan Chase & Co. lowered their price target on the stock from $40.00 to $33.00. JPMorgan Chase & Co. currently has a neutral rating on the stock. Doximity traded as low as $23.58 and last traded at $23.9740, with a volume of 2084022 shares traded. The stock had previously closed at $25.55.

A number of other equities research analysts also recently weighed in on the stock. Piper Sandler boosted their price objective on shares of Doximity from $40.00 to $42.00 and gave the company an “overweight” rating in a research report on Friday. Royal Bank Of Canada began coverage on Doximity in a report on Thursday, January 8th. They set an “outperform” rating and a $59.00 target price for the company. Needham & Company LLC dropped their price target on Doximity from $75.00 to $55.00 and set a “buy” rating on the stock in a research report on Friday, February 6th. Evercore restated an “outperform” rating on shares of Doximity in a research report on Thursday, January 8th. Finally, BMO Capital Markets set a $25.00 target price on Doximity in a research report on Friday, February 6th. One research 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. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $48.33.

Institutional Investors Weigh In On Doximity

A number of large investors have recently added to or reduced their stakes in the stock. Synergy Asset Management LLC boosted its position in Doximity by 100.0% during the third quarter. Synergy Asset Management LLC now owns 604,502 shares of the company’s stock valued at $44,219,000 after purchasing an additional 302,251 shares during the last quarter. Liontrust Investment Partners LLP grew its stake in shares of Doximity by 1,189.9% in the second quarter. Liontrust Investment Partners LLP now owns 272,065 shares of the company’s stock valued at $16,688,000 after buying an additional 250,973 shares in the last quarter. SG Americas Securities LLC increased its holdings in Doximity by 335.9% during the third quarter. SG Americas Securities LLC now owns 52,993 shares of the company’s stock worth $3,876,000 after buying an additional 40,837 shares during the last quarter. Aubrey Capital Management Ltd bought a new stake in Doximity during the third quarter worth $4,572,000. Finally, Voya Investment Management LLC lifted its stake in 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. Institutional investors own 87.19% of the company’s stock.

Doximity Stock Performance

The company has a market cap of $4.41 billion, a P/E ratio of 23.89, a P/E/G ratio of 4.10 and a beta of 1.39. The business’s 50-day moving average price is $38.33 and its 200 day moving average price is $54.29.

Doximity (NASDAQ:DOCS) last issued its earnings results on Thursday, February 5th. The company reported $0.46 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.45 by $0.01. Doximity had a net margin of 36.60% and a return on equity of 21.75%. Doximity’s revenue for the quarter was up 9.8% on a year-over-year basis. During the same period in the prior year, the company posted $0.45 earnings per share. Equities research analysts forecast that Doximity, Inc. will post 0.99 earnings per share for the current year.

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

Doximity Company Profile

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.