Robert W. Baird Cuts Doximity (NASDAQ:DOCS) Price Target to $65.00

Doximity (NASDAQ:DOCS) had its target price decreased by stock analysts at Robert W. Baird from $87.00 to $65.00 in a research report issued on Tuesday,Benzinga reports. The brokerage presently has an “outperform” rating on the stock. Robert W. Baird’s price target indicates a potential upside of 28.00% from the stock’s current price.

Several other research analysts also recently weighed in on DOCS. Piper Sandler raised shares of Doximity from a “neutral” rating to an “overweight” rating and lifted their target price for the stock from $31.00 to $78.00 in a research report on Friday, February 7th. Mizuho decreased their price target on shares of Doximity from $65.00 to $60.00 and set a “neutral” rating for the company in a report on Friday, May 16th. William Blair restated an “outperform” rating on shares of Doximity in a report on Friday, May 16th. Wells Fargo & Company restated an “equal weight” rating on shares of Doximity in a report on Friday, February 7th. Finally, Raymond James decreased their price target on shares of Doximity from $83.00 to $65.00 and set an “outperform” rating for the company in a report on Friday, May 16th. Eleven analysts have rated the stock with a hold rating, eight have assigned a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $61.22.

Doximity Price Performance

Doximity stock opened at $50.78 on Tuesday. The firm’s 50 day simple moving average is $56.78 and its 200-day simple moving average is $57.94. The company has a market cap of $9.48 billion, a P/E ratio of 50.78, a price-to-earnings-growth ratio of 4.10 and a beta of 1.41. Doximity has a fifty-two week low of $25.00 and a fifty-two week high of $85.21.

Doximity (NASDAQ:DOCS) last released its earnings results on Thursday, May 15th. The company reported $0.38 earnings per share for the quarter, topping the consensus estimate of $0.27 by $0.11. Doximity had a net margin of 36.60% and a return on equity of 21.75%. The business’s revenue was up 17.1% on a year-over-year basis. During the same period in the prior year, the company earned $0.25 EPS. On average, analysts expect that Doximity will post 0.99 EPS for the current fiscal year.

Insider Buying and Selling at Doximity

In other Doximity news, CFO Anna Bryson sold 45,000 shares of Doximity stock in a transaction that occurred on Thursday, May 1st. The shares were sold at an average price of $57.23, for a total value of $2,575,350.00. Following the completion of the sale, the chief financial officer now directly owns 357,165 shares in the company, valued at $20,440,552.95. The trade was a 11.19% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Kira Scherer Wampler sold 2,000 shares of the business’s stock in a transaction on Thursday, May 1st. The stock was sold at an average price of $56.93, for a total transaction of $113,860.00. Following the completion of the sale, the director now owns 16,618 shares of the company’s stock, valued at $946,062.74. The trade was a 10.74% decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 37.40% of the company’s stock.

Institutional Trading of Doximity

A number of institutional investors and hedge funds have recently modified their holdings of the company. Focus Partners Wealth acquired a new stake in shares of Doximity in the first quarter worth $283,000. Plato Investment Management Ltd lifted its stake in shares of Doximity by 48.0% in the first quarter. Plato Investment Management Ltd now owns 5,731 shares of the company’s stock worth $336,000 after buying an additional 1,860 shares during the last quarter. Bayforest Capital Ltd lifted its stake in shares of Doximity by 162.1% in the first quarter. Bayforest Capital Ltd now owns 10,614 shares of the company’s stock worth $616,000 after buying an additional 6,565 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its stake in shares of Doximity by 130.4% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 1,966,801 shares of the company’s stock worth $114,133,000 after buying an additional 1,113,076 shares during the last quarter. Finally, Empowered Funds LLC lifted its stake in shares of Doximity by 118.8% in the first quarter. Empowered Funds LLC now owns 123,304 shares of the company’s stock worth $7,155,000 after buying an additional 66,947 shares during the last quarter. 87.19% of the stock is currently owned by institutional investors and hedge funds.

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.