Mizuho Cuts Doximity (NASDAQ:DOCS) Price Target to $34.00

Doximity (NASDAQ:DOCS) had its target price reduced by Mizuho from $45.00 to $34.00 in a report issued on Tuesday,Benzinga reports. They currently have a neutral rating on the stock.

Several other research firms have also recently issued reports on DOCS. Evercore reaffirmed an “outperform” rating on shares of Doximity in a research report on Thursday, January 8th. Royal Bank Of Canada initiated coverage on Doximity in a research note on Thursday, January 8th. They issued an “outperform” rating and a $59.00 price target for the company. JPMorgan Chase & Co. raised Doximity from an “underweight” rating to a “neutral” rating and dropped their price objective for the company from $62.00 to $40.00 in a research report on Friday, February 6th. Raymond James Financial reissued a “strong-buy” rating on shares of Doximity in a research report on Monday, December 29th. Finally, The Goldman Sachs Group lowered their target price on shares of Doximity from $46.00 to $34.00 and set a “neutral” rating on the stock in a research note on Friday, February 6th. One research analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating and five have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, Doximity has an average rating of “Moderate Buy” and a consensus price target of $48.61.

Doximity Stock Performance

Shares of DOCS stock opened at $24.70 on Tuesday. The company has a market capitalization of $4.65 billion, a price-to-earnings ratio of 24.70, a price-to-earnings-growth ratio of 4.10 and a beta of 1.39. Doximity has a one year low of $23.66 and a one year high of $79.97. The company’s 50-day moving average is $40.71 and its 200 day moving average is $55.75.

Doximity (NASDAQ:DOCS) last issued its earnings results on Thursday, February 5th. The company reported $0.46 earnings per share (EPS) for the quarter, topping 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 quarterly revenue was up 9.8% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.45 earnings per share. As a group, research analysts predict that Doximity will post 0.99 earnings per share for the current fiscal year.

Doximity announced that its board has initiated a share buyback plan on Thursday, February 5th that permits the company to buyback $500.00 million in shares. This buyback authorization permits the company to repurchase up to 8% of its stock through open market purchases. Stock buyback plans are often an indication that the company’s leadership believes its stock is undervalued.

Hedge Funds Weigh In On Doximity

Institutional investors and hedge funds have recently made changes to their positions in the business. Federation des caisses Desjardins du Quebec boosted its stake in shares of Doximity by 17.5% in the fourth quarter. Federation des caisses Desjardins du Quebec now owns 10,546 shares of the company’s stock worth $467,000 after acquiring an additional 1,572 shares during the period. State Board of Administration of Florida Retirement System boosted its stake in Doximity by 2.7% in the 4th quarter. State Board of Administration of Florida Retirement System now owns 127,871 shares of the company’s stock worth $5,662,000 after purchasing an additional 3,410 shares during the period. Renaissance Technologies LLC boosted its stake in Doximity by 8.5% in the 4th quarter. Renaissance Technologies LLC now owns 2,365,449 shares of the company’s stock worth $104,742,000 after purchasing an additional 185,247 shares during the period. Dimensional Fund Advisors LP grew its holdings in Doximity by 6.7% during the 4th quarter. Dimensional Fund Advisors LP now owns 1,388,027 shares of the company’s stock valued at $61,464,000 after buying an additional 86,728 shares in the last quarter. Finally, Federated Hermes Inc. raised its position in shares of 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 buying an additional 1,213,627 shares during the last quarter. Hedge funds and other 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.