Barclays Cuts Doximity (NASDAQ:DOCS) Price Target to $38.00

Doximity (NASDAQ:DOCS) had its price target cut by Barclays from $63.00 to $38.00 in a report issued on Wednesday,Benzinga reports. They currently have an overweight rating on the stock.

Several other equities analysts have also recently commented on DOCS. Bank of America raised shares of Doximity from a “neutral” rating to a “buy” rating and lifted their target price for the stock from $75.00 to $82.00 in a research report on Monday, October 27th. Wells Fargo & Company dropped their target price on shares of Doximity from $55.00 to $45.00 and set an “overweight” rating for the company in a research report on Friday, February 6th. The Goldman Sachs Group cut their price target on Doximity from $46.00 to $34.00 and set a “neutral” rating on the stock in a research note on Friday, February 6th. BTIG Research lowered their price target on Doximity from $80.00 to $50.00 and set a “buy” rating on the stock in a report on Friday, February 6th. Finally, Piper Sandler cut their price target on Doximity from $70.00 to $40.00 and set an “overweight” rating for the company in a research note on Friday, February 6th. One research analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and five have assigned a Hold rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $48.61.

Doximity Stock Up 1.0%

Shares of DOCS opened at $24.97 on Wednesday. The stock has a market capitalization of $4.70 billion, a P/E ratio of 24.97, a P/E/G ratio of 4.10 and a beta of 1.39. The company has a 50 day moving average of $40.29 and a 200-day moving average of $55.50. Doximity has a twelve month low of $23.66 and a twelve month high of $79.97.

Doximity (NASDAQ:DOCS) last released its quarterly earnings data on Thursday, February 5th. The company reported $0.46 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.45 by $0.01. Doximity had a return on equity of 21.75% and a net margin of 36.60%.During the same period in the previous year, the business earned $0.45 earnings per share. The business’s revenue was up 9.8% on a year-over-year basis. On average, sell-side analysts anticipate that Doximity will post 0.99 earnings per share for the current fiscal year.

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

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the company. Vanguard Group Inc. increased its position in shares of Doximity by 4.1% during the 4th quarter. Vanguard Group Inc. now owns 13,285,485 shares of the company’s stock worth $588,281,000 after purchasing an additional 518,916 shares during the last quarter. William Blair Investment Management LLC grew its holdings in Doximity by 11.7% during the 3rd quarter. William Blair Investment Management LLC now owns 5,829,169 shares of the company’s stock worth $426,404,000 after acquiring an additional 609,775 shares in the last quarter. Capital World Investors increased its position in shares of Doximity by 5.1% in the 4th quarter. Capital World Investors now owns 5,654,875 shares of the company’s stock valued at $250,398,000 after purchasing an additional 273,444 shares during the last quarter. Geode Capital Management LLC raised its holdings in shares of Doximity by 7.7% in the 2nd quarter. Geode Capital Management LLC now owns 3,639,898 shares of the company’s stock valued at $223,829,000 after purchasing an additional 261,319 shares in the last quarter. Finally, Franklin Resources Inc. boosted its stake in Doximity by 6.2% in the third quarter. Franklin Resources Inc. now owns 3,357,505 shares of the company’s stock valued at $245,601,000 after acquiring an additional 194,912 shares in the last quarter. 87.19% of the stock is owned by institutional investors and hedge funds.

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.