Doximity (NASDAQ:DOCS) Given New $42.00 Price Target at Piper Sandler

Doximity (NASDAQ:DOCS) had its target price lifted by Piper Sandler from $40.00 to $42.00 in a research note published on Friday morning, MarketBeat.com reports. Piper Sandler currently has an overweight rating on the stock.

DOCS has been the subject of several other research reports. Truist Financial dropped their price target on shares of Doximity from $62.00 to $37.00 and set a “buy” rating for the company in a research report on Friday, February 6th. Royal Bank Of Canada began coverage on shares of Doximity in a report on Thursday, January 8th. They set an “outperform” rating and a $59.00 price objective on the stock. BMO Capital Markets set a $25.00 target price on Doximity in a research report on Friday, February 6th. Needham & Company LLC dropped their price target on shares of Doximity from $75.00 to $55.00 and set a “buy” rating for the company in a research note on Friday, February 6th. Finally, BTIG Research decreased their price objective on Doximity from $80.00 to $50.00 and set a “buy” rating for the company in a research note on Friday, February 6th. One analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating and five have given a Hold rating to the company’s stock. According to data from MarketBeat.com, Doximity currently has a consensus rating of “Moderate Buy” and a consensus target price of $48.33.

Doximity Trading Up 1.2%

DOCS stock opened at $25.55 on Friday. Doximity has a 1 year low of $23.66 and a 1 year high of $76.51. The company has a fifty day simple moving average of $38.33 and a 200 day simple moving average of $54.34. The firm has a market cap of $4.72 billion, a PE ratio of 25.55, a PEG ratio of 4.10 and a beta of 1.39.

Doximity (NASDAQ:DOCS) last issued its quarterly earnings data on Thursday, February 5th. The company reported $0.46 earnings per share for the quarter, topping 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 business earned $0.45 earnings per share. Doximity’s quarterly revenue was up 9.8% compared to the same quarter last year. As a group, analysts forecast that Doximity will post 0.99 EPS for the current fiscal year.

Doximity declared that its Board of Directors has authorized a stock 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 leadership believes its shares are undervalued.

Institutional Trading of Doximity

Institutional investors have recently made changes to their positions in the business. Vanguard Group Inc. lifted its position in 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 buying an additional 518,916 shares in the last quarter. William Blair Investment Management LLC increased its position in shares of Doximity by 11.7% in the third quarter. William Blair Investment Management LLC now owns 5,829,169 shares of the company’s stock valued at $426,404,000 after acquiring an additional 609,775 shares during the last quarter. Capital World Investors raised its holdings in Doximity by 5.1% during the fourth quarter. Capital World Investors now owns 5,654,875 shares of the company’s stock worth $250,398,000 after acquiring an additional 273,444 shares in the last quarter. Geode Capital Management LLC boosted its position in Doximity by 7.7% during the second 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 during the last quarter. Finally, Franklin Resources Inc. grew 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 purchasing an additional 194,912 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.