JPMorgan Chase & Co. Cuts Doximity (NASDAQ:DOCS) Price Target to $33.00

Doximity (NASDAQ:DOCS) had its price target trimmed by JPMorgan Chase & Co. from $40.00 to $33.00 in a research note published on Friday morning,Benzinga reports. The brokerage currently has a neutral rating on the stock.

A number of other equities research analysts also recently weighed in on the company. Piper Sandler lifted their target price on Doximity from $40.00 to $42.00 and gave the stock an “overweight” rating in a report on Friday. BMO Capital Markets set a $25.00 price objective on shares of Doximity in a research note on Friday, February 6th. The Goldman Sachs Group dropped their target price on shares of Doximity from $46.00 to $34.00 and set a “neutral” rating on the stock in a research report on Friday, February 6th. Needham & Company LLC cut their target price on shares of Doximity from $75.00 to $55.00 and set a “buy” rating on the stock in a research note on Friday, February 6th. Finally, Mizuho decreased their price target on shares of Doximity from $45.00 to $34.00 and set a “neutral” rating for the company in a research note on Tuesday, February 10th. One research analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and five have issued a Hold rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $48.33.

Doximity Stock Up 1.2%

Shares of NASDAQ DOCS opened at $25.55 on Friday. Doximity has a twelve month low of $23.66 and a twelve month high of $76.51. The firm has a fifty day simple moving average of $38.33 and a 200 day simple moving average of $54.29. The company has a market capitalization of $4.72 billion, a PE ratio of 25.55, a P/E/G ratio of 4.10 and a beta of 1.39.

Doximity (NASDAQ:DOCS) last issued its quarterly earnings results on Thursday, February 5th. The company reported $0.46 EPS for the quarter, beating 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 quarter in the previous year, the company earned $0.45 EPS. The firm’s revenue was up 9.8% on a year-over-year basis. As a group, equities analysts expect that Doximity will post 0.99 earnings per share for the current fiscal year.

Doximity announced that its Board of Directors has approved a share buyback plan on Thursday, February 5th that allows the company to buyback $500.00 million in shares. This buyback authorization allows the company to reacquire up to 8% of its stock through open market purchases. Stock buyback plans are generally a sign that the company’s management believes its stock is undervalued.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the business. Whittier Trust Co. of Nevada Inc. increased its position in shares of Doximity by 59.5% during the third quarter. Whittier Trust Co. of Nevada Inc. now owns 480 shares of the company’s stock worth $35,000 after acquiring an additional 179 shares in the last quarter. Oregon Public Employees Retirement Fund lifted its position in Doximity by 0.7% in the 3rd quarter. Oregon Public Employees Retirement Fund now owns 27,500 shares of the company’s stock valued at $2,012,000 after acquiring an additional 200 shares in the last quarter. Fairvoy Private Wealth LLC boosted its stake in Doximity by 1.1% during the 3rd quarter. Fairvoy Private Wealth LLC now owns 19,253 shares of the company’s stock valued at $1,408,000 after purchasing an additional 206 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its stake in Doximity by 0.5% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 38,978 shares of the company’s stock valued at $2,262,000 after purchasing an additional 210 shares during the last quarter. Finally, Rakuten Securities Inc. increased its holdings in Doximity by 14.0% during the 3rd quarter. Rakuten Securities Inc. now owns 1,763 shares of the company’s stock worth $129,000 after purchasing an additional 217 shares in the last quarter. 87.19% of the stock is owned by institutional investors.

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.