Doximity (NASDAQ:DOCS) Reaches New 52-Week Low After Analyst Downgrade

Doximity, Inc. (NASDAQ:DOCS) reached a new 52-week low during trading on Monday after JPMorgan Chase & Co. lowered their price target on the stock from $40.00 to $33.00. JPMorgan Chase & Co. currently has a neutral rating on the stock. Doximity traded as low as $23.58 and last traded at $23.9740, with a volume of 2084022 shares trading hands. The stock had previously closed at $25.55.

Other research analysts have also recently issued research reports about the stock. Royal Bank Of Canada initiated coverage on shares of Doximity in a research report on Thursday, January 8th. They set an “outperform” rating and a $59.00 price target on the stock. Truist Financial reduced their target price on shares of Doximity from $62.00 to $37.00 and set a “buy” rating on the stock in a research note on Friday, February 6th. BMO Capital Markets set a $25.00 target price on Doximity in a research note on Friday, February 6th. Mizuho cut their target price on Doximity from $45.00 to $34.00 and set a “neutral” rating on the stock in a research report on Tuesday, February 10th. Finally, Evercore reissued an “outperform” rating on shares of Doximity in a research report on Thursday, January 8th. 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. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $48.33.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of DOCS. Vanguard Group Inc. grew its holdings in Doximity by 4.1% in the fourth quarter. Vanguard Group Inc. now owns 13,285,485 shares of the company’s stock valued at $588,281,000 after purchasing an additional 518,916 shares during the last quarter. William Blair Investment Management LLC boosted its position in Doximity by 11.7% during the third 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 during the last quarter. Capital World Investors grew its position in shares of Doximity by 5.1% in the fourth 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 period. Geode Capital Management LLC grew its holdings in 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 buying an additional 261,319 shares during the period. Finally, Franklin Resources Inc. increased its position in Doximity by 6.2% during the third quarter. Franklin Resources Inc. now owns 3,357,505 shares of the company’s stock worth $245,601,000 after purchasing an additional 194,912 shares during the last quarter. Institutional investors and hedge funds own 87.19% of the company’s stock.

Doximity Stock Performance

The firm has a market capitalization of $4.45 billion, a price-to-earnings ratio of 24.09, a P/E/G ratio of 4.10 and a beta of 1.39. The business has a fifty day moving average price of $37.51 and a 200 day moving average price of $53.74.

Doximity (NASDAQ:DOCS) last announced its quarterly earnings results on Thursday, February 5th. The company reported $0.46 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.45 by $0.01. Doximity had a return on equity of 21.75% and a net margin of 36.60%.The company’s revenue was up 9.8% compared to the same quarter last year. During the same period in the prior year, the company posted $0.45 earnings per share. On average, analysts expect that Doximity, Inc. will post 0.99 earnings per share for the current year.

Doximity declared that its Board of Directors has authorized a stock repurchase plan on Thursday, February 5th that permits the company to repurchase $500.00 million in shares. This repurchase authorization permits the company to repurchase up to 8% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s management believes its shares are undervalued.

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.