Doximity (NYSE:DOCS) Given New $47.00 Price Target at Bank of America

Doximity (NYSE:DOCS) had its price objective cut by stock analysts at Bank of America from $56.00 to $47.00 in a report issued on Thursday,Benzinga reports. The firm currently has a “buy” rating on the stock. Bank of America‘s price target suggests a potential upside of 93.50% from the company’s previous close.

Other equities research analysts have also recently issued research reports about the company. Wall Street Zen cut Doximity from a “buy” rating to a “hold” rating in a research note on Saturday, January 10th. Raymond James Financial reaffirmed a “strong-buy” rating on shares of Doximity in a research note on Monday, December 29th. Zacks Research cut Doximity from a “hold” rating to a “strong sell” rating in a research note on Monday, April 6th. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Doximity in a research note on Wednesday, December 24th. Finally, Piper Sandler upped their price target on Doximity from $40.00 to $42.00 and gave the stock an “overweight” rating in a research note on Friday, February 20th. Two analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating, six have given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, Doximity currently has an average rating of “Moderate Buy” and an average price target of $41.68.

Doximity Stock Up 1.6%

Shares of NYSE:DOCS traded up $0.39 during midday trading on Thursday, reaching $24.29. The company’s stock had a trading volume of 724,303 shares, compared to its average volume of 3,407,204. Doximity has a fifty-two week low of $20.55 and a fifty-two week high of $76.51. The stock has a 50 day moving average of $24.64. The firm has a market capitalization of $4.49 billion, a price-to-earnings ratio of 20.28, a price-to-earnings-growth ratio of 1.25 and a beta of 1.42.

Doximity (NYSE:DOCS) last released its earnings results on Thursday, February 5th. The company reported $0.46 EPS for the quarter, topping the consensus estimate of $0.45 by $0.01. Doximity had a return on equity of 23.84% and a net margin of 37.54%.During the same quarter in the previous year, the company earned $0.45 earnings per share. The firm’s revenue was up 9.8% on a year-over-year basis.

Doximity announced that its Board of Directors has approved a share repurchase program on Thursday, February 5th that authorizes the company to buyback $500.00 million in shares. This buyback authorization authorizes 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 board believes its stock is undervalued.

Insider Buying and Selling

In other Doximity news, insider Siddharth Sitaram sold 2,427 shares of the business’s stock in a transaction that occurred on Friday, April 10th. The stock was sold at an average price of $21.09, for a total transaction of $51,185.43. Following the completion of the sale, the insider directly owned 86,705 shares of the company’s stock, valued at approximately $1,828,608.45. The trade was a 2.72% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director Kira Scherer Wampler sold 2,000 shares of the business’s stock in a transaction that occurred on Tuesday, March 3rd. The stock was sold at an average price of $26.00, for a total value of $52,000.00. Following the sale, the director directly owned 19,839 shares of the company’s stock, valued at $515,814. This represents a 9.16% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 9,028 shares of company stock valued at $225,641 over the last three months. Corporate insiders own 31.30% of the company’s stock.

Hedge Funds Weigh In On Doximity

Institutional investors have recently modified their holdings of the business. Synergy Asset Management LLC grew its holdings in shares of Doximity by 100.0% in the third quarter. Synergy Asset Management LLC now owns 604,502 shares of the company’s stock valued at $44,219,000 after acquiring an additional 302,251 shares in the last quarter. SG Americas Securities LLC lifted its stake in Doximity by 335.9% in the third quarter. SG Americas Securities LLC now owns 52,993 shares of the company’s stock valued at $3,876,000 after purchasing an additional 40,837 shares during the last quarter. Aubrey Capital Management Ltd purchased a new position in Doximity in the third quarter valued at approximately $4,572,000. Voya Investment Management LLC lifted its stake in Doximity by 932.8% in the third quarter. Voya Investment Management LLC now owns 1,567,668 shares of the company’s stock valued at $114,267,000 after purchasing an additional 1,415,882 shares during the last quarter. Finally, Blair William & Co. IL lifted its stake in Doximity by 1,990.7% in the third quarter. Blair William & Co. IL now owns 362,740 shares of the company’s stock valued at $26,534,000 after purchasing an additional 345,390 shares during the last quarter. 87.19% of the stock is owned by institutional investors.

About Doximity

Doximity, trading as DOCS, operates a digital professional network and communications platform designed primarily for clinicians. Headquartered in San Francisco, the company connects physicians, nurse practitioners, physician assistants and other healthcare professionals, providing tools that streamline clinical communication, telehealth delivery and access to specialty-specific medical information. Its platform is positioned as a professional hub where clinicians manage their workflows, stay current with medical news and collaborate securely with peers.

The company’s offerings include secure messaging and video telehealth capabilities that enable clinicians to consult with patients and colleagues while protecting patient information.