Doximity (NASDAQ:DOCS) Cut to Underperform at Bank of America

Bank of America lowered shares of Doximity (NASDAQ:DOCSGet Rating) from a neutral rating to an underperform rating in a research report sent to investors on Friday, The Fly reports. Bank of America currently has $29.00 price objective on the stock, down from their previous price objective of $43.00.

DOCS has been the topic of a number of other research reports. Piper Sandler dropped their target price on Doximity from $44.00 to $39.00 in a research report on Friday. Canaccord Genuity Group lowered their price target on Doximity from $65.00 to $44.00 in a research report on Wednesday, May 18th. Raymond James lowered their price target on Doximity from $60.00 to $40.00 in a research report on Wednesday, May 18th. Jefferies Financial Group lowered their price target on Doximity from $78.00 to $46.00 and set a buy rating on the stock in a research report on Wednesday, May 18th. Finally, Robert W. Baird lowered their price target on Doximity from $68.00 to $45.00 in a research report on Wednesday, May 18th. Two analysts have rated the stock with a sell rating, one has assigned a hold rating and ten have given a buy rating to the stock. Based on data from MarketBeat, Doximity presently has an average rating of Moderate Buy and an average target price of $48.60.

Doximity Stock Performance

Shares of Doximity stock opened at $37.31 on Friday. The business’s 50 day simple moving average is $38.80 and its 200 day simple moving average is $44.01. Doximity has a 52-week low of $27.06 and a 52-week high of $107.79. The firm has a market cap of $7.20 billion, a PE ratio of 53.30, a P/E/G ratio of 11.69 and a beta of 0.78.

Doximity (NASDAQ:DOCSGet Rating) last announced its earnings results on Tuesday, May 17th. The company reported $0.17 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.09 by $0.08. Doximity had a return on equity of 18.38% and a net margin of 41.72%. The business had revenue of $93.65 million for the quarter, compared to analyst estimates of $90.17 million. The company’s quarterly revenue was up 40.4% on a year-over-year basis. As a group, equities research analysts predict that Doximity will post 0.56 EPS for the current year.

Insider Transactions at Doximity

In other news, CRO Paul W. Jorgensen purchased 15,000 shares of the company’s stock in a transaction dated Friday, May 20th. The shares were purchased at an average price of $32.19 per share, for a total transaction of $482,850.00. Following the transaction, the executive now owns 197,676 shares of the company’s stock, valued at $6,363,190.44. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Corporate insiders own 45.21% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently modified their holdings of DOCS. Gotham Asset Management LLC increased its stake in Doximity by 96.9% during the 4th quarter. Gotham Asset Management LLC now owns 13,296 shares of the company’s stock valued at $667,000 after purchasing an additional 6,542 shares in the last quarter. Royce & Associates LP increased its stake in Doximity by 3.2% during the 4th quarter. Royce & Associates LP now owns 15,120 shares of the company’s stock valued at $758,000 after purchasing an additional 470 shares in the last quarter. Griffin Asset Management Inc. increased its stake in Doximity by 93.5% during the 1st quarter. Griffin Asset Management Inc. now owns 12,860 shares of the company’s stock valued at $670,000 after purchasing an additional 6,215 shares in the last quarter. HarbourVest Partners LLC bought a new stake in Doximity during the 4th quarter valued at $2,497,000. Finally, Strs Ohio bought a new stake in Doximity during the 1st quarter valued at $22,659,000. Institutional investors and hedge funds own 67.88% of the company’s stock.

Doximity Company Profile

(Get Rating)

Doximity, Inc operates a cloud-based digital platform for medical professionals in the United States. The company's platform provides its members with tools built for medical professionals, enabling them to collaborate with their colleagues, coordinate patient care, conduct virtual patient visits, stay up to date with the latest medical news and research, and manage their careers.

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Analyst Recommendations for Doximity (NASDAQ:DOCS)

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