Doximity (NASDAQ:DOCS) Shares Gap Up – Time to Buy?

Shares of Doximity, Inc. (NASDAQ:DOCS) gapped up before the market opened on Monday . The stock had previously closed at $43.85, but opened at $46.65. Doximity shares last traded at $45.2450, with a volume of 414,307 shares.

Analyst Ratings Changes

A number of brokerages recently commented on DOCS. KeyCorp raised their price objective on shares of Doximity from $75.00 to $80.00 and gave the stock an “overweight” rating in a report on Wednesday, October 8th. Bank of America upgraded Doximity from a “neutral” rating to a “buy” rating and boosted their price target for the company from $75.00 to $82.00 in a report on Monday, October 27th. Evercore ISI cut their target price on Doximity from $81.00 to $70.00 and set an “outperform” rating on the stock in a research note on Friday, November 7th. Robert W. Baird increased their target price on shares of Doximity from $75.00 to $80.00 and gave the stock an “outperform” rating in a report on Thursday, September 11th. Finally, BMO Capital Markets started coverage on shares of Doximity in a research note on Thursday, November 13th. They issued a “market perform” rating and a $55.00 price target on the stock. Two investment analysts have rated the stock with a Strong Buy rating, eleven have assigned a Buy rating, seven have issued a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $68.21.

Doximity Trading Up 3.8%

The firm’s 50 day moving average price is $57.99 and its two-hundred day moving average price is $61.49. The company has a market capitalization of $8.57 billion, a price-to-earnings ratio of 45.53, a price-to-earnings-growth ratio of 4.10 and a beta of 1.38.

Doximity (NASDAQ:DOCS) last issued its earnings results on Thursday, November 6th. The company reported $0.45 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.38 by $0.07. Doximity had a net margin of 36.60% and a return on equity of 21.75%. Doximity’s revenue for the quarter was up 23.2% on a year-over-year basis. During the same period in the prior year, the company posted $0.30 earnings per share. As a group, equities research analysts predict that Doximity, Inc. will post 0.99 EPS for the current year.

Insider Buying and Selling

In other Doximity news, Director Timothy S. Cabral sold 20,000 shares of the company’s stock in a transaction on Wednesday, September 24th. The shares were sold at an average price of $75.00, for a total value of $1,500,000.00. Following the transaction, the director directly owned 3,221 shares in the company, valued at $241,575. The trade was a 86.13% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Regina M. Benjamin sold 5,000 shares of the firm’s stock in a transaction dated Friday, October 10th. The stock was sold at an average price of $70.84, for a total transaction of $354,200.00. Following the sale, the director owned 19,839 shares of the company’s stock, valued at approximately $1,405,394.76. This represents a 20.13% decrease in their position. The SEC filing for this sale provides additional information. In the last three months, insiders have sold 27,000 shares of company stock valued at $1,987,080. 31.30% of the stock is owned by insiders.

Hedge Funds Weigh In On Doximity

Several institutional investors and hedge funds have recently made changes to their positions in DOCS. GAMMA Investing LLC lifted its holdings in Doximity by 5.9% during the 2nd quarter. GAMMA Investing LLC now owns 2,981 shares of the company’s stock worth $183,000 after purchasing an additional 165 shares during the last quarter. Whittier Trust Co. of Nevada Inc. increased its position in Doximity by 59.5% during the 3rd quarter. Whittier Trust Co. of Nevada Inc. now owns 480 shares of the company’s stock worth $35,000 after buying an additional 179 shares during the period. Louisiana State Employees Retirement System lifted its holdings in shares of Doximity by 0.5% during the second quarter. Louisiana State Employees Retirement System now owns 37,600 shares of the company’s stock worth $2,306,000 after buying an additional 200 shares in the last quarter. Oregon Public Employees Retirement Fund boosted its position in shares of Doximity by 0.7% in the third 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 during the period. Finally, Fairvoy Private Wealth LLC boosted its position in shares of Doximity by 1.1% in the third quarter. Fairvoy Private Wealth LLC now owns 19,253 shares of the company’s stock valued at $1,408,000 after acquiring an additional 206 shares during the period. Institutional investors and hedge funds own 87.19% of the company’s stock.

About Doximity

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.