Doximity (NASDAQ:DOCS) Sets New 12-Month Low on Analyst Downgrade

Doximity, Inc. (NASDAQ:DOCS)’s share price hit a new 52-week low during mid-day 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.

Several other analysts have also recently weighed in on DOCS. Bank of America upgraded shares of Doximity from a “neutral” rating to a “buy” rating and lifted their price target for the company from $75.00 to $82.00 in a report on Monday, October 27th. Piper Sandler upped their price objective on shares of Doximity from $40.00 to $42.00 and gave the stock an “overweight” rating in a report on Friday. 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. BTIG Research reduced their price target on shares of Doximity from $80.00 to $50.00 and set a “buy” rating on the stock in a research report on Friday, February 6th. Finally, Truist Financial decreased their price target on shares of Doximity from $62.00 to $37.00 and set a “buy” rating for the company in a research note on Friday, February 6th. One equities research analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and five have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $48.33.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Hantz Financial Services Inc. increased its position in Doximity by 148.9% during the second quarter. Hantz Financial Services Inc. now owns 453 shares of the company’s stock worth $28,000 after buying an additional 271 shares in the last quarter. Root Financial Partners LLC acquired a new position in Doximity in the 3rd quarter valued at about $30,000. Whittier Trust Co. of Nevada Inc. lifted its holdings in Doximity by 59.5% in the 3rd quarter. Whittier Trust Co. of Nevada Inc. now owns 480 shares of the company’s stock valued at $35,000 after purchasing an additional 179 shares in the last quarter. Northwestern Mutual Wealth Management Co. grew its holdings in shares of Doximity by 99.5% during the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 796 shares of the company’s stock worth $35,000 after buying an additional 397 shares in the last quarter. Finally, Toth Financial Advisory Corp grew its holdings in shares of Doximity by 150.0% during the third quarter. Toth Financial Advisory Corp now owns 500 shares of the company’s stock worth $37,000 after buying an additional 300 shares in the last quarter. Institutional investors and hedge funds own 87.19% of the company’s stock.

Doximity Stock Down 6.5%

The firm’s 50 day moving average is $38.33 and its 200-day moving average is $54.29. The firm has a market cap of $4.41 billion, a PE ratio of 23.89, a P/E/G ratio of 4.10 and a beta of 1.39.

Doximity (NASDAQ:DOCS) last posted its quarterly earnings data on Thursday, February 5th. The company reported $0.46 earnings per share (EPS) for the quarter, topping 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 firm’s revenue was up 9.8% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.45 EPS. On average, analysts forecast that Doximity, Inc. will post 0.99 earnings per share for the current year.

Doximity declared that its Board of Directors has approved a share buyback program on Thursday, February 5th that authorizes the company to buyback $500.00 million in outstanding shares. This buyback authorization authorizes the company to buy up to 8% of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s board of directors believes its stock is 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.