Doximity (NYSE:DOCS) Upgraded by Freedom Capital to “Strong-Buy” Rating

Freedom Capital upgraded shares of Doximity (NYSE:DOCS) to a strong-buy rating in a report published on Tuesday,Zacks.com reports.

A number of other brokerages also recently commented on DOCS. Morgan Stanley decreased their price target on Doximity from $65.00 to $49.00 and set an “overweight” rating for the company in a research report on Friday, February 6th. Barclays reduced their price objective on Doximity from $63.00 to $38.00 and set an “overweight” rating for the company in a research note on Wednesday, February 11th. Wells Fargo & Company reduced their price objective on Doximity from $55.00 to $45.00 and set an “overweight” rating for the company in a research note on Friday, February 6th. JPMorgan Chase & Co. lowered their target price on Doximity from $40.00 to $33.00 and set a “neutral” rating on the stock in a research note on Friday, February 20th. Finally, Evercore reissued an “outperform” rating on shares of Doximity in a report on Thursday, January 8th. Two equities research analysts have rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and six have issued a Hold rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $46.63.

Doximity Stock Performance

NYSE:DOCS opened at $24.76 on Tuesday. The stock has a market cap of $4.57 billion, a price-to-earnings ratio of 20.63, a price-to-earnings-growth ratio of 1.40 and a beta of 1.44. Doximity has a 52 week low of $23.53 and a 52 week high of $76.51. The company has a 50-day moving average price of $31.36.

Doximity (NYSE:DOCS) last posted 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 net margin of 37.54% and a return on equity of 23.84%. During the same quarter in the previous year, the company posted $0.45 EPS. The business’s revenue was up 9.8% compared to the same quarter last year.

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

Insider Buying and Selling at Doximity

In other Doximity news, Director Kira Scherer Wampler sold 2,000 shares of the business’s stock in a transaction 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 in the company, valued at $515,814. The trade was a 9.16% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Siddharth Sitaram sold 2,319 shares of the company’s stock in a transaction on Tuesday, March 10th. The shares were sold at an average price of $25.37, for a total value of $58,833.03. Following the transaction, the insider directly owned 84,132 shares in the company, valued at $2,134,428.84. This represents a 2.68% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders have sold 6,601 shares of company stock valued at $174,455. 31.30% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Doximity

Large investors have recently added to or reduced their stakes in the company. Root Financial Partners LLC bought a new stake in Doximity in the 3rd quarter valued at about $30,000. Whittier Trust Co. of Nevada Inc. boosted its position in Doximity by 59.5% during the third quarter. Whittier Trust Co. of Nevada Inc. now owns 480 shares of the company’s stock worth $35,000 after purchasing an additional 179 shares during the period. Northwestern Mutual Wealth Management Co. boosted its position in 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 purchasing an additional 397 shares during the period. Toth Financial Advisory Corp increased its stake in shares of Doximity by 150.0% in the third quarter. Toth Financial Advisory Corp now owns 500 shares of the company’s stock worth $37,000 after purchasing an additional 300 shares in the last quarter. Finally, Atlantic Union Bankshares Corp increased its stake in shares of Doximity by 136.9% in the third quarter. Atlantic Union Bankshares Corp now owns 616 shares of the company’s stock worth $45,000 after purchasing an additional 356 shares in the last quarter. Hedge funds and other institutional investors own 87.19% of the company’s stock.

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.