Morgan Stanley Raises Doximity (NASDAQ:DOCS) Price Target to $33.00

Doximity (NASDAQ:DOCS) had its target price increased by analysts at Morgan Stanley from $26.00 to $33.00 in a note issued to investors on Wednesday, Benzinga reports. The firm currently has an “underweight” rating on the stock. Morgan Stanley’s target price indicates a potential downside of 20.94% from the stock’s current price.

Several other research analysts have also commented on the company. Baird R W upgraded Doximity to a “strong-buy” rating in a research report on Tuesday, September 17th. Bank of America lifted their target price on Doximity from $32.00 to $45.00 and gave the stock a “neutral” rating in a research report on Monday, October 7th. Evercore ISI lifted their target price on Doximity from $34.00 to $45.00 and gave the stock an “in-line” rating in a research report on Tuesday, October 8th. Truist Financial reiterated a “hold” rating and issued a $35.00 target price (up previously from $31.00) on shares of Doximity in a research report on Wednesday, August 14th. Finally, Robert W. Baird lifted their target price on Doximity from $41.00 to $45.00 and gave the stock an “outperform” rating in a research report on Tuesday, September 17th. Two equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating, five have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $36.42.

Doximity Stock Performance

Shares of NASDAQ:DOCS opened at $41.74 on Wednesday. Doximity has a one year low of $19.89 and a one year high of $44.88. The business’s 50-day simple moving average is $40.55 and its 200 day simple moving average is $32.21. The company has a market cap of $7.75 billion, a P/E ratio of 52.18, a PEG ratio of 5.29 and a beta of 1.29.

Doximity (NASDAQ:DOCS) last issued its quarterly earnings data on Thursday, August 8th. The company reported $0.22 earnings per share for the quarter, beating analysts’ consensus estimates of $0.16 by $0.06. Doximity had a return on equity of 19.26% and a net margin of 32.53%. The firm had revenue of $126.68 million during the quarter, compared to analyst estimates of $119.88 million. Analysts predict that Doximity will post 0.8 earnings per share for the current year.

Insider Activity at Doximity

In other Doximity news, Director Watkin Phoebe L. Yang sold 1,011 shares of Doximity stock in a transaction on Monday, August 5th. The stock was sold at an average price of $25.54, for a total transaction of $25,820.94. Following the sale, the director now owns 11,258 shares of the company’s stock, valued at $287,529.32. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other Doximity news, Director Watkin Phoebe L. Yang sold 1,011 shares of Doximity stock in a transaction on Monday, August 5th. The stock was sold at an average price of $25.54, for a total transaction of $25,820.94. Following the sale, the director now owns 11,258 shares of the company’s stock, valued at $287,529.32. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Anna Bryson sold 30,000 shares of Doximity stock in a transaction on Friday, August 9th. The shares were sold at an average price of $35.00, for a total value of $1,050,000.00. Following the sale, the chief financial officer now directly owns 309,627 shares in the company, valued at $10,836,945. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders own 37.40% of the company’s stock.

Institutional Trading of Doximity

A number of hedge funds and other institutional investors have recently modified their holdings of DOCS. LRI Investments LLC bought a new stake in shares of Doximity in the 1st quarter worth $27,000. Farther Finance Advisors LLC raised its stake in shares of Doximity by 324.2% in the 3rd quarter. Farther Finance Advisors LLC now owns 789 shares of the company’s stock worth $34,000 after buying an additional 603 shares in the last quarter. Blue Trust Inc. raised its stake in shares of Doximity by 621.4% in the 2nd quarter. Blue Trust Inc. now owns 1,385 shares of the company’s stock worth $37,000 after buying an additional 1,193 shares in the last quarter. Quarry LP raised its stake in shares of Doximity by 101.2% in the 2nd quarter. Quarry LP now owns 1,616 shares of the company’s stock worth $45,000 after buying an additional 131,253 shares in the last quarter. Finally, DekaBank Deutsche Girozentrale bought a new stake in shares of Doximity in the 1st quarter worth $46,000. Institutional investors 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.