Evercore ISI Upgrades Doximity (NASDAQ:DOCS) to “Outperform”

Doximity (NASDAQ:DOCS) was upgraded by analysts at Evercore ISI from an “in-line” rating to an “outperform” rating in a report released on Wednesday, Marketbeat.com reports. The brokerage currently has a $70.00 price objective on the stock, up from their previous price objective of $50.00. Evercore ISI’s target price indicates a potential upside of 13.62% from the stock’s current price.

A number of other research analysts have also recently weighed in on DOCS. Robert W. Baird dropped their target price on shares of Doximity from $87.00 to $65.00 and set an “outperform” rating on the stock in a research note on Tuesday, May 20th. KeyCorp dropped their price target on shares of Doximity from $83.00 to $70.00 and set an “overweight” rating on the stock in a research note on Wednesday, April 16th. Truist Financial dropped their price target on Doximity from $58.00 to $52.00 and set a “hold” rating for the company in a research report on Friday, May 16th. JPMorgan Chase & Co. lowered their price objective on shares of Doximity from $63.00 to $60.00 and set a “neutral” rating on the stock in a research report on Tuesday, May 27th. Finally, BTIG Research upgraded shares of Doximity from a “neutral” rating to a “buy” rating and set a $80.00 price objective on the stock in a research report on Monday, June 2nd. Ten equities research analysts have rated the stock with a hold rating, ten have assigned a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $64.42.

Doximity Stock Up 1.2%

Shares of NASDAQ:DOCS opened at $61.61 on Wednesday. The company’s 50 day moving average price is $57.00 and its two-hundred day moving average price is $59.12. Doximity has a 12-month low of $25.00 and a 12-month high of $85.21. The firm has a market cap of $11.57 billion, a PE ratio of 61.61, a PEG ratio of 4.10 and a beta of 1.37.

Doximity (NASDAQ:DOCS) last issued its quarterly earnings data on Thursday, May 15th. The company reported $0.38 EPS for the quarter, beating the consensus estimate of $0.27 by $0.11. Doximity had a net margin of 36.60% and a return on equity of 21.75%. During the same period in the prior year, the business posted $0.25 earnings per share. The business’s revenue was up 17.1% compared to the same quarter last year. On average, research analysts expect that Doximity will post 0.99 EPS for the current year.

Insider Activity

In other news, CFO Anna Bryson sold 45,000 shares of the company’s stock in a transaction on Thursday, May 1st. The shares were sold at an average price of $57.23, for a total transaction of $2,575,350.00. Following the completion of the sale, the chief financial officer owned 357,165 shares of the company’s stock, valued at $20,440,552.95. This represents a 11.19% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Kira Scherer Wampler sold 2,000 shares of the company’s stock in a transaction on Monday, June 2nd. The stock was sold at an average price of $52.89, for a total transaction of $105,780.00. Following the sale, the director directly owned 16,618 shares of the company’s stock, valued at $878,926.02. The trade was a 10.74% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 71,000 shares of company stock valued at $4,100,770. 37.40% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of the stock. MRA Advisory Group increased its stake in Doximity by 57.9% in the second quarter. MRA Advisory Group now owns 13,733 shares of the company’s stock valued at $842,000 after purchasing an additional 5,038 shares during the last quarter. Gallacher Capital Management LLC acquired a new position in shares of Doximity in the second quarter valued at approximately $286,000. Voya Investment Management LLC raised its position in shares of Doximity by 24.2% in the first quarter. Voya Investment Management LLC now owns 114,945 shares of the company’s stock valued at $6,670,000 after buying an additional 22,409 shares during the last quarter. Strs Ohio purchased a new stake in Doximity in the first quarter valued at approximately $665,000. Finally, Focus Partners Wealth purchased a new stake in Doximity during the first quarter worth approximately $283,000. Institutional investors and hedge funds own 87.19% of the company’s stock.

Doximity Company Profile

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.