Doximity (NYSE:DOCS) Given New $28.00 Price Target at The Goldman Sachs Group

Doximity (NYSE:DOCS) had its price objective cut by The Goldman Sachs Group from $34.00 to $28.00 in a research report issued on Thursday,Benzinga reports. The brokerage presently has a “neutral” rating on the stock. The Goldman Sachs Group’s price objective suggests a potential upside of 32.95% from the company’s current price.

DOCS has been the topic of several other research reports. Weiss Ratings reiterated a “hold (c+)” rating on shares of Doximity in a research note on Wednesday, December 24th. Barclays dropped their price target on shares of Doximity from $63.00 to $38.00 and set an “overweight” rating on the stock in a research note on Wednesday, February 11th. Freedom Capital upgraded shares of Doximity to a “strong-buy” rating in a research note on Tuesday, March 17th. Canaccord Genuity Group set a $34.00 price target on shares of Doximity and gave the stock a “buy” rating in a research note on Monday, February 9th. Finally, BMO Capital Markets set a $25.00 price target on shares of Doximity in a research note on Friday, February 6th. Two investment analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating, six have issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $43.95.

Doximity Stock Performance

Shares of NYSE:DOCS traded down $0.80 during trading on Thursday, reaching $21.06. 1,937,397 shares of the stock traded hands, compared to its average volume of 3,421,730. The firm’s 50-day moving average price is $26.09. Doximity has a 52-week low of $20.55 and a 52-week high of $76.51. The company has a market capitalization of $3.89 billion, a PE ratio of 17.58, a P/E/G ratio of 1.28 and a beta of 1.42.

Doximity (NYSE:DOCS) last posted its quarterly earnings results on Thursday, February 5th. The company reported $0.46 EPS for the quarter, beating analysts’ consensus estimates 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 business earned $0.45 EPS. The company’s quarterly revenue was up 9.8% on a year-over-year basis.

Doximity announced that its Board of Directors has approved a stock buyback plan on Thursday, February 5th that permits the company to buyback $500.00 million in outstanding shares. This buyback authorization permits the company to repurchase up to 8% of its stock through open market purchases. Stock buyback plans are generally a sign that the company’s board of directors believes its shares are undervalued.

Insider Buying and Selling at Doximity

In other Doximity news, Director Kira Scherer Wampler sold 2,000 shares of Doximity stock in a transaction on Tuesday, March 3rd. The shares were 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 approximately $515,814. The trade was a 9.16% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Siddharth Sitaram sold 2,319 shares of Doximity stock in a transaction on Tuesday, March 10th. The shares were sold at an average price of $25.37, for a total transaction of $58,833.03. Following the completion of the sale, the insider owned 84,132 shares in the company, valued at approximately $2,134,428.84. This represents a 2.68% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 6,601 shares of company stock worth $174,455 over the last 90 days. Insiders own 31.30% of the company’s stock.

Institutional Trading of Doximity

Institutional investors and hedge funds have recently bought and sold shares of the stock. Synergy Asset Management LLC boosted its position in Doximity by 100.0% in the 3rd quarter. Synergy Asset Management LLC now owns 604,502 shares of the company’s stock valued at $44,219,000 after buying an additional 302,251 shares during the period. Liontrust Investment Partners LLP lifted its position in shares of Doximity by 1,189.9% in the 2nd quarter. Liontrust Investment Partners LLP now owns 272,065 shares of the company’s stock worth $16,688,000 after purchasing an additional 250,973 shares during the period. SG Americas Securities LLC raised its stake in shares of Doximity by 335.9% during the 3rd quarter. SG Americas Securities LLC now owns 52,993 shares of the company’s stock worth $3,876,000 after acquiring an additional 40,837 shares in the last quarter. Aubrey Capital Management Ltd bought a new position in shares of Doximity during the 3rd quarter worth approximately $4,572,000. Finally, Voya Investment Management LLC raised its stake in shares of Doximity by 932.8% during the 3rd quarter. Voya Investment Management LLC now owns 1,567,668 shares of the company’s stock worth $114,267,000 after acquiring an additional 1,415,882 shares in the last quarter. 87.19% of the stock is currently owned by institutional investors.

Doximity Company Profile

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.