Bank of America Lowers Doximity (NYSE:DOCS) Price Target to $47.00

Doximity (NYSE:DOCS) had its price target reduced by research analysts at Bank of America from $56.00 to $47.00 in a research report issued on Thursday,Benzinga reports. The firm presently has a “buy” rating on the stock. Bank of America‘s price target would indicate a potential upside of 90.11% from the company’s current price.

Several other research firms also recently weighed in on DOCS. Needham & Company LLC raised shares of Doximity to a “moderate buy” rating in a research report on Friday, February 6th. Wells Fargo & Company dropped their price objective on shares of Doximity from $55.00 to $45.00 and set an “overweight” rating on the stock in a report on Friday, February 6th. Raymond James Financial reaffirmed a “strong-buy” rating on shares of Doximity in a report on Monday, December 29th. Royal Bank Of Canada reaffirmed an “outperform” rating and issued a $44.00 price objective on shares of Doximity in a report on Monday, March 9th. Finally, Truist Financial dropped their price objective on shares of Doximity from $62.00 to $37.00 and set a “buy” rating on the stock in a report on Friday, February 6th. Two equities research analysts have rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating, six have assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $41.68.

Doximity Stock Performance

NYSE:DOCS opened at $24.72 on Thursday. The stock has a market cap of $4.57 billion, a P/E ratio of 20.60, a PEG ratio of 1.73 and a beta of 1.42. Doximity has a twelve month low of $20.55 and a twelve month high of $76.51. The stock’s 50 day moving average is $24.40.

Doximity (NYSE:DOCS) last released its earnings results on Thursday, February 5th. The company reported $0.46 earnings per share 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%. The business’s revenue was up 9.8% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.45 EPS.

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

Insider Buying and Selling at Doximity

In other news, Director Kira Scherer Wampler sold 2,000 shares of the company’s 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 of the company’s stock, valued at $515,814. This represents a 9.16% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Siddharth Sitaram sold 2,427 shares of the company’s stock in a transaction on Friday, April 10th. The shares were sold at an average price of $21.09, for a total transaction of $51,185.43. Following the completion of the sale, the insider directly owned 86,705 shares in the company, valued at $1,828,608.45. This trade represents a 2.72% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold a total of 9,028 shares of company stock worth $225,641 over the last ninety days. Insiders own 31.30% of the company’s stock.

Hedge Funds Weigh In On Doximity

Large investors have recently made changes to their positions in the company. Synergy Asset Management LLC lifted its stake in shares of 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 purchasing an additional 302,251 shares during the period. SG Americas Securities LLC lifted its stake in shares of Doximity by 335.9% in the 3rd quarter. SG Americas Securities LLC now owns 52,993 shares of the company’s stock valued at $3,876,000 after purchasing an additional 40,837 shares during the period. Aubrey Capital Management Ltd acquired a new position in shares of Doximity in the 3rd quarter valued at $4,572,000. Voya Investment Management LLC lifted its stake in shares of Doximity by 932.8% in the 3rd quarter. Voya Investment Management LLC now owns 1,567,668 shares of the company’s stock valued at $114,267,000 after purchasing an additional 1,415,882 shares during the period. Finally, Blair William & Co. IL lifted its stake in shares of Doximity by 1,990.7% in the 3rd quarter. Blair William & Co. IL now owns 362,740 shares of the company’s stock valued at $26,534,000 after purchasing an additional 345,390 shares during the period. 87.19% of the stock is currently owned by institutional investors and hedge funds.

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.