Doximity (NASDAQ:DOCS) Sets New 12-Month High – Should You Buy?

Doximity, Inc. (NASDAQ:DOCS) hit a new 52-week high during trading on Friday . The company traded as high as $57.10 and last traded at $57.10, with a volume of 272953 shares trading hands. The stock had previously closed at $43.42.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on the company. Barclays raised Doximity from an “equal weight” rating to an “overweight” rating and raised their price target for the stock from $35.00 to $52.00 in a research note on Tuesday, October 15th. Needham & Company LLC upgraded Doximity from a “hold” rating to a “buy” rating and set a $38.00 price target for the company in a research note on Friday, August 9th. JPMorgan Chase & Co. boosted their price objective on shares of Doximity from $27.00 to $30.00 and gave the stock a “neutral” rating in a research note on Monday, August 19th. Truist Financial reissued a “hold” rating and set a $35.00 price objective (up previously from $31.00) on shares of Doximity in a research report on Wednesday, August 14th. Finally, Bank of America raised their price objective on shares of Doximity from $32.00 to $45.00 and gave the stock a “neutral” rating in a research note on Monday, October 7th. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating, six have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $40.69.

Doximity Trading Up 36.1 %

The company has a market cap of $10.97 billion, a P/E ratio of 73.80, a price-to-earnings-growth ratio of 5.03 and a beta of 1.30. The firm’s 50 day moving average price is $41.12 and its 200-day moving average price is $32.82.

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

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. LRI Investments LLC acquired a new position in shares of Doximity in the 1st quarter valued at $27,000. Farther Finance Advisors LLC raised its stake in shares of Doximity by 324.2% during the 3rd quarter. Farther Finance Advisors LLC now owns 789 shares of the company’s stock worth $34,000 after purchasing an additional 603 shares in the last quarter. Blue Trust Inc. grew its stake in shares of Doximity by 621.4% in the second quarter. Blue Trust Inc. now owns 1,385 shares of the company’s stock valued at $37,000 after buying an additional 1,193 shares in the last quarter. Quarry LP grew its stake in shares of Doximity by 101.2% in the second quarter. Quarry LP now owns 1,616 shares of the company’s stock valued at $45,000 after buying an additional 131,253 shares in the last quarter. Finally, DekaBank Deutsche Girozentrale acquired a new position in Doximity during the first quarter worth $46,000. 87.19% of the stock is currently owned by institutional investors.

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.