Wells Fargo & Company Raises Doximity (NASDAQ:DOCS) Price Target to $55.00

Doximity (NASDAQ:DOCS) had its price objective raised by equities research analysts at Wells Fargo & Company from $43.00 to $55.00 in a research report issued to clients and investors on Friday,Benzinga reports. The firm presently has an “equal weight” rating on the stock. Wells Fargo & Company‘s price objective indicates a potential downside of 28.67% from the stock’s current price.

A number of other brokerages have also weighed in on DOCS. Leerink Partners upgraded Doximity from a “market perform” rating to an “outperform” rating and boosted their price target for the stock from $60.00 to $90.00 in a research note on Friday. Needham & Company LLC raised their price target on shares of Doximity from $65.00 to $82.00 and gave the stock a “buy” rating in a report on Friday. Bank of America lifted their price objective on shares of Doximity from $54.00 to $57.00 and gave the stock a “neutral” rating in a research note on Monday, January 6th. Truist Financial upped their target price on Doximity from $35.00 to $49.00 and gave the company a “hold” rating in a research report on Thursday, November 14th. Finally, KeyCorp lowered their price target on Doximity from $70.00 to $65.00 and set an “overweight” rating for the company in a research report on Wednesday, January 8th. Twelve analysts have rated the stock with a hold rating, seven have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $59.82.

Doximity Price Performance

Shares of NASDAQ:DOCS opened at $77.11 on Friday. The business has a 50 day simple moving average of $55.09 and a two-hundred day simple moving average of $45.31. Doximity has a 1 year low of $22.96 and a 1 year high of $70.62. The firm has a market capitalization of $14.40 billion, a PE ratio of 88.63, a price-to-earnings-growth ratio of 4.68 and a beta of 1.39.

Doximity (NASDAQ:DOCS) last posted its quarterly earnings results on Thursday, November 7th. The company reported $0.24 EPS for the quarter, missing the consensus estimate of $0.26 by ($0.02). The business had revenue of $136.83 million during the quarter, compared to the consensus estimate of $127.05 million. Doximity had a net margin of 33.69% and a return on equity of 19.79%. During the same quarter in the prior year, the firm posted $0.18 EPS. Equities research analysts expect that Doximity will post 0.88 EPS for the current fiscal year.

Insiders Place Their Bets

In other Doximity news, Director Timothy S. Cabral sold 20,000 shares of the stock in a transaction dated Monday, February 3rd. The stock was sold at an average price of $57.62, for a total value of $1,152,400.00. Following the sale, the director now owns 6,360 shares of the company’s stock, valued at $366,463.20. This trade represents a 75.87 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 37.40% of the stock is owned by insiders.

Institutional Trading of Doximity

Several hedge funds have recently added to or reduced their stakes in the company. Larson Financial Group LLC raised its holdings in shares of Doximity by 49.4% in the 4th quarter. Larson Financial Group LLC now owns 756 shares of the company’s stock valued at $40,000 after purchasing an additional 250 shares in the last quarter. PNC Financial Services Group Inc. increased its position in Doximity by 6.5% during the fourth quarter. PNC Financial Services Group Inc. now owns 10,278 shares of the company’s stock worth $549,000 after buying an additional 631 shares during the period. Banco Santander S.A. lifted its stake in Doximity by 6.3% in the fourth quarter. Banco Santander S.A. now owns 15,794 shares of the company’s stock valued at $843,000 after buying an additional 939 shares during the last quarter. Raymond James Financial Inc. acquired a new stake in shares of Doximity in the fourth quarter valued at approximately $9,295,000. Finally, Arizona State Retirement System grew its position in shares of Doximity by 2.6% during the fourth quarter. Arizona State Retirement System now owns 32,692 shares of the company’s stock worth $1,745,000 after acquiring an additional 816 shares during the last quarter. 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.