Morgan Stanley Issues Positive Forecast for Doximity (NASDAQ:DOCS) Stock Price

Doximity (NASDAQ:DOCS) had its target price increased by Morgan Stanley from $26.00 to $33.00 in a research note issued to investors on Wednesday morning, Benzinga reports. The brokerage currently has an underweight rating on the stock.

DOCS has been the topic of several other reports. Barclays raised shares of Doximity from an “equal weight” rating to an “overweight” rating and boosted their price target for the stock from $35.00 to $52.00 in a research report on Tuesday, October 15th. Needham & Company LLC upgraded Doximity from a “hold” rating to a “buy” rating and set a $38.00 target price on the stock in a report on Friday, August 9th. Canaccord Genuity Group raised their price target on Doximity from $37.00 to $40.00 and gave the company a “buy” rating in a research note on Tuesday, August 20th. Bank of America boosted their price target on Doximity from $32.00 to $45.00 and gave the stock a “neutral” rating in a research report on Monday, October 7th. Finally, JPMorgan Chase & Co. increased their price objective on Doximity from $27.00 to $30.00 and gave the company a “neutral” rating in a report on Monday, August 19th. Two analysts have rated the stock with a sell rating, seven have issued a hold rating, five have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, Doximity has a consensus rating of “Hold” and a consensus target price of $36.42.

Doximity Price Performance

DOCS opened at $41.98 on Wednesday. The company has a market capitalization of $7.79 billion, a price-to-earnings ratio of 52.48, a P/E/G ratio of 5.29 and a beta of 1.29. Doximity has a 1 year low of $19.89 and a 1 year high of $44.88. The business’s 50-day moving average price is $40.44 and its two-hundred day moving average price is $32.15.

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

Insiders Place Their Bets

In other news, Director Watkin Phoebe L. Yang sold 1,011 shares of the stock in a transaction dated Monday, August 5th. The shares were sold at an average price of $25.54, for a total value of $25,820.94. Following the transaction, the director now directly owns 11,258 shares of the company’s stock, valued at $287,529.32. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other news, Director Watkin Phoebe L. Yang sold 1,011 shares of the business’s stock in a transaction that occurred on Monday, August 5th. The stock was sold at an average price of $25.54, for a total transaction of $25,820.94. Following the completion of the sale, the director now owns 11,258 shares in the company, valued at $287,529.32. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CFO Anna Bryson sold 30,000 shares of the company’s stock in a transaction that occurred on Friday, August 9th. The shares were sold at an average price of $35.00, for a total value of $1,050,000.00. Following the completion of the transaction, the chief financial officer now directly owns 309,627 shares in the company, valued at $10,836,945. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 37.40% of the company’s stock.

Institutional Investors Weigh In On Doximity

A number of hedge funds and other institutional investors have recently modified their holdings of DOCS. William Blair Investment Management LLC grew its stake in shares of Doximity by 15.8% in the second quarter. William Blair Investment Management LLC now owns 6,404,068 shares of the company’s stock valued at $179,122,000 after acquiring an additional 873,682 shares in the last quarter. Clearbridge Investments LLC boosted its holdings in Doximity by 7.1% in the 2nd quarter. Clearbridge Investments LLC now owns 5,853,035 shares of the company’s stock valued at $163,709,000 after purchasing an additional 387,200 shares during the period. Swedbank AB acquired a new position in shares of Doximity during the 1st quarter worth approximately $91,673,000. Janus Henderson Group PLC increased its holdings in shares of Doximity by 33.5% during the first quarter. Janus Henderson Group PLC now owns 2,474,695 shares of the company’s stock worth $66,594,000 after purchasing an additional 621,590 shares during the period. Finally, Capital World Investors raised its position in shares of Doximity by 250.7% in the first quarter. Capital World Investors now owns 1,714,707 shares of the company’s stock valued at $46,143,000 after buying an additional 1,225,707 shares in 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.