Truist Financial Forecasts Strong Price Appreciation for Doximity (NASDAQ:DOCS) Stock

Doximity (NASDAQ:DOCS) had its price target raised by equities research analysts at Truist Financial from $35.00 to $49.00 in a report issued on Thursday,Benzinga reports. The brokerage currently has a “hold” rating on the stock. Truist Financial’s price objective indicates a potential downside of 6.72% from the company’s current price.

A number of other research firms also recently issued reports on DOCS. Wells Fargo & Company raised shares of Doximity from an “underweight” rating to an “equal weight” rating and increased their target price for the stock from $19.00 to $41.00 in a research report on Friday, November 8th. Barclays lifted their target price on shares of Doximity from $52.00 to $75.00 and gave the company an “overweight” rating in a report on Monday. Morgan Stanley upgraded Doximity from an “underweight” rating to an “equal weight” rating and increased their price target for the company from $33.00 to $53.00 in a report on Thursday. Needham & Company LLC upgraded Doximity from a “hold” rating to a “buy” rating and set a $38.00 price objective on the stock in a research note on Friday, August 9th. Finally, KeyCorp upgraded Doximity from a “sector weight” rating to an “overweight” rating and set a $70.00 target price for the company in a research note on Friday, November 8th. Ten equities research analysts have rated the stock with a hold rating, six have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $50.57.

Doximity Price Performance

DOCS stock traded down $0.33 during trading on Thursday, reaching $52.53. 533,806 shares of the stock traded hands, compared to its average volume of 1,726,221. The firm has a market capitalization of $9.75 billion, a PE ratio of 60.38, a P/E/G ratio of 5.08 and a beta of 1.30. The business’s 50 day moving average price is $42.81 and its 200-day moving average price is $33.81. Doximity has a 52-week low of $22.96 and a 52-week high of $61.75.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. MetLife Investment Management LLC boosted its holdings in shares of Doximity by 0.6% during the third quarter. MetLife Investment Management LLC now owns 65,064 shares of the company’s stock valued at $2,835,000 after acquiring an additional 363 shares during the period. FMR LLC increased its stake in shares of Doximity by 30.5% in the third quarter. FMR LLC now owns 6,837,733 shares of the company’s stock valued at $297,920,000 after purchasing an additional 1,598,602 shares during the period. West Tower Group LLC acquired a new position in shares of Doximity during the third quarter worth approximately $174,000. Harvest Fund Management Co. Ltd increased its position in Doximity by 197.1% in the 3rd quarter. Harvest Fund Management Co. Ltd now owns 9,020 shares of the company’s stock valued at $393,000 after acquiring an additional 5,984 shares during the period. Finally, Penserra Capital Management LLC bought a new stake in Doximity during the 3rd quarter valued at $2,384,000. 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.