Doximity (NASDAQ:DOCS) Sets New 1-Year High on Earnings Beat

Doximity, Inc. (NASDAQ:DOCS) shares reached a new 52-week high during trading on Friday following a better than expected earnings announcement. The company traded as high as $35.49 and last traded at $34.40, with a volume of 2767318 shares. The stock had previously closed at $25.66.

The company reported $0.22 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.16 by $0.06. Doximity had a net margin of 31.04% and a return on equity of 17.44%. The business had revenue of $126.68 million during the quarter, compared to the consensus estimate of $119.88 million.

Wall Street Analysts Forecast Growth

A number of research firms have issued reports on DOCS. Needham & Company LLC raised Doximity from a “hold” rating to a “buy” rating and set a $38.00 target price on the stock in a report on Friday. Morgan Stanley boosted their price objective on shares of Doximity from $25.00 to $26.00 and gave the stock an “underweight” rating in a report on Friday. William Blair reissued an “outperform” rating on shares of Doximity in a report on Friday, May 17th. Barclays upped their target price on Doximity from $31.00 to $35.00 and gave the company an “equal weight” rating in a research note on Friday. Finally, Wells Fargo & Company downgraded shares of Doximity from an “equal weight” rating to an “underweight” rating and decreased their price target for the stock from $27.00 to $19.00 in a research note on Thursday, July 18th. Two equities research analysts have rated the stock with a sell rating, nine have given a hold rating and four have assigned a buy rating to the company. According to MarketBeat.com, Doximity presently has an average rating of “Hold” and an average price target of $29.25.

Insider Activity

In other Doximity news, Director Kira Scherer Wampler sold 2,500 shares of Doximity stock in a transaction on Friday, May 17th. The stock was sold at an average price of $27.22, for a total value of $68,050.00. Following the completion of the transaction, the director now owns 10,258 shares in the company, valued at approximately $279,222.76. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In related news, Director Kira Scherer Wampler sold 2,500 shares of the business’s stock in a transaction that occurred on Friday, May 17th. The shares were sold at an average price of $27.22, for a total value of $68,050.00. Following the completion of the transaction, the director now owns 10,258 shares in the company, valued at approximately $279,222.76. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Craig Overpeck sold 1,500 shares of the company’s stock in a transaction on Thursday, May 16th. The shares were sold at an average price of $23.85, for a total value of $35,775.00. Following the transaction, the insider now directly owns 108,609 shares in the company, valued at approximately $2,590,324.65. The disclosure for this sale can be found here. In the last quarter, insiders have sold 51,951 shares of company stock worth $1,524,843. Corporate insiders own 39.40% of the company’s stock.

Institutional Investors Weigh In On Doximity

Institutional investors have recently made changes to their positions in the stock. Raymond James Financial Services Advisors Inc. boosted its position in shares of Doximity by 21.8% during the fourth quarter. Raymond James Financial Services Advisors Inc. now owns 22,247 shares of the company’s stock worth $624,000 after purchasing an additional 3,978 shares in the last quarter. Arizona State Retirement System raised its holdings in Doximity by 2.6% during the 4th quarter. Arizona State Retirement System now owns 31,950 shares of the company’s stock worth $896,000 after buying an additional 801 shares during the period. New York State Teachers Retirement System lifted its stake in Doximity by 10.0% in the fourth quarter. New York State Teachers Retirement System now owns 87,381 shares of the company’s stock valued at $2,450,000 after buying an additional 7,969 shares in the last quarter. RFG Advisory LLC bought a new position in Doximity in the fourth quarter valued at approximately $654,000. Finally, Sequoia Financial Advisors LLC acquired a new position in shares of Doximity in the fourth quarter valued at approximately $325,000. 87.19% of the stock is owned by institutional investors and hedge funds.

Doximity Price Performance

The company’s 50-day moving average price is $27.84 and its 200-day moving average price is $27.32. The company has a market cap of $6.44 billion, a P/E ratio of 48.21, a P/E/G ratio of 5.12 and a beta of 1.22.

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.