Doximity (NASDAQ:DOCS) Hits New 1-Year High - Here's Why

Doximity, Inc. (NASDAQ:DOCS - Get Free Report) reached 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 traded. The stock had previously closed at $43.42.

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on DOCS. Canaccord Genuity Group raised their price target on shares of Doximity from $37.00 to $40.00 and gave the company a "buy" rating in a report on Tuesday, August 20th. Needham & Company LLC upgraded Doximity from a "hold" rating to a "buy" rating and set a $38.00 price target on the stock in a research note on Friday, August 9th. Baird R W raised Doximity to a "strong-buy" rating in a report on Tuesday, September 17th. Evercore ISI lifted their price objective on Doximity from $34.00 to $45.00 and gave the stock an "in-line" rating in a report on Tuesday, October 8th. Finally, Truist Financial reiterated a "hold" rating and set a $35.00 target price (up from $31.00) on shares of Doximity in a research note on Wednesday, August 14th. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of "Hold" and an average target price of $42.43.

Doximity Trading Up 33.8 %

The stock has a market capitalization of $10.78 billion, a P/E ratio of 73.20, a P/E/G ratio of 5.03 and a beta of 1.30. The company's 50-day moving average is $41.12 and its two-hundred day moving average is $32.82.

Doximity (NASDAQ:DOCS - Get Free Report) last issued its quarterly earnings data on Thursday, August 8th. 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 return on equity of 19.26% and a net margin of 32.53%. The business had revenue of $126.68 million during the quarter, compared to the consensus estimate of $119.88 million. Sell-side analysts expect that Doximity, Inc. will post 0.8 EPS for the current fiscal year.

Institutional Investors Weigh In On Doximity

Hedge funds and other institutional investors have recently modified their holdings of the stock. William Blair Investment Management LLC bought a new stake in shares of Doximity during the 1st quarter worth about $148,823,000. Swedbank AB acquired a new position in shares of Doximity during the 1st quarter valued at $91,673,000. Capital World Investors raised its stake in shares of Doximity by 250.7% in the 1st quarter. Capital World Investors now owns 1,714,707 shares of the company's stock worth $46,143,000 after buying an additional 1,225,707 shares in the last quarter. Los Angeles Capital Management LLC lifted its holdings in shares of Doximity by 6,242.6% in the third quarter. Los Angeles Capital Management LLC now owns 650,874 shares of the company's stock valued at $28,359,000 after buying an additional 640,612 shares during the period. Finally, Janus Henderson Group PLC lifted its holdings in shares of Doximity by 33.5% in the first quarter. Janus Henderson Group PLC now owns 2,474,695 shares of the company's stock valued at $66,594,000 after buying an additional 621,590 shares during the period. 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.