Doximity (NASDAQ:DOCS) Rating Lowered to Hold at Canaccord Genuity Group

Doximity (NASDAQ:DOCS - Get Free Report) was downgraded by research analysts at Canaccord Genuity Group from a "buy" rating to a "hold" rating in a research report issued to clients and investors on Wednesday, Marketbeat.com reports. They currently have a $60.00 price objective on the stock, up from their prior price objective of $40.00. Canaccord Genuity Group's target price indicates a potential upside of 13.36% from the company's current price.

Other research analysts have also recently issued research reports about the company. Evercore ISI increased their price objective on Doximity from $34.00 to $45.00 and gave the stock an "in-line" rating in a research report on Tuesday, October 8th. Morgan Stanley boosted their price target on shares of Doximity from $26.00 to $33.00 and gave the stock an "underweight" rating in a report on Wednesday, October 30th. Needham & Company LLC raised Doximity from a "hold" rating to a "buy" rating and set a $38.00 price target for the company in a report on Friday, August 9th. Bank of America upped their target price on shares of Doximity from $32.00 to $45.00 and gave the stock a "neutral" rating in a research report on Monday, October 7th. Finally, Baird R W raised Doximity to a "strong-buy" rating in a research note on Tuesday, September 17th. One research analyst has rated the stock with a sell rating, nine have given a hold rating, six have assigned a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat, the company presently has a consensus rating of "Hold" and an average target price of $48.14.

Doximity Stock Down 8.8 %

Shares of Doximity stock traded down $5.12 on Wednesday, hitting $52.93. The stock had a trading volume of 2,841,106 shares, compared to its average volume of 1,724,931. The stock has a market cap of $9.83 billion, a price-to-earnings ratio of 61.68, a price-to-earnings-growth ratio of 5.08 and a beta of 1.30. The business's 50 day moving average is $42.48 and its two-hundred day moving average is $33.68. Doximity has a twelve month low of $22.96 and a twelve month high of $61.75.

Institutional Investors Weigh In On Doximity

Institutional investors and hedge funds have recently modified their holdings of the stock. LRI Investments LLC bought a new stake in Doximity during the 1st quarter valued at approximately $27,000. Farther Finance Advisors LLC boosted its position in shares of Doximity by 324.2% during the third quarter. Farther Finance Advisors LLC now owns 789 shares of the company's stock valued at $34,000 after purchasing an additional 603 shares in the last quarter. Blue Trust Inc. grew its stake in Doximity by 621.4% in the second quarter. Blue Trust Inc. now owns 1,385 shares of the company's stock worth $37,000 after purchasing an additional 1,193 shares during the period. Quarry LP raised its holdings in Doximity by 101.2% in the second quarter. Quarry LP now owns 1,616 shares of the company's stock worth $45,000 after purchasing an additional 131,253 shares in the last quarter. Finally, DekaBank Deutsche Girozentrale purchased a new position in Doximity during the first quarter valued at $46,000. 87.19% of the stock is owned by hedge funds and other institutional investors.

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.