Doximity (NASDAQ:DOCS) Downgraded to Hold Rating by Canaccord Genuity Group

Canaccord Genuity Group cut shares of Doximity (NASDAQ:DOCS) from a buy rating to a hold rating in a research report report published on Wednesday, MarketBeat Ratings reports. The firm currently has $60.00 price target on the stock, up from their prior price target of $40.00.

Several other brokerages have also recently weighed in on DOCS. Evercore ISI increased their target price on Doximity from $34.00 to $45.00 and gave the company an “in-line” rating in a report on Tuesday, October 8th. Baird R W upgraded Doximity to a “strong-buy” rating in a report on Tuesday, September 17th. Raymond James reaffirmed an “outperform” rating and set a $65.00 price target (up previously from $37.00) on shares of Doximity in a research report on Friday, November 8th. KeyCorp raised Doximity from a “sector weight” rating to an “overweight” rating and set a $70.00 price target for the company in a research report on Friday, November 8th. Finally, Truist Financial reaffirmed a “hold” rating and set a $35.00 price target (up previously from $31.00) on shares of Doximity in a research report on Wednesday, August 14th. Eleven equities research analysts have rated the stock with a hold rating, six have issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $51.07.

Doximity Price Performance

Shares of DOCS stock opened at $49.40 on Wednesday. The stock has a market capitalization of $9.17 billion, a PE ratio of 56.78, a P/E/G ratio of 4.51 and a beta of 1.30. Doximity has a 1-year low of $22.96 and a 1-year high of $61.75. The business has a 50-day moving average of $43.40 and a 200 day moving average of $34.18.

Hedge Funds Weigh In On Doximity

A number of institutional investors and hedge funds have recently modified their holdings of DOCS. LRI Investments LLC purchased a new position in shares of Doximity in the 1st quarter worth $27,000. Farther Finance Advisors LLC boosted its stake in shares of Doximity by 324.2% in the 3rd quarter. Farther Finance Advisors LLC now owns 789 shares of the company’s stock worth $34,000 after buying an additional 603 shares during the last quarter. Blue Trust Inc. boosted its stake in shares of Doximity by 621.4% in the 2nd quarter. Blue Trust Inc. now owns 1,385 shares of the company’s stock worth $37,000 after buying an additional 1,193 shares during the last quarter. Quarry LP boosted its stake in shares of Doximity by 101.2% in the 2nd quarter. Quarry LP now owns 1,616 shares of the company’s stock worth $45,000 after buying an additional 131,253 shares during the last quarter. Finally, DekaBank Deutsche Girozentrale purchased a new position in shares of Doximity in the 1st quarter worth $46,000. 87.19% of the stock is currently 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.