Canaccord Genuity Group Downgrades Doximity (NASDAQ:DOCS) to Hold

Canaccord Genuity Group downgraded shares of Doximity (NASDAQ:DOCS) from a buy rating to a hold rating in a research note published on Wednesday morning, MarketBeat.com reports. Canaccord Genuity Group currently has $60.00 price objective on the stock, up from their prior price objective of $40.00.

Other equities analysts have also recently issued research reports about the stock. KeyCorp raised shares of Doximity from a “sector weight” rating to an “overweight” rating and set a $70.00 target price on the stock in a research report on Friday, November 8th. Evercore ISI increased their price target on Doximity from $34.00 to $45.00 and gave the company an “in-line” rating in a research report on Tuesday, October 8th. JPMorgan Chase & Co. upped their price objective on Doximity from $27.00 to $30.00 and gave the company a “neutral” rating in a research note on Monday, August 19th. Canaccord Genuity Group lifted their target price on Doximity from $37.00 to $40.00 and gave the stock a “buy” rating in a research note on Tuesday, August 20th. Finally, Wells Fargo & Company upgraded shares of Doximity from an “underweight” rating to an “equal weight” rating and increased their price target for the company from $19.00 to $41.00 in a research report on Friday, November 8th. Eleven equities research analysts have rated the stock with a hold rating, six have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, Doximity presently has an average rating of “Hold” and a consensus price target of $51.07.

Doximity Price Performance

Shares of DOCS stock opened at $49.42 on Wednesday. The firm has a 50-day moving average of $43.40 and a 200-day moving average of $34.11. The company has a market cap of $9.17 billion, a P/E ratio of 56.80, a P/E/G ratio of 4.51 and a beta of 1.30. Doximity has a one year low of $22.96 and a one year high of $61.75.

Institutional Trading of Doximity

Hedge funds and other institutional investors have recently bought and sold shares of the company. Fountainhead AM LLC purchased a new position in shares of Doximity during the 3rd quarter valued at $710,000. Blair William & Co. IL grew its position in Doximity by 31.7% during the first quarter. Blair William & Co. IL now owns 90,600 shares of the company’s stock worth $2,438,000 after buying an additional 21,787 shares in the last quarter. Federated Hermes Inc. increased its stake in Doximity by 1,824.5% in the 2nd quarter. Federated Hermes Inc. now owns 279,634 shares of the company’s stock worth $7,821,000 after acquiring an additional 265,104 shares during the last quarter. AXA S.A. raised its holdings in shares of Doximity by 40.2% in the 2nd quarter. AXA S.A. now owns 216,392 shares of the company’s stock valued at $6,052,000 after acquiring an additional 61,992 shares in the last quarter. Finally, Acadian Asset Management LLC boosted its position in shares of Doximity by 128.7% during the 1st quarter. Acadian Asset Management LLC now owns 96,442 shares of the company’s stock valued at $2,590,000 after acquiring an additional 54,281 shares during the last quarter. Institutional investors own 87.19% of the company’s stock.

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.