Morgan Stanley Upgrades Doximity (NASDAQ:DOCS) to “Equal Weight”

Doximity (NASDAQ:DOCS) was upgraded by research analysts at Morgan Stanley from an “underweight” rating to an “equal weight” rating in a research note issued on Thursday, Marketbeat.com reports. The brokerage currently has a $53.00 target price on the stock, up from their prior target price of $33.00. Morgan Stanley’s price objective points to a potential upside of 7.25% from the company’s previous close.

Several other equities analysts also recently commented on the stock. Bank of America upped their price objective on shares of Doximity from $32.00 to $45.00 and gave the company a “neutral” rating in a report on Monday, October 7th. Needham & Company LLC upgraded shares of 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. Truist Financial restated a “hold” rating and set a $35.00 price objective (up from $31.00) on shares of Doximity in a research report on Wednesday, August 14th. Raymond James reaffirmed an “outperform” rating and issued a $65.00 target price (up previously from $37.00) on shares of Doximity in a research report on Friday, November 8th. Finally, Canaccord Genuity Group reissued a “hold” rating and set a $60.00 price target (up from $40.00) on shares of Doximity in a report on Wednesday. Eleven analysts have rated the stock with a hold rating, six have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $51.07.

Doximity Trading Down 5.0 %

Shares of NASDAQ DOCS opened at $49.42 on Thursday. The company has a market capitalization 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 12 month low of $22.96 and a 12 month high of $61.75. The stock has a 50 day moving average of $43.40 and a 200-day moving average of $34.11.

Institutional Trading of Doximity

Several large investors have recently bought and sold shares of the business. M&T Bank Corp bought a new position in shares of Doximity in the third quarter worth about $351,000. Barclays PLC lifted its stake in Doximity by 60.5% in the 3rd quarter. Barclays PLC now owns 53,401 shares of the company’s stock valued at $2,327,000 after purchasing an additional 20,125 shares during the last quarter. Orion Portfolio Solutions LLC bought a new position in Doximity in the 3rd quarter valued at approximately $260,000. State Street Corp grew its stake in shares of Doximity by 2.5% during the third quarter. State Street Corp now owns 3,693,982 shares of the company’s stock worth $160,947,000 after buying an additional 88,922 shares during the last quarter. Finally, Morse Asset Management Inc bought a new stake in shares of Doximity during the third quarter worth $46,000. 87.19% of the stock is owned by institutional investors and hedge funds.

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.