Doximity, Inc. DOCS is experiencing a significant surge in its stock price today. Here’s what’s driving the movement.
What To Know: Shares of Doximity have spiked by over 35% after the company reported better-than-expected financial results for the first quarter of Fiscal- Year 2024. The company posted a revenue increase of 17% year-over-year to $126.68 million, surpassing the consensus estimate of $119.92 million. Additionally, Doximity’s adjusted earnings per share came in at 28 cents, beating analyst expectations of 22 cents.
Adding to the positive momentum, Doximity issued strong revenue guidance for the second quarter and full fiscal year 2024, which exceeded market expectations.
What Else: The stock’s upward movement has been supported by several analyst upgrades and price target increases. Notably, Needham analyst Scott Berg upgraded Doximity from Hold to Buy with a price target of $38. Barclays analyst Stephanie Davis raised her price target from $31 to $35 while maintaining an Equal-Weight rating. Other analysts, including those from BofA Securities, Evercore ISI Group and Morgan Stanley, have also raised their price targets.
DOCS Price Action: As of the latest update, Doximity shares were up by 37%, trading at $35.18 according to Benzinga Pro.
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Photo: courtesy of Doximity.
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