Why Are Doximity Shares Gaining Today?

  • After two consecutive below-expectations quarterly results, Doximity Inc DOCS shares surged on Friday after the company reported better-than-expected Q2 FY23 financial results.
  • Doximity's Q2 sales climbed 29% Y/Y to $102.19 million, beating the consensus of $100.12 million, with non-GAAP diluted net income per share of $0.17, versus $0.19 a year ago better than the consensus of $0.15.
  • The company sees Q3 FY23 sales of $110.7-$111.7 million versus the consensus of $114.9 million.
  • Doximity's board also authorized a share buyback of up to $70 million.
  • Analyst Reactions:
    • Wells Fargo Maintains Overweight on Doximity, Raises Price Target to $44
    • Evercore ISI raised the company's price target to $32 from $28.
  • Price Action: DOCS shares are up 26.2% at $33.23 on the last check Friday.
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