Why Are Doximity Shares Gaining Today?

by Vandana Singh, Benzinga Editor

November 11, 2022 12:39 PM | 1 min read | Make a Comment

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.