What's Going With Medical Professionals-Networking Service Doximity Stock Today?
Portfolio Pulse from Vandana Singh
Doximity Inc (NYSE:DOCS), a digital platform provider for U.S. medical professionals, reported a Q3 2024 revenue of $135.3 million, a 17% increase year-over-year, surpassing both consensus and management guidance. Adjusted net income rose to $58.5 million with a margin of 43.2%, and adjusted EPS of $0.29 beat the consensus of $0.23. Adjusted EBITDA was $73.3 million, up 32% Y/Y. The company raised its fiscal year 2024 revenue forecast to $473.3 million-$474.3 million. Wells Fargo analyst Stan Berenshteyn upgraded DOCS's price target from $25 to $27. Shares are up 1.70% at $28.72.
February 09, 2024 | 5:00 pm
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POSITIVE IMPACT
Doximity Inc reported a strong Q3 2024 performance with revenue and adjusted net income surpassing expectations, leading to an upgraded price target by Wells Fargo from $25 to $27.
Doximity's strong Q3 2024 performance, including a significant year-over-year revenue increase and beating EPS expectations, indicates robust financial health and operational efficiency. The positive adjustment in the company's fiscal year 2024 revenue forecast and the upgraded price target by Wells Fargo suggest a bullish outlook for the stock in the short term. The stock's positive movement post-earnings announcement further supports this analysis.
CONFIDENCE 90
IMPORTANCE 90
RELEVANCE 100