The reviews for healthcare tech solutions provider Doximity's (DOCS -1.57%) latest quarterly report came in this week in the form of analysts' price target adjustments.
Some of these targets were raised and some were lowered, but ultimately, prognosticators who follow the company remained bullish about its prospects. Over the course of the week, according to data compiled by S&P Global Market Intelligence, Doximity's share price rose 6.5%.
Doximity, which operates a cloud-based healthcare industry networking platform, reported its fiscal 2023 third-quarter results after market hours on Feb. 8. For the period, which ended Dec. 31, it trounced analysts' expectations and reported other encouraging developments, such as a sky-high net revenue retention rate of 127% for its major clients. Investors unsurprisingly bid the share price up in response.
Meanwhile, several analysts tracking the stock adjusted their modeling to come up with new Doximity price targets.
On Feb. 10, both Wells Fargo's Stan Bernstein and Canaccord Genuity's Richard Close did so by trimming theirs. Bernstein cut his target to $39 per share from his previous level of $44, while Close shaved $1 off his target to end up at $41. Both remain Doximity bulls, however, as they maintained their firms' equivalent of buy recommendations on its stock.
This week was a bit of a different story, though. On Tuesday, Jefferies' Glen Santangelo and Guggenheim's Sandy Draper both weighed in with price target raises while keeping their buy tags on Doximity. Santangelo's new level is $40 (previously $39) per share, and Draper's target underwent quite a big change -- it's now $37, well higher than the analyst's former $27.