Doximity

DOCS · NYSE

$33.35+$1.90 (+6.04%)TodayMarket closed · Oct 20, 7:40 PM ET

Prev close $31.45

DOCS analyst rating

HoldConsensus of 22 analysts over the last 12 months. 36% rate it a buy.

Strong buy1
Buy7
Hold12
Underperform2
Sell0

12-month price target · 21 analysts

Average $30.49 (−8.6% downside)

Low: $18.18
Now: $33.35
High: $49.35

Upgrades and downgrades

The latest rating actions, newest first

DOCS analyst upgrades, downgrades and rating actions
Firm	Date	Action	Rating	Price target	Hit rate
Evercore ISI Group	Sep 29, 2026	Maintains	In-Line	$40.00 → $35.00	60%
Freedom Capital Markets	Sep 8, 2026	Downgrade	Buy → Hold	$24.00 → $27.00	64%
Barclays	Aug 21, 2026	Maintains	Equal-Weight	$20.00 → $27.00	53%
Truist Securities	Aug 13, 2026	Maintains	Hold	$19.00 → $24.00	37%
Wells Fargo	Aug 10, 2026	Downgrade	Equal-Weight → Underweight	$18.00	48%
JP Morgan	Aug 7, 2026	Maintains	Neutral	$26.00 → $31.00	63%
Piper Sandler	Aug 7, 2026	Maintains	Overweight	$42.00 → $47.00	39%
Evercore ISI Group	Aug 7, 2026	Maintains	In-Line	$22.00 → $40.00	60%
B of A Securities	Jun 29, 2026	Downgrade	Buy → Underperform	$38.00 → $20.00	58%
Goldman Sachs	May 15, 2026	Maintains	Neutral	$28.00 → $24.00	48%

The case for and against

Updated Oct 14, 2026

Bull case

Doximity is positioned well because its core network remains sticky, with TTM net revenue retention at 107% overall and 112% among the top 20 customers, while Q1 revenue of $157M and adjusted EBITDA of $75M showed durable growth and 48% margins. The company also has a fortress balance sheet with $688M of cash and no debt as of June 30, giving it flexibility to invest in AI Search, AI Scribe, and product innovation without financial strain. Its outlook is further supported by early AI commercial traction, with workflow active prescribers reaching ~800k, ~50% of users engaging with AI tools, and average AI queries at 31 per user per month, suggesting a larger monetization runway across pharma marketing and workflow solutions.

Bear case

Doximity is facing a deteriorating fundamental setup as over 90% of revenue still depends on pharma and health-system marketing budgets, yet MFN pricing agreements and broader drug-pricing uncertainty have pushed clients to delay commitments and slowed digital ad growth to at or below 5%. The company’s FY27 guide of about 4.8% revenue growth and $319.0 million in adjusted EBITDA reflects weaker visibility, while non-GAAP gross margin slipped to roughly 88% from 91% a year ago and is expected to stay in the mid-to-high-80s as AI investment weighs on profitability. Competitive pressure from AI-native apps, OpenEvidence, and Epic Systems, plus stock-based compensation near 23% of revenue and short-cycle contracts, further limit operating leverage and make the shares look unattractive absent clearer AI monetization.

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