Doximity Inc (DOCS) Metrics Point to High Client ROI and Engagement - Jefferies

Jefferies analyst Glen Santangelo reiterated a Buy rating and $78.00 price target on Doximity Inc (NYSE: DOCS) noting that secondary metrics including time spent and avg duration per visit continue to point to the sustainability of the ROI DOCS has been able to deliver to clients...users remain engaged despite slowing growth in total web visits and downloads.

The analyst stated "We analyzed website traffic, app download, and various user engagement metrics in order to evaluate any potential threat to the impressive ROI Doximity has been able to deliver to clients in recent years. Overall, although the monthly YOY growth rate in web traffic and app downloads is declining, various user engagement metrics paint a more positive picture. Plus, we would note that DOCS already has >80% of physicians on the platform, inherently putting a cap on how fast web traffic and downloads can grow. Thus, we think it's increasingly relevant to analyze metrics such as time spent on the platform, MAU, and duration per visit. In doing so, we are seeing that the state of user engagement remains solid and this increases our conviction that DOCS will
continue to drive impressive ROI for clients, supporting our above consensus rev outlook in FY23-24E."

For an analyst ratings summary and ratings history on Doximity Inc click here. For more ratings news on Doximity Inc click here.

Shares of Doximity Inc closed at $46.03 yesterday.

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