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SAN FRANCISCO - Doximity , Inc. (NYSE:DOCS), a leading company in computer programming services, announced the results of its 2024 Annual Meeting of Stockholders held on August 29, where key decisions regarding its board and financial auditing were made.
The annual meeting saw the re-election of two Class III directors, Regina Benjamin, M.D., and Phoebe Yang, who will serve on the board until the 2027 annual meeting of stockholders. Shareholders cast 543,502,066 votes in favor of Dr. Benjamin and 553,105,677 votes in favor of Ms. Yang, with 31,503,412 and 21,899,801 withheld votes respectively. There were 25,519,363 broker non-votes for each candidate.
In addition to the election of directors, shareholders ratified the appointment of Deloitte & Touche LLP as the company's independent registered public accounting firm for the fiscal year ending March 31, 2025. The ratification received an overwhelming majority of 599,794,832 votes for, with 667,520 against and 62,489 abstentions.
Moreover, a non-binding advisory vote on the compensation of the company's named executive officers for the fiscal year ending March 31, 2024, was approved by shareholders with 566,807,706 votes for, 8,098,290 against, and 99,482 abstentions.
The meeting had a quorum with 82.25% of the votes entitled to be cast, represented by holders of shares of Common Stock entitled to 600,524,841 votes. The Class A common stock, with one vote per share, and Class B common stock, with ten votes per share, voted together as a single class on all matters.
Doximity is based in San Francisco, California, and is incorporated in Delaware. The company's fiscal year ends on March 31. This information is based on a press release statement filed with the U.S. Securities and Exchange Commission.
In other recent news, Doximity Inc (NYSE:DOCS) has been the focus of several analyst firms following the release of its first-quarter results and updated fiscal year 2025 guidance. Jefferies maintained a Buy rating on Doximity and increased the price target to $43.00, highlighting the initial success of new product introductions and the Client Portal. The firm's reassessment was significantly influenced by the updated guidance provided by Doximity for fiscal year 2025.
The company's recent quarter's outcomes have prompted other firms like Canaccord Genuity and Truist Securities to revise their financial models for Doximity. Canaccord Genuity maintained a Buy rating on Doximity, expressing confidence in the company's new Portal offering. Truist Securities, on the other hand, increased its FY25 revenue estimate for Doximity to $522.8 million.
Piper Sandler raised its price target for Doximity to $31.00, influenced by the company's strong earnings, while Needham upgraded its rating on Doximity to Buy, citing strong momentum with large customers and new product innovations. However, Wells Fargo downgraded Doximity's shares and reduced the price target to $19.00, citing concerns over the company's growth trajectory. These are recent developments that have emerged from the company's recent earnings report and financial performance.
InvestingPro Insights
Following the recent annual meeting of Doximity, Inc. (NYSE:DOCS), shareholders might be interested in some key metrics and insights from InvestingPro that could offer a broader perspective on the company's financial health and stock performance. According to InvestingPro data, Doximity boasts a market capitalization of $6.79 billion and an impressive gross profit margin of 89.65% for the last twelve months as of Q1 2025. This high margin underscores the company's efficiency in maintaining profitability despite costs.
InvestingPro Tips highlight that Doximity is trading at a high earnings multiple, with a P/E ratio of 42.73, which suggests investors are anticipating growth, and the company holds more cash than debt on its balance sheet, indicating a strong liquidity position. Additionally, 15 analysts have revised their earnings estimates upwards for the upcoming period, signaling potential optimism about the company's future performance.
For investors seeking more detailed analysis, there are 17 additional InvestingPro Tips available, providing a comprehensive outlook on Doximity's financials and stock behavior. This additional information can be a valuable resource for making informed investment decisions.
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