DocuSign (NASDAQ:DOCU) Sets New 52-Week High Following Analyst Upgrade

DocuSign, Inc. (NASDAQ:DOCU)’s share price hit a new 52-week high during trading on Monday after JMP Securities raised their price target on the stock from $84.00 to $108.00. JMP Securities currently has a market outperform rating on the stock. DocuSign traded as high as $84.50 and last traded at $84.50, with a volume of 6562 shares. The stock had previously closed at $83.03.

Several other research analysts have also commented on DOCU. Wells Fargo & Company boosted their price objective on shares of DocuSign from $48.00 to $50.00 and gave the stock an “underweight” rating in a research note on Friday, September 6th. Citigroup boosted their price objective on DocuSign from $86.00 to $87.00 and gave the company a “buy” rating in a report on Friday, September 6th. Bank of America raised their target price on DocuSign from $60.00 to $68.00 and gave the stock a “neutral” rating in a report on Friday, September 6th. Royal Bank of Canada boosted their price target on DocuSign from $52.00 to $57.00 and gave the company a “sector perform” rating in a report on Friday, September 6th. Finally, Robert W. Baird upped their price objective on DocuSign from $55.00 to $59.00 and gave the stock a “neutral” rating in a research report on Friday, September 6th. Two analysts have rated the stock with a sell rating, seven have given a hold rating and two have assigned a buy rating to the company. Based on data from MarketBeat.com, DocuSign presently has an average rating of “Hold” and an average price target of $65.80.

Insider Activity at DocuSign

In other news, CFO Blake Jeffrey Grayson sold 14,036 shares of DocuSign stock in a transaction that occurred on Wednesday, September 18th. The shares were sold at an average price of $55.47, for a total transaction of $778,576.92. Following the sale, the chief financial officer now owns 87,611 shares of the company’s stock, valued at approximately $4,859,782.17. The trade was a 13.81 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Robert Chatwani sold 14,799 shares of the stock in a transaction that occurred on Wednesday, September 18th. The stock was sold at an average price of $55.46, for a total value of $820,752.54. Following the completion of the transaction, the insider now owns 70,748 shares of the company’s stock, valued at $3,923,684.08. The trade was a 17.30 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 69,558 shares of company stock valued at $4,272,768. 1.66% of the stock is owned by insiders.

Institutional Investors Weigh In On DocuSign

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. O Shaughnessy Asset Management LLC increased its position in shares of DocuSign by 9.0% during the 1st quarter. O Shaughnessy Asset Management LLC now owns 7,165 shares of the company’s stock worth $427,000 after purchasing an additional 593 shares during the last quarter. UniSuper Management Pty Ltd raised its stake in shares of DocuSign by 107.1% in the 1st quarter. UniSuper Management Pty Ltd now owns 2,900 shares of the company’s stock valued at $173,000 after acquiring an additional 1,500 shares during the period. CreativeOne Wealth LLC purchased a new stake in shares of DocuSign in the 1st quarter valued at approximately $280,000. Virtus Investment Advisers Inc. lifted its holdings in shares of DocuSign by 45.5% in the 1st quarter. Virtus Investment Advisers Inc. now owns 17,670 shares of the company’s stock worth $1,052,000 after acquiring an additional 5,523 shares during the last quarter. Finally, Motley Fool Asset Management LLC boosted its position in shares of DocuSign by 6.0% during the 1st quarter. Motley Fool Asset Management LLC now owns 3,960 shares of the company’s stock worth $236,000 after purchasing an additional 224 shares during the period. Hedge funds and other institutional investors own 77.64% of the company’s stock.

DocuSign Stock Performance

The stock’s 50-day moving average is $69.47 and its two-hundred day moving average is $60.27. The stock has a market cap of $17.19 billion, a PE ratio of 17.52, a PEG ratio of 8.79 and a beta of 0.90.

DocuSign (NASDAQ:DOCU) last released its quarterly earnings results on Thursday, September 5th. The company reported $0.97 EPS for the quarter, topping the consensus estimate of $0.80 by $0.17. The business had revenue of $736.03 million during the quarter, compared to analyst estimates of $727.20 million. DocuSign had a return on equity of 16.18% and a net margin of 34.56%. The company’s quarterly revenue was up 7.0% on a year-over-year basis. During the same period last year, the business posted $0.09 earnings per share. Analysts forecast that DocuSign, Inc. will post 1.01 EPS for the current year.

About DocuSign

DocuSign, Inc provides electronic signature solution in the United States and internationally. The company provides e-signature solution that enables sending and signing of agreements on various devices; Contract Lifecycle Management (CLM), which automates workflows across the entire agreement process; Document Generation streamlines the process of generating new, custom agreements; and Gen for Salesforce, which allows sales representatives to automatically generate agreements with a few clicks from within Salesforce.