DocuSign (NASDAQ:DOCU) Reaches New 52-Week High After Analyst Upgrade

DocuSign, Inc. (NASDAQ:DOCU)’s share price reached a new 52-week high during mid-day trading on Friday after Piper Sandler raised their price target on the stock from $60.00 to $90.00. Piper Sandler currently has a neutral rating on the stock. DocuSign traded as high as $95.40 and last traded at $95.40, with a volume of 291070 shares trading hands. The stock had previously closed at $83.68.

A number of other equities research analysts also recently issued reports on the stock. Wells Fargo & Company boosted their price target on shares of DocuSign from $50.00 to $70.00 and gave the company an “underweight” rating in a research note on Friday. Bank of America lifted their price objective on shares of DocuSign from $60.00 to $68.00 and gave the company a “neutral” rating in a report on Friday, September 6th. Citigroup lifted their price objective on shares of DocuSign from $86.00 to $87.00 and gave the company a “buy” rating in a report on Friday, September 6th. Robert W. Baird lifted their price objective on shares of DocuSign from $59.00 to $100.00 and gave the company a “neutral” rating in a report on Friday. Finally, JPMorgan Chase & Co. boosted their price target on shares of DocuSign from $50.00 to $70.00 and gave the stock an “underweight” rating in a report on Tuesday. Two analysts have rated the stock with a sell rating, seven have issued a hold rating and three have given a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $80.45.

Insider Activity at DocuSign

In other news, insider Robert Chatwani sold 14,799 shares of the stock in a transaction dated Wednesday, September 18th. The shares were sold at an average price of $55.46, for a total transaction of $820,752.54. Following the transaction, the insider now directly owns 70,748 shares in the company, valued at $3,923,684.08. This represents a 17.30 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Teresa Briggs sold 534 shares of the firm’s stock in a transaction that occurred on Monday, September 16th. The shares were sold at an average price of $56.56, for a total transaction of $30,203.04. Following the completion of the transaction, the director now owns 7,202 shares in the company, valued at $407,345.12. The trade was a 6.90 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 69,596 shares of company stock worth $4,441,529 in the last 90 days. 1.66% of the stock is owned by insiders.

Institutional Trading of DocuSign

Hedge funds have recently made changes to their positions in the company. Thrivent Financial for Lutherans acquired a new stake in shares of DocuSign during the second quarter worth approximately $115,795,000. Pacer Advisors Inc. raised its position in DocuSign by 77.9% in the second quarter. Pacer Advisors Inc. now owns 3,519,969 shares of the company’s stock worth $188,318,000 after acquiring an additional 1,541,816 shares in the last quarter. KBC Group NV raised its position in DocuSign by 209.8% in the third quarter. KBC Group NV now owns 1,156,874 shares of the company’s stock worth $71,830,000 after acquiring an additional 783,419 shares in the last quarter. Renaissance Technologies LLC raised its position in DocuSign by 18.3% in the second quarter. Renaissance Technologies LLC now owns 3,729,314 shares of the company’s stock worth $199,518,000 after acquiring an additional 576,414 shares in the last quarter. Finally, Skandinaviska Enskilda Banken AB publ raised its position in DocuSign by 151.3% in the second quarter. Skandinaviska Enskilda Banken AB publ now owns 865,872 shares of the company’s stock worth $46,324,000 after acquiring an additional 521,292 shares in the last quarter. Hedge funds and other institutional investors own 77.64% of the company’s stock.

DocuSign Stock Up 20.6 %

The firm’s 50-day simple moving average is $73.75 and its 200 day simple moving average is $61.68. The stock has a market capitalization of $20.48 billion, a P/E ratio of 21.29, a PEG ratio of 8.33 and a beta of 0.92.

DocuSign (NASDAQ:DOCU) last announced its earnings results on Thursday, September 5th. The company reported $0.97 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.80 by $0.17. The firm had revenue of $736.03 million during the quarter, compared to analysts’ expectations of $727.20 million. DocuSign had a return on equity of 16.18% and a net margin of 34.56%. The company’s revenue was up 7.0% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.09 earnings per share. As a group, equities analysts anticipate that DocuSign, Inc. will post 1.03 EPS for the current fiscal year.

DocuSign Company Profile

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.