DocuSign (NASDAQ:DOCU) Stock Rating Reaffirmed by Needham & Company LLC

DocuSign (NASDAQ:DOCU)‘s stock had its “hold” rating reissued by equities research analysts at Needham & Company LLC in a research report issued on Friday, Benzinga reports.

DOCU has been the topic of a number of other research reports. Citigroup lowered their target price on DocuSign from $93.00 to $86.00 and set a “buy” rating on the stock in a report on Wednesday, June 5th. Royal Bank of Canada cut their target price on shares of DocuSign from $59.00 to $52.00 and set a “sector perform” rating for the company in a research report on Friday, June 7th. Robert W. Baird increased their price target on shares of DocuSign from $55.00 to $59.00 and gave the stock a “neutral” rating in a research report on Friday. Piper Sandler cut their price objective on shares of DocuSign from $65.00 to $60.00 and set a “neutral” rating for the company in a research report on Friday, June 7th. Finally, Morgan Stanley lowered their target price on DocuSign from $65.00 to $62.00 and set an “equal weight” rating on the stock in a research report on Friday, June 7th. Two investment analysts have rated the stock with a sell rating, eight have assigned a hold rating and two have issued a buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $61.45.

DocuSign Stock Performance

DOCU opened at $59.19 on Friday. The company’s 50-day simple moving average is $55.44 and its two-hundred day simple moving average is $55.90. The stock has a market capitalization of $12.12 billion, a P/E ratio of 113.83, a P/E/G ratio of 9.74 and a beta of 0.93. DocuSign has a 52-week low of $38.11 and a 52-week high of $64.76.

DocuSign (NASDAQ:DOCU) last issued its quarterly earnings data on Thursday, September 5th. The company reported $0.97 earnings per share for the quarter, beating analysts’ consensus estimates of $0.80 by $0.17. The company had revenue of $736.03 million for the quarter, compared to the consensus estimate of $727.20 million. DocuSign had a net margin of 3.81% and a return on equity of 15.44%. The firm’s revenue for the quarter was up 7.0% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.09 earnings per share. Research analysts forecast that DocuSign will post 0.83 EPS for the current fiscal year.

Insider Activity at DocuSign

In other DocuSign news, insider James P. Shaughnessy sold 1,800 shares of the stock in a transaction that occurred on Tuesday, June 11th. The shares were sold at an average price of $50.98, for a total transaction of $91,764.00. Following the completion of the sale, the insider now directly owns 35,703 shares of the company’s stock, valued at approximately $1,820,138.94. The sale was disclosed in a legal filing with the SEC, which is available at this link. In related news, CFO Blake Jeffrey Grayson sold 49,123 shares of the business’s stock in a transaction dated Thursday, June 20th. The stock was sold at an average price of $51.15, for a total value of $2,512,641.45. Following the sale, the chief financial officer now directly owns 70,473 shares in the company, valued at $3,604,693.95. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider James P. Shaughnessy sold 1,800 shares of the firm’s stock in a transaction that occurred on Tuesday, June 11th. The shares were sold at an average price of $50.98, for a total value of $91,764.00. Following the transaction, the insider now owns 35,703 shares of the company’s stock, valued at approximately $1,820,138.94. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 482,418 shares of company stock valued at $25,524,100. 1.66% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the company. Vanguard Group Inc. increased its position in DocuSign by 2.0% in the fourth quarter. Vanguard Group Inc. now owns 21,399,739 shares of the company’s stock worth $1,272,214,000 after purchasing an additional 417,352 shares during the last quarter. Coatue Management LLC bought a new stake in shares of DocuSign in the 4th quarter worth about $288,274,000. American Century Companies Inc. raised its position in shares of DocuSign by 1.9% during the 2nd quarter. American Century Companies Inc. now owns 4,099,400 shares of the company’s stock valued at $219,318,000 after buying an additional 75,026 shares in the last quarter. Renaissance Technologies LLC lifted its holdings in shares of DocuSign by 18.3% in the 2nd quarter. Renaissance Technologies LLC now owns 3,729,314 shares of the company’s stock valued at $199,518,000 after acquiring an additional 576,414 shares during the last quarter. Finally, Pacer Advisors Inc. grew 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. 77.64% of the stock is currently owned by institutional investors.

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.