DocuSign (NASDAQ:DOCU) Hits New 12-Month High on Analyst Upgrade

DocuSign, Inc. (NASDAQ:DOCU) reached a new 52-week high 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 changing hands. The stock had previously closed at $83.03.

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

Insider Activity

In other DocuSign news, Director Teresa Briggs sold 534 shares of the firm’s stock in a transaction on Monday, September 16th. The shares were sold at an average price of $56.56, for a total value of $30,203.04. Following the transaction, the director now directly owns 7,202 shares of the company’s stock, valued at approximately $407,345.12. This trade represents a 6.90 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Allan C. Thygesen sold 7,725 shares of DocuSign stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $59.09, for a total transaction of $456,470.25. Following the transaction, the chief executive officer now owns 102,193 shares of the company’s stock, valued at $6,038,584.37. This represents a 7.03 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 69,558 shares of company stock worth $4,272,768 in the last three months. Company insiders own 1.66% of the company’s stock.

Institutional Investors Weigh In On DocuSign

A number of institutional investors and hedge funds have recently made changes to their positions in DOCU. Tidal Investments LLC boosted its stake in DocuSign by 62.8% during the 3rd quarter. Tidal Investments LLC now owns 44,946 shares of the company’s stock valued at $2,791,000 after purchasing an additional 17,339 shares during the last quarter. Optimist Retirement Group LLC lifted its holdings in shares of DocuSign by 3.8% in the third quarter. Optimist Retirement Group LLC now owns 4,416 shares of the company’s stock valued at $274,000 after purchasing an additional 161 shares in the last quarter. Wilmington Savings Fund Society FSB purchased a new position in shares of DocuSign during the third quarter valued at approximately $51,000. World Investment Advisors LLC bought a new stake in DocuSign during the third quarter worth $2,314,000. Finally, Toronto Dominion Bank raised its position in DocuSign by 30.3% in the 3rd quarter. Toronto Dominion Bank now owns 26,159 shares of the company’s stock valued at $1,624,000 after buying an additional 6,081 shares during the last quarter. Institutional investors and hedge funds own 77.64% of the company’s stock.

DocuSign Stock Performance

The firm has a market capitalization of $17.31 billion, a P/E ratio of 18.00, a PEG ratio of 8.79 and a beta of 0.90. The firm has a 50 day simple moving average of $70.63 and a two-hundred day simple moving average of $60.66.

DocuSign (NASDAQ:DOCU) last released its quarterly earnings results 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. DocuSign had a net margin of 34.56% and a return on equity of 16.18%. The company had revenue of $736.03 million for the quarter, compared to analyst estimates of $727.20 million. During the same period last year, the firm earned $0.09 earnings per share. The firm’s revenue was up 7.0% on a year-over-year basis. Sell-side analysts anticipate that DocuSign, Inc. will post 1.01 earnings per share 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.