DocuSign (NASDAQ:DOCU) Given New $98.00 Price Target at Bank of America

DocuSign (NASDAQ:DOCU) had its price objective lowered by Bank of America from $112.00 to $98.00 in a research report released on Friday morning,Benzinga reports. The brokerage currently has a neutral rating on the stock.

A number of other analysts also recently commented on the company. JMP Securities restated a “market outperform” rating and issued a $124.00 target price on shares of DocuSign in a research note on Tuesday, January 7th. Citigroup reiterated a “buy” rating on shares of DocuSign in a research report on Thursday, March 6th. Piper Sandler increased their price target on DocuSign from $60.00 to $90.00 and gave the stock a “neutral” rating in a research report on Friday, December 6th. Wells Fargo & Company increased their price target on DocuSign from $50.00 to $70.00 and gave the stock an “underweight” rating in a research report on Friday, December 6th. Finally, UBS Group increased their price target on DocuSign from $60.00 to $100.00 and gave the stock a “neutral” rating in a research report on Friday, December 6th. Two equities research analysts have rated the stock with a sell rating, nine have issued a hold rating and three have given a buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $95.58.

DocuSign Stock Performance

Shares of DOCU stock opened at $85.76 on Friday. DocuSign has a fifty-two week low of $48.70 and a fifty-two week high of $107.86. The firm has a market capitalization of $17.33 billion, a PE ratio of 17.68, a P/E/G ratio of 6.94 and a beta of 1.02. The stock’s 50-day simple moving average is $87.97 and its 200-day simple moving average is $79.52.

DocuSign (NASDAQ:DOCU) last issued its earnings results on Thursday, March 13th. The company reported $0.86 EPS for the quarter, topping analysts’ consensus estimates of $0.84 by $0.02. DocuSign had a return on equity of 14.90% and a net margin of 34.73%. The firm had revenue of $776.25 million for the quarter, compared to the consensus estimate of $760.94 million. During the same quarter in the prior year, the business earned $0.76 earnings per share. The company’s revenue was up 9.0% compared to the same quarter last year. Sell-side analysts forecast that DocuSign will post 1.17 earnings per share for the current year.

Insider Activity

In related news, insider James P. Shaughnessy sold 7,500 shares of the stock in a transaction that occurred on Thursday, January 2nd. The stock was sold at an average price of $90.17, for a total value of $676,275.00. Following the completion of the sale, the insider now owns 43,781 shares of the company’s stock, valued at approximately $3,947,732.77. This trade represents a 14.63 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Blake Jeffrey Grayson sold 15,588 shares of the stock in a transaction that occurred on Wednesday, December 18th. The shares were sold at an average price of $97.78, for a total value of $1,524,194.64. Following the completion of the sale, the chief financial officer now directly owns 85,851 shares of the company’s stock, valued at approximately $8,394,510.78. This represents a 15.37 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 95,888 shares of company stock worth $8,856,718 over the last quarter. 1.66% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On DocuSign

Several hedge funds and other institutional investors have recently made changes to their positions in DOCU. FMR LLC increased its holdings in shares of DocuSign by 178.2% in the fourth quarter. FMR LLC now owns 6,101,024 shares of the company’s stock valued at $548,726,000 after purchasing an additional 3,908,139 shares during the last quarter. Invesco Ltd. increased its stake in DocuSign by 283.9% during the fourth quarter. Invesco Ltd. now owns 3,447,275 shares of the company’s stock worth $310,048,000 after acquiring an additional 2,549,310 shares during the last quarter. Norges Bank acquired a new stake in DocuSign during the fourth quarter worth $223,196,000. Arrowstreet Capital Limited Partnership increased its stake in DocuSign by 201.6% during the fourth quarter. Arrowstreet Capital Limited Partnership now owns 2,158,311 shares of the company’s stock worth $194,118,000 after acquiring an additional 1,442,639 shares during the last quarter. Finally, Jericho Capital Asset Management L.P. increased its stake in DocuSign by 34.0% during the fourth quarter. Jericho Capital Asset Management L.P. now owns 4,754,753 shares of the company’s stock worth $427,642,000 after acquiring an additional 1,205,500 shares during the last quarter. Institutional investors and hedge funds own 77.64% of the company’s stock.

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.