DocuSign (NASDAQ:DOCU) Price Target Raised to $73.00

DocuSign (NASDAQ:DOCU) had its price target lifted by Wells Fargo & Company from $70.00 to $73.00 in a report published on Friday,Benzinga reports. Wells Fargo & Company currently has an underweight rating on the stock.

A number of other research analysts have also recently issued reports on the company. JPMorgan Chase & Co. upgraded DocuSign from an “underweight” rating to a “neutral” rating and lifted their target price for the company from $70.00 to $75.00 in a research report on Monday, March 10th. JMP Securities reiterated a “market outperform” rating and issued a $124.00 target price on shares of DocuSign in a research report on Tuesday, January 7th. Bank of America decreased their target price on DocuSign from $112.00 to $98.00 and set a “neutral” rating on the stock in a research report on Friday. Needham & Company LLC reissued a “hold” rating on shares of DocuSign in a research note on Friday. Finally, Morgan Stanley lifted their price target on DocuSign from $62.00 to $97.00 and gave the company an “equal weight” rating in a research note on Friday, December 6th. Two investment analysts have rated the stock with a sell rating, nine have assigned a hold rating and three have given a buy rating to the company’s stock. According to MarketBeat.com, DocuSign currently has a consensus rating of “Hold” and a consensus target price of $95.58.

DocuSign Stock Performance

Shares of NASDAQ DOCU opened at $85.76 on Friday. DocuSign has a 52 week low of $48.70 and a 52 week high of $107.86. The stock has a market capitalization of $17.33 billion, a P/E ratio of 17.68, a PEG ratio of 6.94 and a beta of 1.02. The stock’s fifty day moving average is $87.97 and its 200 day moving average is $79.52.

DocuSign (NASDAQ:DOCU) last released its earnings results on Thursday, March 13th. The company reported $0.86 earnings per share (EPS) for the quarter, beating 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 analysts’ expectations of $760.94 million. During the same quarter in the previous year, the business posted $0.76 earnings per share. The business’s revenue for the quarter was up 9.0% on a year-over-year basis. Equities research analysts forecast that DocuSign will post 1.17 earnings per share for the current year.

Insider Buying and Selling

In related news, CFO Blake Jeffrey Grayson sold 8,000 shares of DocuSign stock in a transaction that occurred on Friday, February 14th. The stock was sold at an average price of $86.90, for a total value of $695,200.00. Following the transaction, the chief financial officer now directly owns 77,851 shares of the company’s stock, valued at $6,765,251.90. The trade was a 9.32 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Robert Chatwani sold 14,800 shares of DocuSign stock in a transaction that occurred on Wednesday, December 18th. The stock was sold at an average price of $97.76, for a total value of $1,446,848.00. Following the completion of the transaction, the insider now directly owns 73,414 shares in the company, valued at approximately $7,176,952.64. This represents a 16.78 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 95,888 shares of company stock valued at $8,856,718 over the last ninety days. 1.66% of the stock is owned by company insiders.

Hedge Funds Weigh In On DocuSign

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Toronto Dominion Bank lifted its stake in shares of DocuSign by 30.3% in the third quarter. Toronto Dominion Bank now owns 26,159 shares of the company’s stock worth $1,624,000 after acquiring an additional 6,081 shares during the period. Charles Schwab Investment Management Inc. increased its holdings in DocuSign by 1.2% in the third quarter. Charles Schwab Investment Management Inc. now owns 1,328,355 shares of the company’s stock worth $82,478,000 after purchasing an additional 16,014 shares in the last quarter. Quantinno Capital Management LP increased its holdings in DocuSign by 39.5% in the third quarter. Quantinno Capital Management LP now owns 201,546 shares of the company’s stock worth $12,514,000 after purchasing an additional 57,104 shares in the last quarter. Rhumbline Advisers increased its holdings in DocuSign by 118.8% in the fourth quarter. Rhumbline Advisers now owns 608,123 shares of the company’s stock worth $54,695,000 after purchasing an additional 330,136 shares in the last quarter. Finally, KBC Group NV increased its holdings in DocuSign by 32.7% in the fourth quarter. KBC Group NV now owns 1,535,107 shares of the company’s stock worth $138,067,000 after purchasing an additional 378,233 shares in the last quarter. 77.64% of the stock is owned by institutional investors and hedge funds.

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.