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

DocuSign, Inc. (NASDAQ:DOCU)’s share price hit a new 52-week high on Friday after Citigroup raised their price target on the stock from $87.00 to $113.00. Citigroup currently has a buy rating on the stock. DocuSign traded as high as $95.40 and last traded at $95.40, with a volume of 291070 shares. The stock had previously closed at $83.68.

DOCU has been the subject of several other reports. Piper Sandler upped their target price on DocuSign from $60.00 to $90.00 and gave the company a “neutral” rating in a report on Friday. Jefferies Financial Group upped their price objective on shares of DocuSign from $80.00 to $95.00 and gave the company a “buy” rating in a report on Tuesday. Bank of America lifted their target price on shares of DocuSign from $60.00 to $68.00 and gave the stock a “neutral” rating in a research note on Friday, September 6th. JPMorgan Chase & Co. increased 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 Tuesday. Finally, Royal Bank of Canada reaffirmed a “sector perform” rating and set a $90.00 price target (up previously from $57.00) on shares of DocuSign in a research report on Friday. Three equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating and three have issued a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $92.45.

Insider Transactions at DocuSign

In other DocuSign news, CFO Blake Jeffrey Grayson sold 9,552 shares of DocuSign stock in a transaction on Tuesday, October 15th. The shares were sold at an average price of $68.80, for a total value of $657,177.60. Following the transaction, the chief financial officer now directly owns 78,265 shares in the company, valued at approximately $5,384,632. The trade was a 10.88 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Allan C. Thygesen sold 7,648 shares of the company’s stock in a transaction dated Tuesday, October 1st. The shares were sold at an average price of $62.47, for a total transaction of $477,770.56. Following the completion of the sale, the chief executive officer now directly owns 115,589 shares of the company’s stock, valued at $7,220,844.83. The trade was a 6.21 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 69,596 shares of company stock valued at $4,441,529. 1.66% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On DocuSign

A number of hedge funds and other institutional investors have recently bought and sold shares of DOCU. Inspire Investing LLC purchased a new stake in shares of DocuSign in the third quarter valued at approximately $911,000. Charles Schwab Investment Management Inc. lifted 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 valued at $82,478,000 after acquiring an additional 16,014 shares during the period. Comerica Bank boosted its position in shares of DocuSign by 228.8% during the 1st quarter. Comerica Bank now owns 28,901 shares of the company’s stock worth $1,721,000 after purchasing an additional 20,110 shares in the last quarter. International Assets Investment Management LLC grew its stake in shares of DocuSign by 5,660.8% during the 3rd quarter. International Assets Investment Management LLC now owns 438,914 shares of the company’s stock worth $27,252,000 after purchasing an additional 431,295 shares during the period. Finally, Quantinno Capital Management LP increased its holdings in shares of DocuSign by 39.5% in the 3rd quarter. Quantinno Capital Management LP now owns 201,546 shares of the company’s stock valued at $12,514,000 after purchasing an additional 57,104 shares in the last quarter. 77.64% of the stock is currently owned by hedge funds and other institutional investors.

DocuSign Price Performance

The stock has a market cap of $21.72 billion, a price-to-earnings ratio of 22.57, a PEG ratio of 8.33 and a beta of 0.92. The company’s 50 day moving average is $74.66 and its 200 day moving average is $62.00.

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