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

DocuSign, Inc. (NASDAQ:DOCU)’s stock price hit 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. The stock had previously closed at $83.03.

Other analysts have also recently issued research reports about the company. Royal Bank of Canada lifted their target price on DocuSign from $52.00 to $57.00 and gave the stock a “sector perform” rating in a research report on Friday, September 6th. Needham & Company LLC reaffirmed a “hold” rating on shares of DocuSign in a research report on Friday, September 6th. Citigroup increased their price objective on DocuSign from $86.00 to $87.00 and gave the company a “buy” rating in a report on Friday, September 6th. Robert W. Baird lifted their target price on shares of DocuSign from $55.00 to $59.00 and gave the company a “neutral” rating in a report on Friday, September 6th. Finally, Wells Fargo & Company increased their price target on shares of DocuSign from $48.00 to $50.00 and gave the stock an “underweight” rating in a research note on Friday, September 6th. Two research analysts have rated the stock with a sell rating, seven have assigned a hold rating and two have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $65.80.

Insider Buying and Selling

In other DocuSign news, insider Robert Chatwani sold 14,799 shares of DocuSign stock in a transaction that occurred on Wednesday, September 18th. The stock was sold at an average price of $55.46, for a total transaction of $820,752.54. Following the sale, the insider now directly owns 70,748 shares in the company, valued at $3,923,684.08. The trade was a 17.30 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Allan C. Thygesen sold 7,725 shares of DocuSign stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $59.09, for a total transaction of $456,470.25. Following the completion of the sale, the chief executive officer now owns 102,193 shares of the company’s stock, valued at approximately $6,038,584.37. This trade represents a 7.03 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 69,558 shares of company stock valued at $4,272,768. Company insiders own 1.66% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in DOCU. Inspire Investing LLC acquired a new stake in DocuSign in the third quarter worth $911,000. Comerica Bank grew its position in shares of DocuSign by 228.8% during the first quarter. Comerica Bank now owns 28,901 shares of the company’s stock worth $1,721,000 after acquiring an additional 20,110 shares during the last quarter. International Assets Investment Management LLC increased its holdings in shares of DocuSign by 5,660.8% in the 3rd quarter. International Assets Investment Management LLC now owns 438,914 shares of the company’s stock worth $27,252,000 after acquiring an additional 431,295 shares during the period. Robeco Institutional Asset Management B.V. lifted its position in DocuSign by 7.1% in the 3rd quarter. Robeco Institutional Asset Management B.V. now owns 1,296,517 shares of the company’s stock valued at $80,501,000 after purchasing an additional 85,987 shares during the last quarter. Finally, Carrera Capital Advisors acquired a new position in DocuSign during the 3rd quarter valued at about $666,000. Institutional investors and hedge funds own 77.64% of the company’s stock.

DocuSign Stock Performance

The business’s 50 day simple moving average is $70.04 and its 200-day simple moving average is $60.46. The stock has a market capitalization of $17.36 billion, a price-to-earnings ratio of 18.04, a price-to-earnings-growth ratio of 8.79 and a beta of 0.90.

DocuSign (NASDAQ:DOCU) last posted its quarterly earnings data on Thursday, September 5th. The company reported $0.97 earnings per share for the quarter, topping the consensus estimate of $0.80 by $0.17. The business had revenue of $736.03 million during the quarter, compared to the consensus estimate of $727.20 million. DocuSign had a net margin of 34.56% and a return on equity of 16.18%. The company’s quarterly revenue was up 7.0% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.09 earnings per share. As a group, sell-side analysts expect that DocuSign, Inc. will post 1.01 EPS 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.