DocuSign (NASDAQ:DOCU) Price Target Raised to $70.00

DocuSign (NASDAQ:DOCU) had its price target increased by JPMorgan Chase & Co. from $50.00 to $70.00 in a research note published on Tuesday,Benzinga reports. The brokerage currently has an underweight rating on the stock.

Other analysts have also recently issued research reports about the company. Needham & Company LLC reaffirmed a “hold” rating on shares of DocuSign in a research report on Friday, September 6th. Royal Bank of Canada increased their target price on DocuSign from $52.00 to $57.00 and gave the company a “sector perform” rating in a research report on Friday, September 6th. Robert W. Baird increased their target price on DocuSign from $55.00 to $59.00 and gave the company a “neutral” rating in a research report on Friday, September 6th. Jefferies Financial Group increased their target price on DocuSign from $80.00 to $95.00 and gave the company a “buy” rating in a research report on Tuesday. Finally, JMP Securities increased their price objective on DocuSign from $84.00 to $108.00 and gave the company a “market outperform” rating in a report on Friday, November 22nd. Two equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Hold” and an average price target of $70.73.

DocuSign Stock Down 0.4 %

Shares of NASDAQ:DOCU opened at $83.68 on Tuesday. DocuSign has a 52-week low of $44.34 and a 52-week high of $86.75. The stock has a market cap of $16.98 billion, a P/E ratio of 17.65, a price-to-earnings-growth ratio of 8.33 and a beta of 0.92. The business’s 50 day moving average is $73.75 and its 200 day moving average is $61.68.

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

Insider Buying and Selling

In related news, insider Robert Chatwani sold 14,799 shares of the firm’s stock in a transaction on Wednesday, September 18th. The stock was sold at an average price of $55.46, for a total value of $820,752.54. Following the completion of the transaction, the insider now owns 70,748 shares in the company, valued at $3,923,684.08. This trade represents a 17.30 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Allan C. Thygesen sold 7,763 shares of the firm’s stock in a transaction on Monday, December 2nd. The stock was sold at an average price of $80.54, for a total value of $625,232.02. Following the completion of the transaction, the chief executive officer now owns 100,062 shares of the company’s stock, valued at $8,058,993.48. This trade represents a 7.20 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 69,596 shares of company stock worth $4,441,529 in the last 90 days. Insiders own 1.66% of the company’s stock.

Hedge Funds Weigh In On DocuSign

A number of institutional investors have recently modified their holdings of the stock. State Street Corp raised its stake in shares of DocuSign by 2.3% during the 3rd quarter. State Street Corp now owns 5,372,939 shares of the company’s stock valued at $333,604,000 after buying an additional 120,743 shares during the last quarter. American Century Companies Inc. raised its stake in shares of DocuSign by 1.9% during the 2nd quarter. American Century Companies Inc. now owns 4,099,400 shares of the company’s stock valued at $219,318,000 after buying an additional 75,026 shares during the last quarter. Renaissance Technologies LLC raised its stake in shares of DocuSign by 18.3% during the 2nd quarter. Renaissance Technologies LLC now owns 3,729,314 shares of the company’s stock valued at $199,518,000 after buying an additional 576,414 shares during the last quarter. Pacer Advisors Inc. raised its stake in shares of DocuSign by 77.9% during the 2nd quarter. Pacer Advisors Inc. now owns 3,519,969 shares of the company’s stock valued at $188,318,000 after buying an additional 1,541,816 shares during the last quarter. Finally, Geode Capital Management LLC raised its stake in shares of DocuSign by 1.6% during the 3rd quarter. Geode Capital Management LLC now owns 3,483,184 shares of the company’s stock valued at $215,789,000 after buying an additional 53,554 shares during the last quarter. Hedge funds and other institutional investors 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.