JMP Securities Forecasts Strong Price Appreciation for DocuSign (NASDAQ:DOCU) Stock

DocuSign (NASDAQ:DOCU) had its target price raised by analysts at JMP Securities from $84.00 to $108.00 in a note issued to investors on Friday,Benzinga reports. The firm currently has a “market outperform” rating on the stock. JMP Securities’ price target suggests a potential upside of 30.07% from the stock’s current price.

A number of other equities analysts have also recently issued reports on the company. Bank of America increased their target price on DocuSign from $60.00 to $68.00 and gave the stock a “neutral” rating in a report on Friday, September 6th. Citigroup upped their price objective on DocuSign from $86.00 to $87.00 and gave the company a “buy” rating in a research note on Friday, September 6th. Royal Bank of Canada raised their target price on shares of DocuSign from $52.00 to $57.00 and gave the stock a “sector perform” rating in a research note on Friday, September 6th. Robert W. Baird lifted their price target on DocuSign from $55.00 to $59.00 and gave the stock a “neutral” rating in a report on Friday, September 6th. Finally, Needham & Company LLC reiterated a “hold” rating on shares of DocuSign in a research note on Friday, September 6th. Two investment analysts have rated the stock with a sell rating, seven have given a hold rating and two have given a buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $65.80.

DocuSign Stock Performance

Shares of NASDAQ DOCU opened at $83.03 on Friday. The stock has a market cap of $16.85 billion, a PE ratio of 17.52, a PEG ratio of 8.48 and a beta of 0.90. DocuSign has a 52-week low of $42.13 and a 52-week high of $83.68. The business has a fifty day moving average of $69.47 and a two-hundred day moving average of $60.25.

DocuSign (NASDAQ:DOCU) last released its earnings results on Thursday, September 5th. The company reported $0.97 EPS for the quarter, beating the consensus estimate of $0.80 by $0.17. The company had revenue of $736.03 million during the quarter, compared to analysts’ expectations of $727.20 million. DocuSign had a return on equity of 16.18% and a net margin of 34.56%. The business’s revenue for the quarter was up 7.0% on a year-over-year basis. During the same period last year, the firm earned $0.09 EPS. Analysts predict that DocuSign will post 1.01 earnings per share for the current year.

Insiders Place Their Bets

In other DocuSign news, insider Robert Chatwani sold 14,799 shares of the company’s stock in a transaction dated Wednesday, September 18th. The shares were sold at an average price of $55.46, for a total transaction of $820,752.54. Following the completion of the sale, the insider now directly owns 70,748 shares in the company, valued at $3,923,684.08. This represents a 17.30 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, insider James P. Shaughnessy sold 7,500 shares of the firm’s stock in a transaction that occurred on Wednesday, October 9th. The stock was sold at an average price of $67.83, for a total transaction of $508,725.00. Following the completion of the transaction, the insider now owns 43,301 shares in the company, valued at $2,937,106.83. This represents a 14.76 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 69,558 shares of company stock worth $4,272,768 in the last ninety days. 1.66% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of DOCU. Massmutual Trust Co. FSB ADV raised its holdings in DocuSign by 5,000.0% in the 2nd quarter. Massmutual Trust Co. FSB ADV now owns 510 shares of the company’s stock worth $27,000 after acquiring an additional 500 shares during the last quarter. Itau Unibanco Holding S.A. bought a new stake in shares of DocuSign during the 3rd quarter valued at $28,000. Mather Group LLC. grew its holdings in DocuSign by 4,338.5% during the second quarter. Mather Group LLC. now owns 577 shares of the company’s stock valued at $31,000 after purchasing an additional 564 shares during the period. Brooklyn Investment Group purchased a new stake in DocuSign in the 3rd quarter worth approximately $33,000. Finally, Reston Wealth Management LLC purchased a new stake in shares of DocuSign in the third quarter worth $47,000. 77.64% of the stock is currently owned by institutional investors.

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.