JPMorgan Chase & Co. Increases DocuSign (NASDAQ:DOCU) Price Target to $70.00

DocuSign (NASDAQ:DOCU) had its target price increased by stock analysts at JPMorgan Chase & Co. from $50.00 to $70.00 in a research note issued to investors on Tuesday,Benzinga reports. The firm presently has an “underweight” rating on the stock. JPMorgan Chase & Co.‘s price objective points to a potential downside of 16.66% from the stock’s previous close.

DOCU has been the topic of a number of other reports. Wells Fargo & Company increased their target price on DocuSign from $48.00 to $50.00 and gave the stock an “underweight” rating in a research note on Friday, September 6th. Citigroup increased their target price on DocuSign from $86.00 to $87.00 and gave the stock a “buy” rating in a research note on Friday, September 6th. Royal Bank of Canada increased their target price on DocuSign from $52.00 to $57.00 and gave the stock a “sector perform” rating in a research note on Friday, September 6th. Needham & Company LLC reaffirmed a “hold” rating on shares of DocuSign in a research report on Friday, September 6th. Finally, Jefferies Financial Group lifted their price objective on DocuSign from $80.00 to $95.00 and gave the stock a “buy” rating in a report on Tuesday. Two investment analysts have rated the stock with a sell rating, seven have assigned a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat, DocuSign currently has a consensus rating of “Hold” and a consensus target price of $70.73.

DocuSign Stock Up 4.4 %

Shares of DOCU stock opened at $83.99 on Tuesday. The stock has a market cap of $17.05 billion, a price-to-earnings ratio of 17.72, a PEG ratio of 8.31 and a beta of 0.92. The business’s fifty day moving average is $73.33 and its 200 day moving average is $61.52. DocuSign has a twelve month low of $44.34 and a twelve month high of $86.75.

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

Insiders Place Their Bets

In related news, CFO Blake Jeffrey Grayson sold 14,036 shares of the stock in a transaction that occurred on Wednesday, September 18th. The shares were sold at an average price of $55.47, for a total value of $778,576.92. Following the completion of the sale, the chief financial officer now directly owns 87,611 shares of the company’s stock, valued at approximately $4,859,782.17. This represents a 13.81 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Allan C. Thygesen sold 7,763 shares of the stock in a transaction that occurred on Monday, December 2nd. The stock was sold at an average price of $80.54, for a total transaction of $625,232.02. Following the completion of the sale, the chief executive officer now directly owns 100,062 shares of the company’s stock, valued at $8,058,993.48. This represents a 7.20 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 69,596 shares of company stock worth $4,441,529. Company insiders own 1.66% of the company’s stock.

Institutional Trading of DocuSign

Several institutional investors and hedge funds have recently modified their holdings of the company. Franklin Resources Inc. raised its position in shares of DocuSign by 12.1% during the 3rd quarter. Franklin Resources Inc. now owns 520,925 shares of the company’s stock valued at $35,870,000 after purchasing an additional 56,221 shares during the period. Tidal Investments LLC raised its position in shares of DocuSign by 62.8% during the 3rd quarter. Tidal Investments LLC now owns 44,946 shares of the company’s stock valued at $2,791,000 after purchasing an additional 17,339 shares during the period. Optimist Retirement Group LLC raised its position in shares of DocuSign by 3.8% during the 3rd quarter. Optimist Retirement Group LLC now owns 4,416 shares of the company’s stock valued at $274,000 after purchasing an additional 161 shares during the period. Wilmington Savings Fund Society FSB bought a new stake in shares of DocuSign during the 3rd quarter valued at $51,000. Finally, World Investment Advisors LLC bought a new stake in shares of DocuSign during the 3rd quarter valued at $2,314,000. 77.64% of the stock is currently owned by institutional investors.

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.