DocuSign (NASDAQ:DOCU) Hits New 12-Month High Following Analyst Upgrade

DocuSign, Inc. (NASDAQ:DOCU) hit a new 52-week high during mid-day trading 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 trading hands. The stock had previously closed at $83.68.

Other equities research analysts have also recently issued reports about the company. Morgan Stanley increased their price target on DocuSign from $62.00 to $97.00 and gave the stock an “equal weight” rating in a research report on Friday. JPMorgan Chase & Co. upped their price objective on shares of DocuSign from $50.00 to $70.00 and gave the stock an “underweight” rating in a research note on Tuesday. UBS Group raised their target price on shares of DocuSign from $60.00 to $100.00 and gave the company a “neutral” rating in a research report on Friday. Jefferies Financial Group upped their price target on shares of DocuSign from $80.00 to $95.00 and gave the stock a “buy” rating in a research report on Tuesday. Finally, Needham & Company LLC reissued a “hold” rating on shares of DocuSign in a report on Friday. Three 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’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $92.45.

Insiders Place Their Bets

In related news, Director Teresa Briggs sold 534 shares of DocuSign stock in a transaction dated Monday, September 16th. The stock was sold at an average price of $56.56, for a total transaction of $30,203.04. Following the completion of the sale, the director now owns 7,202 shares of the company’s stock, valued at $407,345.12. The trade was a 6.90 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 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 transaction, the chief executive officer now owns 100,062 shares in the company, valued at approximately $8,058,993.48. This trade represents a 7.20 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 69,596 shares of company stock valued at $4,441,529. 1.66% of the stock is currently owned by insiders.

Institutional Trading of DocuSign

A number of hedge funds have recently modified their holdings of the stock. Itau Unibanco Holding S.A. purchased a new stake in shares of DocuSign during the 3rd quarter worth about $28,000. Mather Group LLC. raised its holdings in DocuSign by 4,338.5% in the 2nd quarter. Mather Group LLC. now owns 577 shares of the company’s stock worth $31,000 after purchasing an additional 564 shares during the period. Brooklyn Investment Group purchased a new position in DocuSign during the third quarter worth approximately $33,000. Reston Wealth Management LLC acquired a new stake in DocuSign in the third quarter valued at approximately $47,000. Finally, nVerses Capital LLC purchased a new stake in shares of DocuSign in the second quarter valued at approximately $48,000. Hedge funds and other institutional investors own 77.64% of the company’s stock.

DocuSign Stock Performance

The firm has a market capitalization of $21.72 billion, a price-to-earnings ratio of 22.57, a P/E/G ratio of 8.33 and a beta of 0.92. The company has a 50 day moving average price of $74.66 and a two-hundred day moving average price of $62.00.

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