Morgan Stanley Boosts DocuSign (NASDAQ:DOCU) Price Target to $97.00

DocuSign (NASDAQ:DOCU) had its price objective increased by stock analysts at Morgan Stanley from $62.00 to $97.00 in a report issued on Friday,Benzinga reports. The brokerage presently has an “equal weight” rating on the stock. Morgan Stanley’s price target points to a potential downside of 9.34% from the company’s current price.

A number of other equities research analysts have also commented on the stock. Royal Bank of Canada reiterated a “sector perform” rating and set a $90.00 price target (up from $57.00) on shares of DocuSign in a report on Friday. Bank of America increased their target price on shares of DocuSign from $60.00 to $68.00 and gave the stock a “neutral” rating in a report on Friday, September 6th. Jefferies Financial Group boosted their price target on DocuSign from $80.00 to $95.00 and gave the company a “buy” rating in a report on Tuesday, December 3rd. JMP Securities increased their price objective on DocuSign from $108.00 to $124.00 and gave the stock a “market outperform” rating in a report on Friday. Finally, Piper Sandler boosted their target price on DocuSign from $60.00 to $90.00 and gave the company a “neutral” rating in a research note on Friday. Three investment analysts have rated the stock with a sell rating, seven have issued a hold rating and three have given a buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $92.45.

DocuSign Stock Performance

Shares of DocuSign stock opened at $106.99 on Friday. The stock has a market capitalization of $21.72 billion, a price-to-earnings ratio of 22.06, a price-to-earnings-growth ratio of 8.70 and a beta of 0.92. The company has a fifty day moving average of $74.66 and a 200-day moving average of $62.01. DocuSign has a 52-week low of $44.34 and a 52-week high of $107.86.

DocuSign (NASDAQ:DOCU) last released 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. 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 the consensus estimate of $727.20 million. During the same quarter in the previous year, the business earned $0.09 earnings per share. The company’s quarterly revenue was up 7.0% on a year-over-year basis. On average, equities research analysts forecast that DocuSign will post 1.03 earnings per share for the current fiscal year.

Insider Activity

In related news, CEO Allan C. Thygesen sold 7,763 shares of DocuSign stock in a transaction dated 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 sale, the chief executive officer now directly 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Blake Jeffrey Grayson sold 14,036 shares of the business’s stock in a transaction that occurred on Wednesday, September 18th. The shares were sold at an average price of $55.47, for a total transaction of $778,576.92. Following the transaction, the chief financial officer now directly owns 87,611 shares of the company’s stock, valued at $4,859,782.17. The trade was a 13.81 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 69,596 shares of company stock worth $4,441,529. Insiders own 1.66% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the company. State Street Corp grew its holdings in DocuSign by 2.3% during the third quarter. State Street Corp now owns 5,372,939 shares of the company’s stock valued at $333,604,000 after purchasing an additional 120,743 shares during the period. American Century Companies Inc. grew 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 acquiring an additional 75,026 shares during the period. Renaissance Technologies LLC increased its holdings in DocuSign by 18.3% in the 2nd quarter. Renaissance Technologies LLC now owns 3,729,314 shares of the company’s stock worth $199,518,000 after acquiring an additional 576,414 shares in the last quarter. Pacer Advisors Inc. raised its stake in DocuSign by 77.9% during the 2nd quarter. Pacer Advisors Inc. now owns 3,519,969 shares of the company’s stock worth $188,318,000 after acquiring an additional 1,541,816 shares during the period. Finally, Geode Capital Management LLC lifted its holdings in DocuSign by 1.6% during the third quarter. Geode Capital Management LLC now owns 3,483,184 shares of the company’s stock valued at $215,789,000 after purchasing an additional 53,554 shares in the last quarter. 77.64% of the stock is owned by hedge funds and other 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.