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

DocuSign (NASDAQ:DOCU) had its price target hoisted by Wells Fargo & Company from $50.00 to $70.00 in a research report released on Friday,Benzinga reports. Wells Fargo & Company currently has an underweight rating on the stock.

A number of other research firms have also commented on DOCU. Bank of America boosted their price target on shares of DocuSign from $60.00 to $68.00 and gave the company a “neutral” rating in a research report on Friday, September 6th. JPMorgan Chase & Co. upped their target price on shares of DocuSign from $50.00 to $70.00 and gave the stock an “underweight” rating in a research report on Tuesday, December 3rd. Citigroup increased their price objective on DocuSign from $86.00 to $87.00 and gave the company a “buy” rating in a research report on Friday, September 6th. Robert W. Baird raised their price target on DocuSign from $59.00 to $100.00 and gave the company a “neutral” rating in a report on Friday. Finally, JMP Securities upped their target price on shares of DocuSign from $108.00 to $124.00 and gave the company a “market outperform” rating in a research report on Friday. Three analysts have rated the stock with a sell rating, seven have issued a hold rating and three have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $92.45.

DocuSign Stock Up 27.9 %

NASDAQ:DOCU opened at $106.99 on Friday. DocuSign has a 12-month low of $44.34 and a 12-month high of $107.86. The firm has a market capitalization of $21.72 billion, a PE ratio of 22.06, a price-to-earnings-growth ratio of 8.70 and a beta of 0.92. The firm has a 50-day moving average price of $74.66 and a 200 day moving average price of $62.04.

DocuSign (NASDAQ:DOCU) last announced its quarterly 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. DocuSign had a return on equity of 16.18% and a net margin of 34.56%. The business had revenue of $736.03 million for the quarter, compared to analyst estimates of $727.20 million. During the same quarter in the previous year, the firm earned $0.09 EPS. DocuSign’s quarterly revenue was up 7.0% on a year-over-year basis. On average, research analysts expect that DocuSign will post 1.03 EPS for the current year.

Insider Activity at DocuSign

In other news, CFO Blake Jeffrey Grayson sold 14,036 shares of the firm’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 completion of the transaction, the chief financial officer now directly owns 87,611 shares of the company’s stock, valued at $4,859,782.17. This trade represents a 13.81 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Allan C. Thygesen sold 7,648 shares of the business’s stock in a transaction on Tuesday, October 1st. The stock was sold at an average price of $62.47, for a total transaction of $477,770.56. Following the completion of the sale, the chief executive officer now directly owns 115,589 shares in the company, valued at approximately $7,220,844.83. This represents a 6.21 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 69,596 shares of company stock worth $4,441,529. 1.66% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in the business. State Street Corp boosted 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 worth $333,604,000 after buying an additional 120,743 shares during the last quarter. American Century Companies Inc. increased its position in shares of DocuSign by 1.9% in the second 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 last quarter. Renaissance Technologies LLC raised its holdings in DocuSign by 18.3% during the second 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. boosted its position in DocuSign by 77.9% during the second quarter. Pacer Advisors Inc. now owns 3,519,969 shares of the company’s stock valued at $188,318,000 after purchasing an additional 1,541,816 shares during the last quarter. Finally, Geode Capital Management LLC grew its stake in DocuSign by 1.6% in 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. Institutional investors own 77.64% of the company’s stock.

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.