DocuSign’s (DOCU) “Sector Perform” Rating Reiterated at Royal Bank of Canada

Royal Bank of Canada reiterated their sector perform rating on shares of DocuSign (NASDAQ:DOCU) in a report published on Friday morning,Benzinga reports. They currently have a $90.00 target price on the stock, up from their prior target price of $57.00.

Several other analysts have also issued reports on the stock. Piper Sandler upped their price target on shares of DocuSign from $60.00 to $90.00 and gave the stock a “neutral” rating in a research report on Friday. 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 report on Friday. Wells Fargo & Company lifted their price target on DocuSign from $50.00 to $70.00 and gave the stock an “underweight” rating in a report on Friday. Robert W. Baird upped their price objective on DocuSign from $59.00 to $100.00 and gave the company a “neutral” rating in a research note on Friday. Finally, Needham & Company LLC reiterated a “hold” rating on shares of DocuSign in a research note on Friday. Three equities research analysts have rated the stock with a sell rating, seven have issued a hold rating and three have issued a buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $92.45.

DocuSign Price Performance

Shares of NASDAQ DOCU opened at $106.99 on Friday. The business has a 50-day moving average of $74.66 and a 200-day moving average of $62.04. The stock has a market capitalization of $21.72 billion, a price-to-earnings ratio of 22.06, a PEG ratio of 8.70 and a beta of 0.92. DocuSign has a fifty-two week low of $44.34 and a fifty-two week high of $107.86.

DocuSign (NASDAQ:DOCU) last posted its quarterly earnings results on Thursday, September 5th. The company reported $0.97 earnings per share for the quarter, topping the consensus estimate of $0.80 by $0.17. The firm had revenue of $736.03 million for 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%. The business’s quarterly revenue was up 7.0% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.09 EPS. On average, sell-side analysts expect that DocuSign will post 1.03 EPS for the current year.

Insider Buying and Selling at DocuSign

In related news, CFO Blake Jeffrey Grayson sold 14,036 shares of the firm’s stock in a transaction dated Wednesday, September 18th. The stock was sold at an average price of $55.47, for a total value of $778,576.92. Following the sale, 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 ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, CEO Allan C. Thygesen sold 7,648 shares of the business’s stock in a transaction dated Tuesday, October 1st. The stock was sold at an average price of $62.47, for a total value of $477,770.56. Following the transaction, the chief executive officer now directly owns 115,589 shares of the company’s stock, valued at approximately $7,220,844.83. The trade was a 6.21 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 69,596 shares of company stock valued at $4,441,529 in the last three months. Corporate insiders own 1.66% of the company’s stock.

Institutional Investors Weigh In On DocuSign

Several hedge funds and other institutional investors have recently made changes to their positions in DOCU. State Street Corp lifted its stake in DocuSign by 2.3% in the 3rd 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 last quarter. American Century Companies Inc. lifted its stake in shares of DocuSign by 1.9% in 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 last quarter. Renaissance Technologies LLC lifted its stake in shares of DocuSign by 18.3% in the 2nd quarter. Renaissance Technologies LLC now owns 3,729,314 shares of the company’s stock valued at $199,518,000 after acquiring an additional 576,414 shares during the last quarter. Pacer Advisors Inc. boosted its holdings in shares of DocuSign by 77.9% during the 2nd quarter. Pacer Advisors Inc. now owns 3,519,969 shares of the company’s stock valued at $188,318,000 after acquiring an additional 1,541,816 shares in the last quarter. Finally, Geode Capital Management LLC grew its position in DocuSign by 1.6% during the 3rd quarter. Geode Capital Management LLC now owns 3,483,184 shares of the company’s stock worth $215,789,000 after acquiring an additional 53,554 shares during the last quarter. 77.64% of the stock is 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.