DocuSign (NASDAQ:DOCU) Hits New 52-Week High After Analyst Upgrade

DocuSign, Inc. (NASDAQ:DOCU) shares reached 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. The stock had previously closed at $83.68.

A number of other brokerages have also recently commented on DOCU. JMP Securities increased their price target on shares of DocuSign from $108.00 to $124.00 and gave the company a “market outperform” rating in a research report on Friday. Needham & Company LLC reaffirmed a “hold” rating on shares of DocuSign in a report on Friday. Robert W. Baird lifted their target price on shares of DocuSign from $59.00 to $100.00 and gave the stock a “neutral” rating in a research report on Friday. UBS Group upped their price target on shares of DocuSign from $60.00 to $100.00 and gave the company a “neutral” rating in a research report on Friday. Finally, Bank of America lifted their price objective on DocuSign from $60.00 to $68.00 and gave the stock a “neutral” rating in a report on Friday, September 6th. Three research analysts have rated the stock with a sell rating, seven have given a hold rating and three have given a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $92.45.

Insider Activity at DocuSign

In related news, Director Teresa Briggs sold 534 shares of DocuSign stock in a transaction on Monday, September 16th. The shares were sold at an average price of $56.56, for a total value of $30,203.04. Following the sale, the director now owns 7,202 shares in the company, valued at $407,345.12. The trade was a 6.90 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Allan C. Thygesen sold 7,763 shares of the company’s stock in a transaction 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 of the company’s stock, valued at $8,058,993.48. This trade represents a 7.20 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 69,596 shares of company stock worth $4,441,529 in the last 90 days. Company insiders own 1.66% of the company’s stock.

Institutional Trading of DocuSign

Several large investors have recently bought and sold shares of the company. Thrivent Financial for Lutherans purchased a new position in shares of DocuSign in the 2nd quarter valued at approximately $115,795,000. Pacer Advisors Inc. raised its holdings in DocuSign by 77.9% in the second quarter. Pacer Advisors Inc. now owns 3,519,969 shares of the company’s stock worth $188,318,000 after purchasing an additional 1,541,816 shares in the last quarter. KBC Group NV lifted its position in DocuSign by 209.8% during the third quarter. KBC Group NV now owns 1,156,874 shares of the company’s stock valued at $71,830,000 after buying an additional 783,419 shares during the period. Renaissance Technologies LLC boosted its holdings in shares of DocuSign by 18.3% during the 2nd quarter. Renaissance Technologies LLC now owns 3,729,314 shares of the company’s stock valued at $199,518,000 after buying an additional 576,414 shares in the last quarter. Finally, Skandinaviska Enskilda Banken AB publ grew its position in shares of DocuSign by 151.3% in the 2nd quarter. Skandinaviska Enskilda Banken AB publ now owns 865,872 shares of the company’s stock worth $46,324,000 after buying an additional 521,292 shares during the period. 77.64% of the stock is owned by institutional investors.

DocuSign Trading Up 27.9 %

The company has a market capitalization of $21.72 billion, a P/E ratio of 22.06, a price-to-earnings-growth ratio of 8.70 and a beta of 0.92. The company’s 50 day moving average is $74.66 and its 200-day moving average is $62.01.

DocuSign (NASDAQ:DOCU) last announced its earnings results on Thursday, September 5th. The company reported $0.97 earnings per share for the quarter, beating analysts’ consensus estimates of $0.80 by $0.17. DocuSign had a net margin of 34.56% and a return on equity of 16.18%. The business had revenue of $736.03 million during the quarter, compared to the consensus estimate of $727.20 million. During the same quarter last year, the firm earned $0.09 earnings per share. The business’s revenue for the quarter was up 7.0% on a year-over-year basis. Analysts predict that DocuSign, Inc. will post 1.03 EPS 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.