DocuSign (NASDAQ:DOCU) Price Target Raised to $113.00

DocuSign (NASDAQ:DOCU) had its price objective raised by Citigroup from $87.00 to $113.00 in a research note issued to investors on Friday morning,Benzinga reports. They currently have a buy rating on the stock.

Several other research firms have also recently commented on DOCU. Needham & Company LLC reiterated a “hold” rating on shares of DocuSign in a research note on Friday. Morgan Stanley increased their target price 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. increased their target price on DocuSign from $50.00 to $70.00 and gave the stock an “underweight” rating in a research report on Tuesday. Bank of America increased their target price on DocuSign from $60.00 to $68.00 and gave the stock a “neutral” rating in a research report on Friday, September 6th. Finally, Royal Bank of Canada reissued a “sector perform” rating and issued a $90.00 price target (up previously from $57.00) on shares of DocuSign in a research note on Friday. Three 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, the company presently has a consensus rating of “Hold” and a consensus price target of $92.45.

DocuSign Stock Performance

Shares of NASDAQ DOCU opened at $106.99 on Friday. The company’s fifty day moving average is $74.66 and its two-hundred day moving average is $62.00. DocuSign has a one year low of $44.34 and a one year high of $107.86. The firm has a market capitalization of $21.72 billion, a P/E ratio of 22.06, a PEG ratio of 8.70 and a beta of 0.92.

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

Insider Buying and Selling

In other DocuSign news, Director Teresa Briggs sold 534 shares of the 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 directly owns 7,202 shares in the company, valued at approximately $407,345.12. This trade represents a 6.90 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO Allan C. Thygesen sold 7,763 shares of DocuSign stock in a transaction dated Monday, December 2nd. The shares were 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 directly owns 100,062 shares of the company’s stock, 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 sold 69,596 shares of company stock worth $4,441,529. Corporate insiders own 1.66% of the company’s stock.

Hedge Funds Weigh In On DocuSign

A number of institutional investors have recently added to or reduced their stakes in DOCU. Franklin Resources Inc. raised its holdings in shares of DocuSign by 12.1% in the third quarter. Franklin Resources Inc. now owns 520,925 shares of the company’s stock valued at $35,870,000 after purchasing an additional 56,221 shares during the last quarter. Tidal Investments LLC increased its holdings in shares of DocuSign by 62.8% in the 3rd quarter. Tidal Investments LLC now owns 44,946 shares of the company’s stock worth $2,791,000 after purchasing an additional 17,339 shares in the last quarter. Optimist Retirement Group LLC grew its holdings in shares of DocuSign by 3.8% in the third quarter. Optimist Retirement Group LLC now owns 4,416 shares of the company’s stock worth $274,000 after acquiring an additional 161 shares during the period. Wilmington Savings Fund Society FSB purchased a new position in shares of DocuSign in the third quarter valued at about $51,000. Finally, World Investment Advisors LLC purchased a new stake in shares of DocuSign in the third quarter worth about $2,314,000. 77.64% of the stock is currently owned by institutional investors and hedge funds.

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.