Docusign Inc. (NASDAQ:DOCU) Receives $61.40 Consensus Target Price from Brokerages

Docusign Inc. (NASDAQ:DOCU) has received an average recommendation of “Hold” from the nineteen ratings firms that are presently covering the stock, Marketbeat.com reports. Two research analysts have rated the stock with a sell recommendation, fourteen have assigned a hold recommendation and three have issued a buy recommendation on the company. The average twelve-month price target among analysts that have issued ratings on the stock in the last year is $61.40.

A number of equities analysts recently commented on the stock. HSBC set a $53.00 price target on shares of Docusign in a research report on Friday, February 13th. Jefferies Financial Group lowered shares of Docusign from a “buy” rating to a “hold” rating and decreased their target price for the stock from $105.00 to $45.00 in a research report on Monday, February 23rd. Needham & Company LLC reaffirmed a “hold” rating on shares of Docusign in a report on Tuesday, March 10th. Wells Fargo & Company dropped their price target on shares of Docusign from $75.00 to $60.00 and set an “equal weight” rating for the company in a research report on Wednesday, March 18th. Finally, Citizens Jmp cut their price target on Docusign from $124.00 to $86.00 and set a “market outperform” rating for the company in a research note on Wednesday, March 18th.

Insider Activity

In related news, insider Robert Chatwani sold 16,696 shares of the business’s stock in a transaction dated Wednesday, March 18th. The stock was sold at an average price of $48.10, for a total value of $803,077.60. Following the completion of the transaction, the insider owned 72,458 shares of the company’s stock, valued at $3,485,229.80. The trade was a 18.73% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CRO Paula Hansen sold 6,000 shares of the company’s stock in a transaction dated Wednesday, April 1st. The stock was sold at an average price of $46.84, for a total transaction of $281,040.00. Following the sale, the executive directly owned 79,233 shares of the company’s stock, valued at $3,711,273.72. This represents a 7.04% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last quarter, insiders sold 64,309 shares of company stock worth $3,061,570. 0.59% of the stock is owned by insiders.

Hedge Funds Weigh In On Docusign

Hedge funds have recently bought and sold shares of the company. NewEdge Advisors LLC lifted its holdings in shares of Docusign by 36.4% during the 1st quarter. NewEdge Advisors LLC now owns 9,202 shares of the company’s stock worth $749,000 after acquiring an additional 2,457 shares during the period. Guggenheim Capital LLC boosted its stake in Docusign by 6.7% in the second quarter. Guggenheim Capital LLC now owns 11,543 shares of the company’s stock valued at $899,000 after buying an additional 729 shares in the last quarter. State Street Corp raised its stake in Docusign by 3.0% during the second quarter. State Street Corp now owns 8,074,976 shares of the company’s stock worth $628,960,000 after acquiring an additional 236,494 shares in the last quarter. Sei Investments Co. grew its holdings in shares of Docusign by 60.7% during the 2nd quarter. Sei Investments Co. now owns 40,386 shares of the company’s stock valued at $3,146,000 after purchasing an additional 15,247 shares during the last quarter. Finally, Treasurer of the State of North Carolina lifted its stake in Docusign by 51.0% in the 2nd quarter. Treasurer of the State of North Carolina now owns 189,178 shares of the company’s stock valued at $14,735,000 after purchasing an additional 63,911 shares during the last quarter. 77.64% of the stock is owned by institutional investors.

Docusign Stock Performance

NASDAQ:DOCU opened at $52.52 on Monday. The stock has a 50 day simple moving average of $47.23 and a 200 day simple moving average of $54.61. The stock has a market cap of $10.20 billion, a P/E ratio of 35.49, a PEG ratio of 2.01 and a beta of 0.92. Docusign has a 1-year low of $40.16 and a 1-year high of $94.67.

Docusign (NASDAQ:DOCU) last issued its quarterly earnings data on Tuesday, March 17th. The company reported $1.01 EPS for the quarter, beating analysts’ consensus estimates of $0.95 by $0.06. Docusign had a return on equity of 16.86% and a net margin of 9.60%.The firm had revenue of $836.86 million for the quarter, compared to analyst estimates of $828.23 million. During the same period in the prior year, the firm posted $0.86 EPS. The company’s revenue for the quarter was up 7.8% on a year-over-year basis. As a group, sell-side analysts forecast that Docusign will post 1.75 EPS for the current year.

Docusign declared that its Board of Directors has authorized a stock buyback plan on Tuesday, March 17th that authorizes the company to repurchase $2.00 billion in shares. This repurchase authorization authorizes the company to repurchase up to 21% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company’s board of directors believes its shares are undervalued.

Docusign Company Profile

DocuSign, Inc (NASDAQ: DOCU) is a leading provider of electronic signature and digital transaction management solutions. The company’s flagship offering, DocuSign eSignature, enables organizations to send, sign and manage legally binding electronic agreements securely in the cloud. Beyond eSignature, DocuSign’s Agreement Cloud combines contract lifecycle management, document generation, and workflow automation to streamline agreement processes from initiation through execution and storage.

DocuSign’s platform serves a diverse customer base spanning industries such as finance, real estate, healthcare, technology, and government.