DocuSign (NASDAQ:DOCU) Given New $70.00 Price Target at Wells Fargo & Company

DocuSign (NASDAQ:DOCU) had its price objective increased by investment analysts at Wells Fargo & Company from $50.00 to $70.00 in a research report issued on Friday,Benzinga reports. The firm presently has an “underweight” rating on the stock. Wells Fargo & Company‘s price objective points to a potential downside of 26.62% from the stock’s current price.

Several other equities research analysts also recently issued reports on DOCU. Robert W. Baird increased their price objective on shares of DocuSign from $59.00 to $100.00 and gave the stock a “neutral” rating in a research report on Friday. Needham & Company LLC reiterated a “hold” rating on shares of DocuSign in a report on Friday. JMP Securities boosted their price target on DocuSign from $108.00 to $124.00 and gave the company a “market outperform” rating in a report on Friday. Bank of America upped their price objective on DocuSign from $60.00 to $68.00 and gave the stock a “neutral” rating in a research report on Friday, September 6th. Finally, Citigroup lifted their target price on DocuSign from $86.00 to $87.00 and gave the company a “buy” rating in a research report on Friday, September 6th. Two 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 company’s stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $80.45.

DocuSign Trading Up 14.0 %

NASDAQ:DOCU opened at $95.40 on Friday. DocuSign has a 1 year low of $44.34 and a 1 year high of $95.40. The stock has a 50-day moving average price of $73.75 and a two-hundred day moving average price of $61.68. The stock has a market cap of $19.36 billion, a price-to-earnings ratio of 20.13, a PEG ratio of 8.33 and a beta of 0.92.

DocuSign (NASDAQ:DOCU) last issued its quarterly earnings data on Thursday, September 5th. The company reported $0.97 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.80 by $0.17. The business had revenue of $736.03 million during 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%. DocuSign’s quarterly revenue was up 7.0% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.09 EPS. Sell-side analysts forecast that DocuSign will post 1.03 earnings per share for the current year.

Insider Activity

In other news, insider Robert Chatwani sold 14,799 shares of DocuSign stock in a transaction that occurred on Wednesday, September 18th. The stock was sold at an average price of $55.46, for a total transaction of $820,752.54. Following the completion of the transaction, the insider now directly owns 70,748 shares in the company, valued at approximately $3,923,684.08. The trade was a 17.30 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, 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 completion of the sale, the director now owns 7,202 shares in the company, valued at approximately $407,345.12. This trade represents a 6.90 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 69,596 shares of company stock valued at $4,441,529. 1.66% of the stock is owned by insiders.

Institutional Trading of DocuSign

Hedge funds and other institutional investors have recently modified their holdings of the stock. Comerica Bank lifted its position in DocuSign by 228.8% during the first quarter. Comerica Bank now owns 28,901 shares of the company’s stock worth $1,721,000 after acquiring an additional 20,110 shares during the last quarter. Cetera Investment Advisers increased its stake in shares of DocuSign by 455.7% during the first quarter. Cetera Investment Advisers now owns 45,709 shares of the company’s stock worth $2,722,000 after purchasing an additional 37,484 shares during the period. Cetera Advisors LLC increased its stake in shares of DocuSign by 38.0% during the first quarter. Cetera Advisors LLC now owns 12,866 shares of the company’s stock worth $766,000 after purchasing an additional 3,542 shares during the period. Mather Group LLC. lifted its holdings in DocuSign by 4,338.5% during the 2nd quarter. Mather Group LLC. now owns 577 shares of the company’s stock worth $31,000 after purchasing an additional 564 shares during the last quarter. Finally, CWM LLC boosted its stake in DocuSign by 23.6% in the 2nd quarter. CWM LLC now owns 31,082 shares of the company’s stock valued at $1,663,000 after purchasing an additional 5,941 shares during the period. Institutional investors own 77.64% of the company’s stock.

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.