DocuSign (NASDAQ:DOCU) Given New $98.00 Price Target at Bank of America

DocuSign (NASDAQ:DOCU) had its price objective decreased by Bank of America from $112.00 to $98.00 in a research report sent to investors on Friday morning,Benzinga reports. Bank of America currently has a neutral rating on the stock.

Other equities research analysts also recently issued research reports about the stock. Morgan Stanley raised their price target on shares of DocuSign from $62.00 to $97.00 and gave the company an “equal weight” rating in a research report on Friday, December 6th. Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $90.00 target price (up previously from $57.00) on shares of DocuSign in a research report on Friday, December 6th. Wells Fargo & Company lifted their target price on shares of DocuSign from $50.00 to $70.00 and gave the stock an “underweight” rating in a research report on Friday, December 6th. Piper Sandler increased their target price on DocuSign from $60.00 to $90.00 and gave the company a “neutral” rating in a report on Friday, December 6th. Finally, Hsbc Global Res upgraded DocuSign to a “moderate sell” rating in a research note on Friday, December 6th. Two investment analysts have rated the stock with a sell rating, nine have given a hold rating and three have given a buy rating to the company. According to MarketBeat, DocuSign currently has a consensus rating of “Hold” and an average price target of $95.58.

DocuSign Stock Up 14.8 %

Shares of DOCU opened at $85.76 on Friday. The company has a market capitalization of $17.33 billion, a P/E ratio of 17.68, a price-to-earnings-growth ratio of 6.94 and a beta of 1.02. The firm has a 50 day moving average of $87.97 and a 200 day moving average of $79.22. DocuSign has a twelve month low of $48.70 and a twelve month high of $107.86.

DocuSign (NASDAQ:DOCU) last announced its quarterly earnings results on Thursday, March 13th. The company reported $0.86 earnings per share for the quarter, beating the consensus estimate of $0.84 by $0.02. The company had revenue of $776.25 million during the quarter, compared to the consensus estimate of $760.94 million. DocuSign had a net margin of 34.73% and a return on equity of 14.90%. The firm’s quarterly revenue was up 9.0% compared to the same quarter last year. During the same quarter last year, the firm earned $0.76 earnings per share. On average, sell-side analysts expect that DocuSign will post 1.17 EPS for the current year.

Insider Activity

In related news, Director Teresa Briggs sold 534 shares of the company’s stock in a transaction on Monday, December 16th. The shares were sold at an average price of $94.60, for a total value of $50,516.40. Following the completion of the transaction, the director now owns 7,736 shares of the company’s stock, valued at approximately $731,825.60. This represents a 6.46 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, CFO Blake Jeffrey Grayson sold 8,000 shares of the company’s stock in a transaction on Monday, December 16th. The stock was sold at an average price of $94.77, for a total transaction of $758,160.00. Following the completion of the transaction, the chief financial officer now directly owns 101,439 shares of the company’s stock, valued at $9,613,374.03. This represents a 7.31 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 104,422 shares of company stock worth $9,665,394 in the last three months. Company insiders own 1.66% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of the company. FMR LLC boosted its holdings in DocuSign by 178.2% in the 4th quarter. FMR LLC now owns 6,101,024 shares of the company’s stock worth $548,726,000 after buying an additional 3,908,139 shares during the period. State Street Corp boosted its holdings in DocuSign by 2.3% in the 3rd quarter. State Street Corp now owns 5,372,939 shares of the company’s stock worth $333,604,000 after buying an additional 120,743 shares during the period. American Century Companies Inc. boosted its holdings in DocuSign by 18.5% in the 4th quarter. American Century Companies Inc. now owns 5,315,459 shares of the company’s stock worth $478,072,000 after buying an additional 831,611 shares during the period. Jericho Capital Asset Management L.P. lifted its stake in DocuSign by 34.0% in the 4th quarter. Jericho Capital Asset Management L.P. now owns 4,754,753 shares of the company’s stock worth $427,642,000 after purchasing an additional 1,205,500 shares in the last quarter. Finally, Renaissance Technologies LLC lifted its stake in DocuSign by 4.9% in the 4th quarter. Renaissance Technologies LLC now owns 4,363,292 shares of the company’s stock worth $392,434,000 after purchasing an additional 205,304 shares in the last quarter. Institutional investors own 77.64% of the company’s stock.

DocuSign Company Profile

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.