Royal Bank of Canada Reiterates "Sector Perform" Rating for DocuSign (NASDAQ:DOCU)

DocuSign (NASDAQ:DOCU - Get Free Report)'s stock had its "sector perform" rating reissued by equities researchers at Royal Bank of Canada in a research report issued to clients and investors on Friday,Benzinga reports. They currently have a $90.00 price objective on the stock. Royal Bank of Canada's target price would indicate a potential upside of 2.08% from the company's previous close.

A number of other equities analysts also recently commented on the company. Wells Fargo & Company upped their target price on DocuSign from $70.00 to $73.00 and gave the company an "underweight" rating in a report on Friday. UBS Group lowered their price target on DocuSign from $100.00 to $90.00 and set a "neutral" rating on the stock in a report on Friday. Morgan Stanley boosted their price objective on DocuSign from $62.00 to $97.00 and gave the company an "equal weight" rating in a research report on Friday, December 6th. JMP Securities reissued a "market outperform" rating and set a $124.00 price objective on shares of DocuSign in a report on Tuesday, January 7th. Finally, Wedbush restated a "neutral" rating and issued a $100.00 price target on shares of DocuSign in a research report on Friday. Two investment analysts have rated the stock with a sell rating, nine have issued a hold rating and three have assigned a buy rating to the company. According to MarketBeat.com, DocuSign currently has an average rating of "Hold" and a consensus price target of $95.42.

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DocuSign Stock Performance

Shares of NASDAQ DOCU traded up $13.46 during midday trading on Friday, reaching $88.16. The company's stock had a trading volume of 6,646,546 shares, compared to its average volume of 2,282,055. DocuSign has a fifty-two week low of $48.70 and a fifty-two week high of $107.86. The business's 50 day moving average price is $88.06 and its two-hundred day moving average price is $79.04. The company has a market cap of $17.81 billion, a P/E ratio of 18.17, a P/E/G ratio of 6.94 and a beta of 1.02.

DocuSign (NASDAQ:DOCU - Get Free Report) last issued its earnings results on Thursday, March 13th. The company reported $0.86 earnings per share for the quarter, topping analysts' consensus estimates of $0.84 by $0.02. DocuSign had a return on equity of 14.90% and a net margin of 34.73%. The business had revenue of $776.25 million during the quarter, compared to the consensus estimate of $760.94 million. During the same period in the previous year, the company posted $0.76 earnings per share. The firm's revenue for the quarter was up 9.0% on a year-over-year basis. Sell-side analysts forecast that DocuSign will post 1.17 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, Director Teresa Briggs sold 534 shares of the stock in a transaction dated Monday, December 16th. The shares were sold at an average price of $94.60, for a total transaction of $50,516.40. Following the sale, 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 ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Blake Jeffrey Grayson sold 8,000 shares of DocuSign stock in a transaction that occurred on Friday, February 14th. The shares were sold at an average price of $86.90, for a total transaction of $695,200.00. Following the completion of the transaction, the chief financial officer now owns 77,851 shares of the company's stock, valued at $6,765,251.90. This trade represents a 9.32 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 104,422 shares of company stock worth $9,665,394 in the last 90 days. Insiders own 1.66% of the company's stock.

Hedge Funds Weigh In On DocuSign

A number of institutional investors have recently modified their holdings of the business. US Bancorp DE increased its stake in shares of DocuSign by 12.6% during the third quarter. US Bancorp DE now owns 3,561 shares of the company's stock worth $221,000 after acquiring an additional 398 shares during the period. Apollon Wealth Management LLC acquired a new stake in DocuSign in the third quarter valued at $203,000. Sumitomo Mitsui Trust Group Inc. boosted its position in shares of DocuSign by 10.4% during the 3rd quarter. Sumitomo Mitsui Trust Group Inc. now owns 475,113 shares of the company's stock worth $29,500,000 after purchasing an additional 44,615 shares in the last quarter. Victory Capital Management Inc. grew its stake in shares of DocuSign by 211.4% during the 3rd quarter. Victory Capital Management Inc. now owns 409,877 shares of the company's stock worth $25,449,000 after purchasing an additional 278,252 shares during the period. Finally, Oppenheimer Asset Management Inc. grew its stake in DocuSign by 9.7% in the 3rd quarter. Oppenheimer Asset Management Inc. now owns 5,442 shares of the company's stock valued at $338,000 after acquiring an additional 481 shares during the last quarter. 77.64% of the stock is owned by institutional investors and hedge funds.

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.

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