Wells Fargo & Company Forecasts Strong Price Appreciation for DocuSign (NASDAQ:DOCU) Stock

DocuSign (NASDAQ:DOCU - Get Free Report) had its price target lifted by stock analysts at Wells Fargo & Company from $70.00 to $73.00 in a research report issued on Friday,Benzinga reports. The brokerage currently has an "underweight" rating on the stock. Wells Fargo & Company's target price points to a potential downside of 14.66% from the stock's current price.

Other analysts have also recently issued reports about the stock. UBS Group lifted their target price on shares of DocuSign from $60.00 to $100.00 and gave the stock a "neutral" rating in a research note on Friday, December 6th. JPMorgan Chase & Co. raised shares of DocuSign from an "underweight" rating to a "neutral" rating and raised their price objective for the stock from $70.00 to $75.00 in a research note on Monday. Piper Sandler increased their price target on DocuSign from $60.00 to $90.00 and gave the stock a "neutral" rating in a research report on Friday, December 6th. Robert W. Baird raised their price target on shares of DocuSign from $59.00 to $100.00 and gave the company a "neutral" rating in a research note on Friday, December 6th. Finally, Royal Bank of Canada reaffirmed a "sector perform" rating and set a $90.00 target price (up previously from $57.00) on shares of DocuSign in a report on Friday, December 6th. Two research 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's stock. According to data from MarketBeat, the stock currently has a consensus rating of "Hold" and an average price target of $96.25.

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DocuSign Stock Performance

DOCU traded up $10.84 on Friday, reaching $85.54. The company had a trading volume of 3,602,425 shares, compared to its average volume of 2,210,246. DocuSign has a 52-week low of $48.70 and a 52-week high of $107.86. The business has a 50 day simple moving average of $88.06 and a 200 day simple moving average of $79.04. The company has a market cap of $17.28 billion, a price-to-earnings ratio of 17.51, a P/E/G ratio of 6.94 and a beta of 1.02.

DocuSign (NASDAQ:DOCU - Get Free Report) last posted its quarterly earnings results on Thursday, March 13th. The company reported $0.86 EPS for the quarter, topping analysts' consensus estimates of $0.84 by $0.02. The company had revenue of $776.25 million for the quarter, compared to analysts' expectations of $760.94 million. DocuSign had a return on equity of 14.90% and a net margin of 34.73%. The firm's revenue was up 9.0% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.76 EPS. As a group, equities research analysts predict that DocuSign will post 1.17 EPS for the current fiscal year.

Insider Activity at DocuSign

In other news, Director Teresa Briggs sold 534 shares of DocuSign stock in a transaction that occurred on Monday, December 16th. The shares were sold at an average price of $94.60, for a total transaction of $50,516.40. Following the completion of the sale, the director now directly owns 7,736 shares in the company, valued at approximately $731,825.60. This trade represents a 6.46 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Blake Jeffrey Grayson sold 8,000 shares of the business's stock in a transaction that occurred on Monday, December 16th. The stock was sold at an average price of $94.77, for a total value of $758,160.00. Following the sale, the chief financial officer now directly owns 101,439 shares in the company, valued at $9,613,374.03. This trade represents a 7.31 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 104,422 shares of company stock worth $9,665,394 over the last 90 days. Company 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 company. Wood Tarver Financial Group LLC acquired a new position in DocuSign in the fourth quarter valued at $37,000. Audent Global Asset Management LLC lifted its holdings in shares of DocuSign by 382.6% during the 4th quarter. Audent Global Asset Management LLC now owns 27,425 shares of the company's stock worth $2,467,000 after acquiring an additional 21,742 shares during the period. Siemens Fonds Invest GmbH purchased a new position in shares of DocuSign during the 4th quarter worth about $772,000. Fluent Financial LLC acquired a new stake in shares of DocuSign in the fourth quarter worth approximately $694,000. Finally, Total Wealth Planning & Management Inc. purchased a new stake in DocuSign in the fourth quarter valued at approximately $312,000. Institutional investors and hedge funds 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.

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