Piper Sandler Forecasts Strong Price Appreciation for DocuSign (NASDAQ:DOCU) Stock

DocuSign (NASDAQ:DOCU) had its price objective hoisted by equities research analysts at Piper Sandler from $60.00 to $90.00 in a note issued to investors on Friday,Benzinga reports. The firm presently has a “neutral” rating on the stock. Piper Sandler’s price objective indicates a potential downside of 5.66% from the company’s previous close.

Other equities analysts also recently issued research reports about the stock. Jefferies Financial Group increased their price target on shares of DocuSign from $80.00 to $95.00 and gave the company a “buy” rating in a report on Tuesday. Bank of America increased their target price on shares of DocuSign from $60.00 to $68.00 and gave the company a “neutral” rating in a report on Friday, September 6th. Citigroup boosted their price target on DocuSign from $86.00 to $87.00 and gave the stock a “buy” rating in a research note on Friday, September 6th. Royal Bank of Canada raised their price objective on DocuSign from $52.00 to $57.00 and gave the company a “sector perform” rating in a research note on Friday, September 6th. Finally, Wells Fargo & Company boosted their target price on DocuSign from $50.00 to $70.00 and gave the stock an “underweight” rating in a research report on Friday. Two equities research analysts have rated the stock with a sell rating, seven have issued a hold rating and three have issued a buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $80.45.

DocuSign Trading Up 14.0 %

Shares of DOCU stock opened at $95.40 on Friday. The stock has a 50 day simple moving average of $73.75 and a 200-day simple moving average of $61.68. The company has a market cap of $19.36 billion, a price-to-earnings ratio of 20.13, a price-to-earnings-growth ratio of 8.33 and a beta of 0.92. DocuSign has a 12-month low of $44.34 and a 12-month high of $95.40.

DocuSign (NASDAQ:DOCU) last announced its quarterly earnings data on Thursday, September 5th. The company reported $0.97 earnings per share for the quarter, topping analysts’ consensus estimates of $0.80 by $0.17. The firm had revenue of $736.03 million for 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% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.09 earnings per share. On average, equities analysts forecast that DocuSign will post 1.03 earnings per share for the current fiscal year.

Insider Activity

In other news, Director Teresa Briggs sold 534 shares of the business’s stock in a transaction that occurred 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 transaction, the director now owns 7,202 shares of the company’s stock, valued at $407,345.12. The trade was a 6.90 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO Allan C. Thygesen sold 7,648 shares of the company’s stock in a transaction that occurred on Tuesday, October 1st. The shares were sold at an average price of $62.47, for a total transaction of $477,770.56. Following the transaction, the chief executive officer now directly owns 115,589 shares in the company, valued at $7,220,844.83. The trade was a 6.21 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 69,596 shares of company stock worth $4,441,529 over the last three months. 1.66% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On DocuSign

Several hedge funds have recently made changes to their positions in DOCU. Itau Unibanco Holding S.A. acquired a new position in DocuSign in the third quarter valued at $28,000. Mather Group LLC. increased its stake in shares of DocuSign by 4,338.5% during the 2nd quarter. Mather Group LLC. now owns 577 shares of the company’s stock valued at $31,000 after acquiring an additional 564 shares during the last quarter. Brooklyn Investment Group purchased a new position in shares of DocuSign during the 3rd quarter worth about $33,000. Reston Wealth Management LLC purchased a new position in shares of DocuSign during the 3rd quarter worth about $47,000. Finally, nVerses Capital LLC acquired a new stake in shares of DocuSign in the second quarter worth approximately $48,000. Institutional investors and hedge funds 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.