DocuSign (NASDAQ:DOCU) Given New $57.00 Price Target at Royal Bank of Canada

DocuSign (NASDAQ:DOCU) had its price target increased by equities researchers at Royal Bank of Canada from $52.00 to $57.00 in a report released on Friday, Benzinga reports. The firm presently has a “sector perform” rating on the stock. Royal Bank of Canada’s price target would suggest a potential downside of 1.54% from the stock’s current price.

Several other equities research analysts have also recently issued reports on DOCU. Piper Sandler decreased their price objective on DocuSign from $65.00 to $60.00 and set a “neutral” rating on the stock in a report on Friday, June 7th. Robert W. Baird raised their price target on DocuSign from $55.00 to $59.00 and gave the stock a “neutral” rating in a research note on Friday. Morgan Stanley lowered their price target on DocuSign from $65.00 to $62.00 and set an “equal weight” rating for the company in a report on Friday, June 7th. Needham & Company LLC reiterated a “hold” rating on shares of DocuSign in a report on Friday. Finally, Bank of America lowered their target price on shares of DocuSign from $72.00 to $60.00 and set a “neutral” rating for the company in a report on Friday, June 7th. Two analysts have rated the stock with a sell rating, eight have given a hold rating and two have issued a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $60.64.

DocuSign Stock Performance

DOCU stock traded up $0.96 during trading on Friday, hitting $57.89. The stock had a trading volume of 1,291,288 shares, compared to its average volume of 2,642,858. The stock has a market cap of $11.85 billion, a price-to-earnings ratio of 111.13, a price-to-earnings-growth ratio of 9.74 and a beta of 0.93. The company’s 50 day moving average price is $55.32 and its two-hundred day moving average price is $55.80. DocuSign has a 1-year low of $38.11 and a 1-year high of $64.76.

DocuSign (NASDAQ:DOCU) last posted its quarterly earnings data on Thursday, September 5th. The company reported $0.97 earnings per share for the quarter, beating analysts’ consensus estimates 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 net margin of 3.81% and a return on equity of 15.44%. The company’s revenue was up 7.0% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.09 earnings per share. As a group, sell-side analysts forecast that DocuSign will post 0.83 earnings per share for the current fiscal year.

Insider Activity at DocuSign

In related news, CEO Allan C. Thygesen sold 7,725 shares of the stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $59.09, for a total value of $456,470.25. Following the completion of the sale, the chief executive officer now directly owns 102,193 shares in the company, valued at approximately $6,038,584.37. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other news, insider James P. Shaughnessy sold 1,800 shares of the business’s stock in a transaction on Tuesday, June 11th. The shares were sold at an average price of $50.98, for a total transaction of $91,764.00. Following the transaction, the insider now directly owns 35,703 shares of the company’s stock, valued at $1,820,138.94. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO Allan C. Thygesen sold 7,725 shares of the firm’s stock in a transaction on Tuesday, September 3rd. The shares were sold at an average price of $59.09, for a total transaction of $456,470.25. Following the sale, the chief executive officer now directly owns 102,193 shares of the company’s stock, valued at $6,038,584.37. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 482,418 shares of company stock worth $25,524,100. 1.66% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On DocuSign

A number of institutional investors have recently added to or reduced their stakes in DOCU. Dakota Wealth Management increased its position in shares of DocuSign by 0.8% during the second quarter. Dakota Wealth Management now owns 23,022 shares of the company’s stock worth $1,232,000 after acquiring an additional 181 shares during the last quarter. New York State Teachers Retirement System increased its holdings in DocuSign by 1.0% during the 1st quarter. New York State Teachers Retirement System now owns 18,469 shares of the company’s stock worth $1,100,000 after purchasing an additional 187 shares during the last quarter. Elo Mutual Pension Insurance Co raised its position in shares of DocuSign by 1.1% in the 2nd quarter. Elo Mutual Pension Insurance Co now owns 18,848 shares of the company’s stock valued at $1,008,000 after purchasing an additional 214 shares in the last quarter. Motley Fool Asset Management LLC boosted its stake in shares of DocuSign by 6.0% during the 1st quarter. Motley Fool Asset Management LLC now owns 3,960 shares of the company’s stock valued at $236,000 after buying an additional 224 shares during the last quarter. Finally, Optimist Retirement Group LLC grew its position in shares of DocuSign by 5.6% during the second quarter. Optimist Retirement Group LLC now owns 4,255 shares of the company’s stock worth $228,000 after buying an additional 227 shares in the last quarter. 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.