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

DocuSign (NASDAQ:DOCU)‘s stock had its “sector perform” rating reissued by Royal Bank of Canada in a research note issued on Friday, Benzinga reports. They currently have a $59.00 price objective on the stock. Royal Bank of Canada’s price target suggests a potential upside of 17.51% from the stock’s current price.

A number of other equities analysts have also weighed in on DOCU. Piper Sandler boosted their price objective on shares of DocuSign from $60.00 to $61.00 in a report on Friday, June 9th. Robert W. Baird decreased their price objective on shares of DocuSign from $70.00 to $58.00 and set a “neutral” rating for the company in a report on Friday. Wells Fargo & Company decreased their price objective on shares of DocuSign from $60.00 to $55.00 and set an “equal weight” rating for the company in a report on Friday. Citigroup boosted their price objective on shares of DocuSign from $78.00 to $81.00 and gave the stock a “buy” rating in a report on Thursday. Finally, JPMorgan Chase & Co. boosted their price objective on shares of DocuSign from $48.00 to $50.00 in a report on Friday, June 9th. Four investment analysts have rated the stock with a sell rating, six have given a hold rating and three have issued a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $61.79.

DocuSign Stock Performance

DOCU stock opened at $50.21 on Friday. The firm has a 50 day moving average price of $50.83 and a 200-day moving average price of $53.43. DocuSign has a 52-week low of $39.57 and a 52-week high of $69.45. The firm has a market capitalization of $10.16 billion, a price-to-earnings ratio of -557.89, a PEG ratio of 11.33 and a beta of 0.90.

DocuSign (NASDAQ:DOCU) last released its earnings results on Thursday, September 7th. The company reported $0.72 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.66 by $0.06. DocuSign had a negative net margin of 0.64% and a positive return on equity of 12.39%. The firm had revenue of $687.69 million during the quarter, compared to analyst estimates of $677.56 million. During the same period last year, the business earned ($0.18) earnings per share. The business’s revenue was up 10.5% on a year-over-year basis. As a group, sell-side analysts forecast that DocuSign will post 0.35 earnings per share for the current fiscal year.

Insider Activity

In related news, Director Enrique T. Salem sold 2,500 shares of DocuSign stock in a transaction on Friday, July 7th. The shares were sold at an average price of $50.02, for a total transaction of $125,050.00. Following the transaction, the director now owns 156,140 shares in the company, valued at approximately $7,810,122.80. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. In other DocuSign news, Director Enrique T. Salem sold 2,500 shares of the business’s stock in a transaction on Friday, July 7th. The shares were sold at an average price of $50.02, for a total value of $125,050.00. Following the sale, the director now owns 156,140 shares in the company, valued at approximately $7,810,122.80. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Stephen Shute sold 100,315 shares of the business’s stock in a transaction on Thursday, July 6th. The stock was sold at an average price of $49.20, for a total transaction of $4,935,498.00. The disclosure for this sale can be found here. Insiders own 17.80% of the company’s stock.

Institutional Trading of DocuSign

Several hedge funds have recently bought and sold shares of DOCU. FNY Investment Advisers LLC purchased a new stake in shares of DocuSign during the 2nd quarter valued at about $25,000. GPS Wealth Strategies Group LLC purchased a new stake in shares of DocuSign during the 1st quarter valued at about $27,000. Nelson Van Denburg & Campbell Wealth Management Group LLC raised its position in shares of DocuSign by 440.0% during the 1st quarter. Nelson Van Denburg & Campbell Wealth Management Group LLC now owns 270 shares of the company’s stock valued at $28,000 after buying an additional 220 shares in the last quarter. CI Investments Inc. raised its position in shares of DocuSign by 115.5% during the 4th quarter. CI Investments Inc. now owns 556 shares of the company’s stock valued at $31,000 after buying an additional 298 shares in the last quarter. Finally, Brown Brothers Harriman & Co. raised its position in shares of DocuSign by 873.0% during the 2nd quarter. Brown Brothers Harriman & Co. now owns 613 shares of the company’s stock valued at $31,000 after buying an additional 550 shares in the last quarter. Hedge funds and other institutional investors own 77.96% of the company’s stock.

DocuSign Company Profile

DocuSign, Inc provides electronic signature solution in the United States and internationally. The company provides DocuSign 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; and Gen for Salesforce, which allows sales representatives to automatically generate agreements with a few clicks from within Salesforce.