Needham & Company LLC Reiterates “Hold” Rating for DocuSign (NASDAQ:DOCU)

DocuSign (NASDAQ:DOCU)‘s stock had its “hold” rating reiterated by stock analysts at Needham & Company LLC in a research note issued on Friday, Benzinga reports.

A number of other brokerages have also recently issued reports on DOCU. Morgan Stanley raised DocuSign from an “underweight” rating to an “equal weight” rating and upped their target price for the stock from $49.00 to $64.00 in a report on Tuesday, January 16th. Royal Bank of Canada reiterated a “sector perform” rating and issued a $50.00 price target on shares of DocuSign in a research report on Friday, January 12th. TheStreet upgraded DocuSign from a “d+” rating to a “c-” rating in a research report on Tuesday, December 19th. UBS Group upgraded DocuSign from a “sell” rating to a “neutral” rating and upped their price target for the company from $48.00 to $62.00 in a research report on Friday. Finally, JMP Securities reiterated a “market outperform” rating and issued a $84.00 price target on shares of DocuSign in a research report on Monday, January 22nd. Two equities research analysts have rated the stock with a sell rating, seven have issued a hold rating and two have issued a buy rating to the stock. Based on data from MarketBeat, DocuSign currently has a consensus rating of “Hold” and an average price target of $60.25.

DocuSign Stock Down 1.0 %

Shares of DOCU opened at $58.90 on Friday. DocuSign has a 12-month low of $38.11 and a 12-month high of $64.76. The business has a 50-day simple moving average of $55.37 and a two-hundred day simple moving average of $51.66. The stock has a market cap of $12.10 billion, a PE ratio of 163.62, a PEG ratio of 5.20 and a beta of 0.89.

DocuSign (NASDAQ:DOCU) last issued its earnings results on Thursday, March 7th. The company reported $0.15 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.09 by $0.06. DocuSign had a return on equity of 13.91% and a net margin of 2.68%. The business had revenue of $712.39 million during the quarter, compared to analysts’ expectations of $698.05 million. On average, equities research analysts expect that DocuSign will post 0.86 EPS for the current year.

Insiders Place Their Bets

In other DocuSign news, CEO Allan C. Thygesen sold 7,680 shares of the stock in a transaction that occurred on Thursday, February 1st. The stock was sold at an average price of $61.27, for a total value of $470,553.60. Following the transaction, the chief executive officer now owns 111,767 shares in the company, valued at $6,847,964.09. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In other news, Director Teresa Briggs sold 499 shares of the stock in a transaction that occurred on Thursday, February 29th. The stock was sold at an average price of $52.99, for a total value of $26,442.01. Following the completion of the sale, the director now directly owns 6,169 shares of the company’s stock, valued at $326,895.31. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO Allan C. Thygesen sold 7,680 shares of the stock in a transaction that occurred on Thursday, February 1st. The stock was sold at an average price of $61.27, for a total value of $470,553.60. Following the completion of the sale, the chief executive officer now directly owns 111,767 shares of the company’s stock, valued at $6,847,964.09. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 54,871 shares of company stock worth $3,176,199. Corporate insiders own 17.80% of the company’s stock.

Institutional Trading of DocuSign

Several institutional investors and hedge funds have recently modified their holdings of the stock. Vanguard Group Inc. raised its stake in shares of DocuSign by 2.0% in the fourth quarter. Vanguard Group Inc. now owns 21,399,739 shares of the company’s stock worth $1,272,214,000 after purchasing an additional 417,352 shares during the last quarter. Capital World Investors increased its position in shares of DocuSign by 128.3% during the first quarter. Capital World Investors now owns 5,683,838 shares of the company’s stock valued at $608,853,000 after acquiring an additional 3,193,727 shares during the last quarter. Coatue Management LLC purchased a new stake in shares of DocuSign during the fourth quarter valued at approximately $288,274,000. Morgan Stanley increased its position in shares of DocuSign by 1.7% during the third quarter. Morgan Stanley now owns 3,219,450 shares of the company’s stock valued at $135,217,000 after acquiring an additional 53,553 shares during the last quarter. Finally, Clearbridge Investments LLC increased its position in shares of DocuSign by 1.9% during the first quarter. Clearbridge Investments LLC now owns 3,186,783 shares of the company’s stock valued at $341,368,000 after acquiring an additional 58,555 shares during the last quarter. 77.64% of the stock is owned by hedge funds and other institutional investors.

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.