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

DocuSign (NASDAQ:DOCU)‘s stock had its “sector perform” rating reiterated by analysts at Royal Bank of Canada in a research note issued on Friday, Benzinga reports. They currently have a $59.00 price target on the stock. Royal Bank of Canada’s price target points to a potential upside of 0.17% from the company’s previous close.

A number of other research firms also recently commented on DOCU. Wells Fargo & Company cut their price objective on shares of DocuSign from $55.00 to $45.00 and set an “underweight” rating for the company in a report on Monday, February 5th. Morgan Stanley upgraded shares of DocuSign from an “underweight” rating to an “equal weight” rating and increased their price objective for the company from $49.00 to $64.00 in a report on Tuesday, January 16th. Needham & Company LLC reiterated a “hold” rating on shares of DocuSign in a report on Friday. JMP Securities reiterated a “market outperform” rating and issued a $84.00 price objective on shares of DocuSign in a report on Friday. Finally, UBS Group upgraded shares of DocuSign from a “sell” rating to a “neutral” rating and raised their price target for the stock from $48.00 to $62.00 in a report on Friday. Two equities research analysts have rated the stock with a sell rating, seven have given a hold rating and two have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and an average price target of $60.25.

DocuSign Stock Down 1.0 %

DOCU opened at $58.90 on Friday. DocuSign has a twelve month low of $38.11 and a twelve month high of $64.76. The company has a 50-day moving average price of $55.37 and a 200 day moving average price of $51.66. The company has a market cap of $12.10 billion, a PE ratio of 163.62, a price-to-earnings-growth ratio of 5.20 and a beta of 0.89.

DocuSign (NASDAQ:DOCU) last released its quarterly earnings results on Thursday, March 7th. The company reported $0.15 earnings per share for the quarter, topping the consensus estimate of $0.09 by $0.06. The firm had revenue of $712.39 million during the quarter, compared to the consensus estimate of $698.05 million. DocuSign had a net margin of 2.68% and a return on equity of 13.91%. As a group, sell-side analysts expect that DocuSign will post 0.86 earnings per share for the current year.

Insider Buying and Selling

In related news, insider Stephen Shute sold 15,109 shares of the stock in a transaction that occurred on Tuesday, March 19th. The shares were sold at an average price of $57.02, for a total transaction of $861,515.18. Following the completion of the transaction, the insider now owns 8,959 shares of the company’s stock, valued at approximately $510,842.18. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other DocuSign news, Director Peter Solvik sold 15,000 shares of the firm’s stock in a transaction that occurred on Tuesday, April 9th. The shares were sold at an average price of $60.00, for a total value of $900,000.00. Following the completion of the transaction, the director now owns 783 shares of the company’s stock, valued at approximately $46,980. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Stephen Shute sold 15,109 shares of the firm’s stock in a transaction that occurred on Tuesday, March 19th. The shares were sold at an average price of $57.02, for a total transaction of $861,515.18. Following the completion of the transaction, the insider now directly owns 8,959 shares of the company’s stock, valued at approximately $510,842.18. The disclosure for this sale can be found here. In the last quarter, insiders sold 54,871 shares of company stock valued at $3,176,199. Company insiders own 17.80% of the company’s stock.

Hedge Funds Weigh In On DocuSign

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Nelson Van Denburg & Campbell Wealth Management Group LLC boosted its position in DocuSign by 440.0% in 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 during the period. Capital Analysts LLC boosted its position in DocuSign by 781.7% in the 4th quarter. Capital Analysts LLC now owns 529 shares of the company’s stock valued at $31,000 after buying an additional 469 shares during the period. BluePath Capital Management LLC purchased a new position in DocuSign in the 3rd quarter valued at approximately $32,000. McGlone Suttner Wealth Management Inc. purchased a new position in DocuSign in the 4th quarter valued at approximately $32,000. Finally, Virtus Fund Advisers LLC acquired a new stake in shares of DocuSign in the 4th quarter valued at $33,000. Hedge funds and other institutional investors 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.