DocuSign (NASDAQ:DOCU) Hits New 1-Year High – Here’s What Happened

Shares of DocuSign, Inc. (NASDAQ:DOCU) hit a new 52-week high during trading on Tuesday . The company traded as high as $81.64 and last traded at $81.30, with a volume of 106527 shares traded. The stock had previously closed at $81.22.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on DOCU shares. Citigroup upped their price target on DocuSign from $86.00 to $87.00 and gave the stock a “buy” rating in a report on Friday, September 6th. JMP Securities restated a “market outperform” rating and issued a $84.00 target price on shares of DocuSign in a research note on Thursday, September 5th. Bank of America upped their target price on DocuSign from $60.00 to $68.00 and gave the company a “neutral” rating in a research note on Friday, September 6th. Robert W. Baird upped their target price on DocuSign from $55.00 to $59.00 and gave the company a “neutral” rating in a research note on Friday, September 6th. Finally, Wells Fargo & Company upped their target price on DocuSign from $48.00 to $50.00 and gave the company an “underweight” rating in a research note on Friday, September 6th. Two research analysts have rated the stock with a sell rating, seven have assigned a hold rating and two have assigned a buy rating to the stock. According to data from MarketBeat, DocuSign currently has an average rating of “Hold” and an average target price of $63.40.

DocuSign Stock Down 0.8 %

The firm has a fifty day moving average price of $65.69 and a 200 day moving average price of $59.02. The company has a market cap of $16.60 billion, a P/E ratio of 17.26, a PEG ratio of 8.73 and a beta of 0.90.

DocuSign (NASDAQ:DOCU) last announced its earnings results on Thursday, September 5th. The company reported $0.97 EPS for the quarter, topping the consensus estimate of $0.80 by $0.17. The company had revenue of $736.03 million for the quarter, compared to analysts’ expectations of $727.20 million. DocuSign had a return on equity of 16.18% and a net margin of 34.56%. The business’s revenue for the quarter was up 7.0% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.09 earnings per share. On average, sell-side analysts anticipate that DocuSign, Inc. will post 1.01 earnings per share for the current year.

Insider Activity at DocuSign

In related news, CEO Allan C. Thygesen sold 7,764 shares of the firm’s stock in a transaction dated Friday, November 1st. The stock was sold at an average price of $69.95, for a total value of $543,091.80. Following the transaction, the chief executive officer now owns 107,825 shares in the company, valued at $7,542,358.75. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other DocuSign news, CEO Allan C. Thygesen sold 7,764 shares of the stock in a transaction dated Friday, November 1st. The stock was sold at an average price of $69.95, for a total value of $543,091.80. Following the transaction, the chief executive officer now owns 107,825 shares of the company’s stock, valued at approximately $7,542,358.75. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Allan C. Thygesen sold 7,725 shares of the stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $59.09, for a total value of $456,470.25. Following the completion of the transaction, the chief executive officer now directly owns 102,193 shares in the company, valued at $6,038,584.37. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 69,558 shares of company stock worth $4,272,768 over the last 90 days. Insiders own 1.66% of the company’s stock.

Institutional Investors Weigh In On DocuSign

A number of hedge funds have recently modified their holdings of DOCU. Jericho Capital Asset Management L.P. raised its position in shares of DocuSign by 316.6% during the first quarter. Jericho Capital Asset Management L.P. now owns 3,417,908 shares of the company’s stock worth $203,536,000 after purchasing an additional 2,597,489 shares during the period. Thrivent Financial for Lutherans acquired a new stake in DocuSign in the 2nd quarter valued at approximately $115,795,000. Pacer Advisors Inc. raised its position in DocuSign by 77.9% in the 2nd quarter. Pacer Advisors Inc. now owns 3,519,969 shares of the company’s stock valued at $188,318,000 after buying an additional 1,541,816 shares during the last quarter. KBC Group NV raised its position in DocuSign by 209.8% in the 3rd quarter. KBC Group NV now owns 1,156,874 shares of the company’s stock valued at $71,830,000 after buying an additional 783,419 shares during the last quarter. Finally, Renaissance Technologies LLC raised its position in DocuSign by 18.3% in the 2nd quarter. Renaissance Technologies LLC now owns 3,729,314 shares of the company’s stock valued at $199,518,000 after buying an additional 576,414 shares during the last quarter. 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.