Robert W. Baird Boosts DocuSign (NASDAQ:DOCU) Price Target to $59.00

DocuSign (NASDAQ:DOCU) had its price objective lifted by research analysts at Robert W. Baird from $55.00 to $59.00 in a research note issued to investors on Friday, Benzinga reports. The brokerage presently has a “neutral” rating on the stock. Robert W. Baird’s price objective suggests a potential upside of 3.64% from the stock’s current price.

Several other research firms have also recently issued reports on DOCU. Needham & Company LLC reiterated a “hold” rating on shares of DocuSign in a report on Friday, August 16th. JMP Securities reiterated a “market outperform” rating and issued a $84.00 price objective on shares of DocuSign in a report on Thursday. Citigroup decreased their price objective on shares of DocuSign from $93.00 to $86.00 and set a “buy” rating for the company in a report on Wednesday, June 5th. Morgan Stanley decreased their price objective on shares of DocuSign from $65.00 to $62.00 and set an “equal weight” rating for the company in a report on Friday, June 7th. Finally, Piper Sandler cut their target price on shares of DocuSign from $65.00 to $60.00 and set a “neutral” rating for the company in a research note on Friday, June 7th. Two equities research analysts have rated the stock with a sell rating, eight have issued a hold rating and two have given a buy rating to the stock. According to MarketBeat, DocuSign currently has a consensus rating of “Hold” and a consensus price target of $59.73.

DocuSign Trading Down 0.9 %

NASDAQ DOCU opened at $56.93 on Friday. DocuSign has a 52 week low of $38.11 and a 52 week high of $64.76. The stock has a market cap of $11.65 billion, a price-to-earnings ratio of 109.48, a price-to-earnings-growth ratio of 9.74 and a beta of 0.93. The company has a 50-day moving average price of $55.32 and a two-hundred day moving average price of $55.80.

DocuSign (NASDAQ:DOCU) last posted its quarterly earnings data on Thursday, September 5th. The company reported $0.97 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.80 by $0.17. The business had revenue of $736.03 million during the quarter, compared to analysts’ expectations of $727.20 million. DocuSign had a net margin of 3.81% and a return on equity of 15.44%. The business’s revenue was up 7.0% on a year-over-year basis. During the same period last year, the firm posted $0.09 earnings per share. As a group, equities research analysts expect 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 7,911 shares of the company’s stock in a transaction that occurred on Monday, July 1st. The shares were sold at an average price of $53.77, for a total value of $425,374.47. Following the completion of the sale, the chief executive officer now owns 117,643 shares in the company, valued at approximately $6,325,664.11. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In other DocuSign news, CEO Allan C. Thygesen sold 7,911 shares of the stock in a transaction that occurred on Monday, July 1st. The shares were sold at an average price of $53.77, for a total value of $425,374.47. Following the completion of the sale, the chief executive officer now owns 117,643 shares in the company, valued at approximately $6,325,664.11. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider James P. Shaughnessy sold 1,800 shares of the stock in a transaction that occurred on Tuesday, June 11th. The stock was sold at an average price of $50.98, for a total transaction of $91,764.00. Following the completion of the sale, the insider now owns 35,703 shares of the company’s stock, valued at approximately $1,820,138.94. The disclosure for this sale can be found here. In the last 90 days, insiders sold 482,418 shares of company stock worth $25,524,100. 1.66% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On DocuSign

Several institutional investors and hedge funds have recently modified their holdings of the business. Vanguard Group Inc. increased its position in DocuSign by 2.0% during the fourth quarter. Vanguard Group Inc. now owns 21,399,739 shares of the company’s stock worth $1,272,214,000 after buying an additional 417,352 shares during the last quarter. Coatue Management LLC acquired a new position in shares of DocuSign during the 4th quarter valued at about $288,274,000. American Century Companies Inc. raised its stake in shares of DocuSign by 1.9% in the 2nd quarter. American Century Companies Inc. now owns 4,099,400 shares of the company’s stock valued at $219,318,000 after acquiring an additional 75,026 shares in the last quarter. Renaissance Technologies LLC lifted its holdings in DocuSign by 18.3% in the 2nd quarter. Renaissance Technologies LLC now owns 3,729,314 shares of the company’s stock worth $199,518,000 after purchasing an additional 576,414 shares during the last quarter. Finally, Pacer Advisors Inc. boosted its position in DocuSign by 77.9% during the second quarter. Pacer Advisors Inc. now owns 3,519,969 shares of the company’s stock worth $188,318,000 after purchasing an additional 1,541,816 shares during the period. 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.