Royal Bank of Canada Increases DocuSign (NASDAQ:DOCU) Price Target to $57.00

DocuSign (NASDAQ:DOCU) had its price objective hoisted by Royal Bank of Canada from $52.00 to $57.00 in a research note released on Friday morning, Benzinga reports. Royal Bank of Canada currently has a sector perform rating on the stock.

A number of other equities research analysts have also issued reports on DOCU. Morgan Stanley cut their target price on shares of DocuSign from $65.00 to $62.00 and set an equal weight rating on the stock in a research note on Friday, June 7th. Piper Sandler reduced their target price on DocuSign from $65.00 to $60.00 and set a neutral rating on the stock in a report on Friday, June 7th. Bank of America lowered their price target on DocuSign from $72.00 to $60.00 and set a neutral rating for the company in a report on Friday, June 7th. JMP Securities restated a market outperform rating and set a $84.00 price objective on shares of DocuSign in a research note on Thursday, September 5th. Finally, Robert W. Baird boosted their target price on shares of DocuSign from $55.00 to $59.00 and gave the company a neutral rating in a research note on Friday. Two investment analysts have rated the stock with a sell rating, eight have given a hold rating and two have given a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of Hold and a consensus target price of $61.45.

DocuSign Price Performance

NASDAQ:DOCU opened at $56.04 on Friday. DocuSign has a 1-year low of $38.11 and a 1-year high of $64.76. The firm has a 50-day moving average of $55.45 and a two-hundred day moving average of $55.99. The stock has a market cap of $11.47 billion, a P/E ratio of 107.77, a PEG ratio of 9.73 and a beta of 0.93.

DocuSign (NASDAQ:DOCU) last released its quarterly earnings results on Thursday, September 5th. The company reported $0.97 earnings per share for the quarter, topping analysts’ consensus estimates of $0.80 by $0.17. The business had revenue of $736.03 million during the quarter, compared to the consensus estimate of $727.20 million. DocuSign had a net margin of 34.56% and a return on equity of 19.50%. The business’s quarterly revenue was up 7.0% compared to the same quarter last year. During the same quarter last year, the company earned $0.09 earnings per share. As a group, equities analysts expect that DocuSign will post 0.83 earnings per share for the current year.

Insider Activity at DocuSign

In other DocuSign news, CEO Allan C. Thygesen sold 7,725 shares of the company’s stock in a transaction dated Thursday, August 1st. The shares were sold at an average price of $54.89, for a total value of $424,025.25. Following the completion of the transaction, the chief executive officer now owns 109,918 shares in the company, valued at approximately $6,033,399.02. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. In other DocuSign news, CEO Allan C. Thygesen sold 7,725 shares of the business’s stock in a transaction on Thursday, August 1st. The stock was sold at an average price of $54.89, for a total transaction of $424,025.25. Following the completion of the transaction, the chief executive officer now owns 109,918 shares in the company, valued at approximately $6,033,399.02. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Allan C. Thygesen sold 7,911 shares of the stock in a transaction on Monday, July 1st. The stock was sold at an average price of $53.77, for a total value of $425,374.47. Following the completion of the transaction, the chief executive officer now directly owns 117,643 shares of the company’s stock, valued at approximately $6,325,664.11. The disclosure for this sale can be found here. Insiders have sold a total of 480,618 shares of company stock worth $25,432,336 in the last ninety days. 1.66% of the stock is owned by insiders.

Institutional Trading of DocuSign

A number of hedge funds and other institutional investors have recently made changes to their positions in DOCU. Gilbert & Cook Inc. boosted its stake in DocuSign by 7.7% during the 4th quarter. Gilbert & Cook Inc. now owns 8,497 shares of the company’s stock valued at $505,000 after purchasing an additional 604 shares in the last quarter. Victory Capital Management Inc. boosted its stake in DocuSign by 532.5% during the fourth quarter. Victory Capital Management Inc. now owns 139,255 shares of the company’s stock valued at $8,279,000 after buying an additional 117,238 shares in the last quarter. Amalgamated Bank grew its holdings in DocuSign by 7.9% during the fourth quarter. Amalgamated Bank now owns 23,232 shares of the company’s stock worth $1,381,000 after acquiring an additional 1,696 shares during the period. Metis Global Partners LLC bought a new stake in DocuSign in the fourth quarter worth about $208,000. Finally, Private Advisor Group LLC lifted its holdings in DocuSign by 64.3% in the 4th quarter. Private Advisor Group LLC now owns 26,122 shares of the company’s stock valued at $1,553,000 after acquiring an additional 10,225 shares during the last quarter. 77.64% of the stock is currently owned by 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.