Wells Fargo & Company Forecasts Strong Price Appreciation for DocuSign (NASDAQ:DOCU) Stock

DocuSign (NASDAQ:DOCU) had its target price upped by equities research analysts at Wells Fargo & Company from $50.00 to $70.00 in a report issued on Friday,Benzinga reports. The firm currently has an “underweight” rating on the stock. Wells Fargo & Company‘s price objective suggests a potential downside of 34.57% from the company’s current price.

A number of other research analysts also recently issued reports on the company. Jefferies Financial Group boosted their price objective on DocuSign from $80.00 to $95.00 and gave the company a “buy” rating in a research note on Tuesday, December 3rd. Needham & Company LLC restated a “hold” rating on shares of DocuSign in a research report on Friday. Citigroup upped their target price on shares of DocuSign from $86.00 to $87.00 and gave the stock a “buy” rating in a report on Friday, September 6th. Royal Bank of Canada raised their price target on DocuSign from $52.00 to $57.00 and gave the company a “sector perform” rating in a report on Friday, September 6th. Finally, Bank of America upped their price objective on DocuSign from $60.00 to $68.00 and gave the stock a “neutral” rating in a research note on Friday, September 6th. Three research analysts have rated the stock with a sell rating, seven have given a hold rating and three have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Hold” and an average target price of $92.45.

DocuSign Trading Up 27.9 %

DOCU opened at $106.99 on Friday. The firm’s 50 day simple moving average is $74.66 and its two-hundred day simple moving average is $62.01. The company has a market capitalization of $21.72 billion, a PE ratio of 22.06, a PEG ratio of 8.70 and a beta of 0.92. DocuSign has a 1-year low of $44.34 and a 1-year high of $107.86.

DocuSign (NASDAQ:DOCU) last released its earnings results on Thursday, September 5th. The company reported $0.97 earnings per share for the quarter, beating the consensus estimate of $0.80 by $0.17. The company had revenue of $736.03 million for the quarter, compared to the consensus estimate of $727.20 million. DocuSign had a return on equity of 16.18% and a net margin of 34.56%. DocuSign’s quarterly revenue was up 7.0% compared to the same quarter last year. During the same period in the previous year, the business earned $0.09 earnings per share. Equities analysts forecast that DocuSign will post 1.03 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, CEO Allan C. Thygesen sold 7,648 shares of DocuSign stock in a transaction dated Tuesday, October 1st. The stock was sold at an average price of $62.47, for a total value of $477,770.56. Following the completion of the transaction, the chief executive officer now owns 115,589 shares in the company, valued at approximately $7,220,844.83. This trade represents a 6.21 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CFO Blake Jeffrey Grayson sold 9,552 shares of the company’s stock in a transaction that occurred on Tuesday, October 15th. The shares were sold at an average price of $68.80, for a total value of $657,177.60. Following the sale, the chief financial officer now owns 78,265 shares in the company, valued at approximately $5,384,632. This trade represents a 10.88 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 69,596 shares of company stock valued at $4,441,529 in the last three months. Corporate insiders own 1.66% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the company. Inspire Investing LLC bought a new stake in shares of DocuSign in the 3rd quarter worth about $911,000. Charles Schwab Investment Management Inc. boosted its position in shares of DocuSign by 1.2% during the third quarter. Charles Schwab Investment Management Inc. now owns 1,328,355 shares of the company’s stock valued at $82,478,000 after buying an additional 16,014 shares during the period. Comerica Bank grew its stake in shares of DocuSign by 228.8% during the first quarter. Comerica Bank now owns 28,901 shares of the company’s stock valued at $1,721,000 after buying an additional 20,110 shares during the last quarter. International Assets Investment Management LLC raised its holdings in shares of DocuSign by 5,660.8% in the third quarter. International Assets Investment Management LLC now owns 438,914 shares of the company’s stock worth $27,252,000 after buying an additional 431,295 shares during the period. Finally, Quantinno Capital Management LP lifted its stake in shares of DocuSign by 39.5% during the 3rd quarter. Quantinno Capital Management LP now owns 201,546 shares of the company’s stock worth $12,514,000 after acquiring an additional 57,104 shares during the last quarter. 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.