DocuSign’s (DOCU) “Market Outperform” Rating Reaffirmed at JMP Securities

DocuSign (NASDAQ:DOCU)‘s stock had its “market outperform” rating reissued by stock analysts at JMP Securities in a report issued on Tuesday,Benzinga reports. They presently have a $124.00 price target on the stock. JMP Securities’ target price would suggest a potential upside of 41.21% from the stock’s current price.

Several other brokerages also recently commented on DOCU. Morgan Stanley lifted their target price on shares of DocuSign from $62.00 to $97.00 and gave the stock an “equal weight” rating in a report on Friday, December 6th. Piper Sandler lifted their price objective on DocuSign from $60.00 to $90.00 and gave the stock a “neutral” rating in a research note on Friday, December 6th. Citigroup raised their target price on DocuSign from $87.00 to $113.00 and gave the company a “buy” rating in a report on Friday, December 6th. Needham & Company LLC reissued a “hold” rating on shares of DocuSign in a research report on Friday, December 6th. Finally, HSBC restated a “reduce” rating on shares of DocuSign in a research report on Friday, December 6th. Three equities research analysts have rated the stock with a sell rating, seven have issued a hold rating and three have assigned a buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $92.45.

DocuSign Trading Down 3.7 %

DocuSign stock traded down $3.35 during trading hours on Tuesday, reaching $87.81. 327,380 shares of the company were exchanged, compared to its average volume of 1,400,509. DocuSign has a 12 month low of $48.70 and a 12 month high of $107.86. The stock has a 50-day moving average of $85.63 and a 200 day moving average of $68.04. The firm has a market cap of $17.74 billion, a price-to-earnings ratio of 18.11, a PEG ratio of 8.72 and a beta of 0.88.

Insider Buying and Selling at DocuSign

In other news, insider James P. Shaughnessy sold 7,500 shares of DocuSign stock in a transaction on Wednesday, October 9th. The stock was sold at an average price of $67.83, for a total transaction of $508,725.00. Following the completion of the sale, the insider now owns 43,301 shares of the company’s stock, valued at approximately $2,937,106.83. This trade represents a 14.76 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Blake Jeffrey Grayson sold 9,552 shares of the company’s stock in a transaction dated Tuesday, October 15th. The shares were sold at an average price of $68.80, for a total transaction of $657,177.60. Following the completion of the transaction, the chief financial officer now owns 78,265 shares in the company, valued at $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 have sold a total of 700,589 shares of company stock worth $66,829,120 over the last ninety days. Insiders own 1.66% of the company’s stock.

Hedge Funds Weigh In On DocuSign

Several hedge funds and other institutional investors have recently added to or reduced their stakes in DOCU. Thrivent Financial for Lutherans acquired a new stake in DocuSign during the second quarter worth about $115,795,000. Pacer Advisors Inc. increased its holdings in DocuSign by 77.9% in the 2nd 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 in the last quarter. KBC Group NV grew its position in shares of 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. Renaissance Technologies LLC raised its position in shares of DocuSign by 18.3% during the second quarter. Renaissance Technologies LLC now owns 3,729,314 shares of the company’s stock worth $199,518,000 after acquiring an additional 576,414 shares during the last quarter. Finally, Skandinaviska Enskilda Banken AB publ lifted its stake in shares of DocuSign by 151.3% in the second quarter. Skandinaviska Enskilda Banken AB publ now owns 865,872 shares of the company’s stock worth $46,324,000 after acquiring an additional 521,292 shares during the period. 77.64% of the stock is owned by institutional investors and hedge funds.

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.