Docusign (NASDAQ:DOCU) Upgraded to “Strong-Buy” at Wall Street Zen

Wall Street Zen upgraded shares of Docusign (NASDAQ:DOCU) from a buy rating to a strong-buy rating in a research report sent to investors on Saturday.

A number of other equities analysts have also recently issued reports on the stock. Wells Fargo & Company reduced their price objective on shares of Docusign from $60.00 to $55.00 and set an “equal weight” rating on the stock in a research note on Friday, June 5th. Wedbush decreased their price objective on Docusign from $60.00 to $58.00 and set a “neutral” rating for the company in a research note on Friday, June 5th. Needham & Company LLC reiterated a “hold” rating on shares of Docusign in a report on Friday, June 5th. UBS Group set a $60.00 target price on Docusign in a research note on Friday, June 5th. Finally, Bank of America started coverage on Docusign in a report on Tuesday, March 31st. They set an “underperform” rating and a $52.00 target price on the stock. Three analysts have rated the stock with a Buy rating, fifteen have assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, Docusign has a consensus rating of “Hold” and a consensus price target of $60.27.

Docusign Stock Up 7.2%

Docusign stock opened at $50.44 on Friday. The business’s 50-day simple moving average is $47.83 and its 200 day simple moving average is $48.89. The stock has a market cap of $9.63 billion, a price-to-earnings ratio of 32.75, a P/E/G ratio of 1.49 and a beta of 0.90. Docusign has a 12-month low of $40.16 and a 12-month high of $86.65.

Docusign (NASDAQ:DOCU) last released its earnings results on Thursday, June 4th. The company reported $1.09 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.99 by $0.10. Docusign had a net margin of 9.59% and a return on equity of 17.48%. The company had revenue of $830.24 million for the quarter, compared to the consensus estimate of $824.71 million. During the same period in the prior year, the company posted $0.90 EPS. The company’s revenue was up 8.7% compared to the same quarter last year. As a group, sell-side analysts expect that Docusign will post 2.03 EPS for the current year.

Insider Activity

In other Docusign news, CRO Paula Hansen sold 6,000 shares of Docusign stock in a transaction that occurred on Wednesday, July 1st. The shares were sold at an average price of $45.54, for a total value of $273,240.00. Following the transaction, the executive owned 89,972 shares of the company’s stock, valued at approximately $4,097,324.88. The trade was a 6.25% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider James P. Shaughnessy sold 12,000 shares of the company’s stock in a transaction that occurred on Wednesday, July 1st. The shares were sold at an average price of $45.54, for a total transaction of $546,480.00. Following the completion of the transaction, the insider owned 52,815 shares of the company’s stock, valued at $2,405,195.10. This trade represents a 18.51% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last ninety days, insiders sold 76,695 shares of company stock worth $3,476,002. Corporate insiders own 0.59% of the company’s stock.

Institutional Trading of Docusign

Several hedge funds and other institutional investors have recently modified their holdings of DOCU. NewEdge Advisors LLC lifted its stake in Docusign by 36.4% in the 1st quarter. NewEdge Advisors LLC now owns 9,202 shares of the company’s stock valued at $749,000 after acquiring an additional 2,457 shares in the last quarter. Guggenheim Capital LLC lifted its position in shares of Docusign by 6.7% in the second quarter. Guggenheim Capital LLC now owns 11,543 shares of the company’s stock worth $899,000 after purchasing an additional 729 shares in the last quarter. State Street Corp boosted its holdings in Docusign by 3.0% during the second quarter. State Street Corp now owns 8,074,976 shares of the company’s stock worth $628,960,000 after purchasing an additional 236,494 shares during the last quarter. Sei Investments Co. boosted its holdings in Docusign by 60.7% during the second quarter. Sei Investments Co. now owns 40,386 shares of the company’s stock worth $3,146,000 after purchasing an additional 15,247 shares during the last quarter. Finally, Treasurer of the State of North Carolina grew its position in Docusign by 51.0% in the second quarter. Treasurer of the State of North Carolina now owns 189,178 shares of the company’s stock valued at $14,735,000 after purchasing an additional 63,911 shares in the last quarter. Institutional investors and hedge funds own 77.64% of the company’s stock.

About Docusign

DocuSign, Inc (NASDAQ: DOCU) is a leading provider of electronic signature and digital transaction management solutions. The company’s flagship offering, DocuSign eSignature, enables organizations to send, sign and manage legally binding electronic agreements securely in the cloud. Beyond eSignature, DocuSign’s Agreement Cloud combines contract lifecycle management, document generation, and workflow automation to streamline agreement processes from initiation through execution and storage.

DocuSign’s platform serves a diverse customer base spanning industries such as finance, real estate, healthcare, technology, and government.