Needham & Company LLC Reaffirms Hold Rating for DocuSign (NASDAQ:DOCU)

Needham & Company LLC reaffirmed their hold rating on shares of DocuSign (NASDAQ:DOCU) in a research report released on Friday, Benzinga reports.

A number of other research analysts also recently weighed in on DOCU. JMP Securities restated a market outperform rating and issued a $84.00 price target on shares of DocuSign in a research note on Thursday, September 5th. Robert W. Baird raised 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. Royal Bank of Canada dropped their price target on shares of DocuSign from $59.00 to $52.00 and set a sector perform rating on the stock in a research report on Friday, June 7th. 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 research report on Wednesday, June 5th. Finally, Piper Sandler dropped their target price on shares of DocuSign from $65.00 to $60.00 and set a neutral rating on the stock in a report on Friday, June 7th. Two analysts have rated the stock with a sell rating, eight have given a hold rating and two have given a buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of Hold and an average target price of $61.45.

DocuSign Stock Performance

NASDAQ DOCU opened at $56.04 on Friday. The stock has a market capitalization of $11.47 billion, a price-to-earnings ratio of 107.77, a PEG ratio of 9.73 and a beta of 0.93. DocuSign has a 52 week low of $38.11 and a 52 week high of $64.76. The stock’s 50 day moving average price is $55.45 and its two-hundred day moving average price is $55.99.

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

Insider Buying and Selling at DocuSign

In other news, CEO Allan C. Thygesen sold 7,725 shares of the company’s stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $59.09, for a total value of $456,470.25. Following the transaction, the chief executive officer now owns 102,193 shares of the company’s stock, valued at $6,038,584.37. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In related news, CEO Allan C. Thygesen sold 7,725 shares of the business’s stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $59.09, for a total value of $456,470.25. Following the completion of the sale, the chief executive officer now directly owns 102,193 shares in the company, valued at approximately $6,038,584.37. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Allan C. Thygesen sold 7,911 shares of the company’s stock in a transaction 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 transaction, the chief executive officer now directly owns 117,643 shares in the company, valued at $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 valued at $25,432,336 in the last three months. 1.66% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On DocuSign

Hedge funds have recently bought and sold shares of the business. Coatue Management LLC acquired a new position in shares of DocuSign during the 4th quarter worth approximately $288,274,000. Jericho Capital Asset Management L.P. grew its position in DocuSign by 316.6% during the first quarter. Jericho Capital Asset Management L.P. now owns 3,417,908 shares of the company’s stock worth $203,536,000 after buying an additional 2,597,489 shares in the last quarter. Norges Bank bought a new position in DocuSign during the 4th quarter worth $133,826,000. Thrivent Financial for Lutherans bought a new position in DocuSign during the 2nd quarter worth $115,795,000. Finally, Pacer Advisors Inc. raised 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 valued at $188,318,000 after acquiring an additional 1,541,816 shares in the last quarter. 77.64% of the stock is 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.