Wedbush Boosts Docusign (DOCU) Price Target to $59.00

Docusign (NASDAQ:DOCU) had its target price upped by stock analysts at Wedbush from $48.00 to $59.00 in a research report issued to clients and investors on Friday. The firm presently has a “neutral” rating on the stock. Wedbush’s price objective would suggest a potential upside of 3.67% from the stock’s current price.

Several other brokerages have also recently commented on DOCU. Piper Jaffray Companies boosted their target price on Docusign from $50.00 to $61.00 and gave the stock an “overweight” rating in a report on Monday. Deutsche Bank raised Docusign from a “hold” rating to a “buy” rating and boosted their target price for the stock from $50.00 to $65.00 in a report on Tuesday, February 12th. Zacks Investment Research raised Docusign from a “sell” rating to a “hold” rating in a report on Thursday, January 31st. KeyCorp initiated coverage on Docusign in a report on Monday, January 28th. They set an “overweight” rating and a $59.00 target price on the stock. Finally, Morgan Stanley raised Docusign from an “equal weight” rating to an “overweight” rating and boosted their target price for the stock from $52.00 to $53.00 in a report on Tuesday, January 15th. Five analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. Docusign currently has an average rating of “Buy” and an average target price of $61.75.

Shares of DOCU traded down $1.94 during mid-day trading on Friday, reaching $56.91. 5,786,838 shares of the company’s stock traded hands, compared to its average volume of 2,256,592. The company has a quick ratio of 2.91, a current ratio of 2.91 and a debt-to-equity ratio of 0.53. Docusign has a 12 month low of $35.06 and a 12 month high of $68.35.

Docusign (NASDAQ:DOCU) last released its quarterly earnings results on Thursday, March 14th. The company reported ($0.24) earnings per share for the quarter, missing the Zacks’ consensus estimate of ($0.23) by ($0.01). The firm had revenue of $199.73 million during the quarter, compared to the consensus estimate of $193.63 million. The company’s revenue was up 34.2% on a year-over-year basis. As a group, equities research analysts forecast that Docusign will post -2.5 earnings per share for the current year.

In related news, Director Keith J. Krach sold 34,340 shares of the company’s stock in a transaction on Tuesday, December 18th. The shares were sold at an average price of $42.25, for a total value of $1,450,865.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, CRO Loren Alhadeff sold 12,000 shares of the company’s stock in a transaction on Monday, February 25th. The stock was sold at an average price of $54.35, for a total transaction of $652,200.00. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 814,317 shares of company stock worth $39,150,912.

A number of large investors have recently modified their holdings of the stock. Geode Capital Management LLC boosted its holdings in Docusign by 33.8% in the fourth quarter. Geode Capital Management LLC now owns 423,417 shares of the company’s stock worth $16,970,000 after purchasing an additional 106,997 shares in the last quarter. Norges Bank acquired a new position in Docusign during the 4th quarter worth $24,230,000. Greenspring Associates Inc. acquired a new position in Docusign during the 4th quarter worth $27,284,000. Coldstream Capital Management Inc. acquired a new position in Docusign during the 4th quarter worth $215,000. Finally, FMR LLC lifted its position in Docusign by 40.6% during the 4th quarter. FMR LLC now owns 5,343,427 shares of the company’s stock worth $214,165,000 after acquiring an additional 1,544,047 shares during the last quarter. Hedge funds and other institutional investors own 54.41% of the company’s stock.

Docusign Company Profile

DocuSign, Inc provides cloud based transaction products and services in the United States. The company offers e-signature solution that enables businesses to digitally prepare, execute, and act on agreements. It serves large enterprises, sole proprietorships, small- to medium-sized businesses, professionals, and individuals.

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Analyst Recommendations for Docusign (NASDAQ:DOCU)

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