DocuSign (NASDAQ:DOCU) Sees Large Volume Increase Following Analyst Upgrade

DocuSign, Inc. (NASDAQ:DOCU - Get Free Report) shares saw unusually-strong trading volume on Monday after Wells Fargo & Company raised their price target on the stock from $65.00 to $67.00. Wells Fargo & Company currently has an underweight rating on the stock. Approximately 3,866,800 shares traded hands during mid-day trading, an increase of 53% from the previous session's volume of 2,520,337 shares.The stock last traded at $78.33 and had previously closed at $75.28.

Other equities research analysts also recently issued research reports about the company. Citigroup increased their price objective on DocuSign from $113.00 to $115.00 and gave the company a "buy" rating in a research report on Friday, March 14th. Needham & Company LLC reissued a "hold" rating on shares of DocuSign in a research note on Friday, June 6th. JPMorgan Chase & Co. raised shares of DocuSign from an "underweight" rating to a "neutral" rating and raised their price objective for the company from $70.00 to $75.00 in a research report on Monday, March 10th. Robert W. Baird decreased their price target on DocuSign from $93.00 to $85.00 and set a "neutral" rating for the company in a research note on Friday, June 6th. Finally, William Blair reiterated an "outperform" rating on shares of DocuSign in a research note on Monday, April 21st. One research analyst has rated the stock with a sell rating, eleven have given a hold rating and four have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, DocuSign has a consensus rating of "Hold" and a consensus price target of $88.77.

Insider Buying and Selling at DocuSign

In related news, Director Teresa Briggs sold 534 shares of the company's stock in a transaction dated Monday, March 17th. The shares were sold at an average price of $87.41, for a total transaction of $46,676.94. Following the transaction, the director now owns 8,270 shares in the company, valued at $722,880.70. This represents a 6.07% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Blake Jeffrey Grayson sold 16,111 shares of the stock in a transaction that occurred on Wednesday, March 19th. The shares were sold at an average price of $83.20, for a total transaction of $1,340,435.20. Following the sale, the chief financial officer now directly owns 93,960 shares in the company, valued at $7,817,472. This trade represents a 14.64% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 47,851 shares of company stock valued at $3,912,239 in the last 90 days. 1.01% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On DocuSign

Several hedge funds and other institutional investors have recently made changes to their positions in DOCU. Palogic Value Management L.P. boosted its stake in DocuSign by 2.2% in the first quarter. Palogic Value Management L.P. now owns 5,438 shares of the company's stock valued at $443,000 after acquiring an additional 117 shares during the last quarter. Wealthspire Advisors LLC raised its holdings in DocuSign by 1.9% during the 1st quarter. Wealthspire Advisors LLC now owns 6,579 shares of the company's stock worth $536,000 after buying an additional 122 shares during the period. Foundry Partners LLC lifted its position in DocuSign by 1.5% in the 1st quarter. Foundry Partners LLC now owns 8,491 shares of the company's stock valued at $691,000 after acquiring an additional 125 shares in the last quarter. Bessemer Group Inc. boosted its position in shares of DocuSign by 27.5% during the first quarter. Bessemer Group Inc. now owns 602 shares of the company's stock worth $49,000 after buying an additional 130 shares during the period. Finally, Citizens Financial Group Inc. RI boosted its position in DocuSign by 2.3% during the 4th quarter. Citizens Financial Group Inc. RI now owns 5,990 shares of the company's stock worth $539,000 after acquiring an additional 133 shares during the last quarter. 77.64% of the stock is owned by institutional investors and hedge funds.

DocuSign Price Performance

The business's 50-day moving average is $82.06 and its two-hundred day moving average is $86.15. The firm has a market cap of $15.39 billion, a P/E ratio of 15.67, a P/E/G ratio of 6.94 and a beta of 1.14.

DocuSign (NASDAQ:DOCU - Get Free Report) last posted its quarterly earnings results on Thursday, June 5th. The company reported $0.90 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.81 by $0.09. DocuSign had a net margin of 34.73% and a return on equity of 14.90%. The firm had revenue of $763.65 million for the quarter, compared to analyst estimates of $748.79 million. During the same period in the prior year, the firm posted $0.82 earnings per share. The company's quarterly revenue was up 7.6% compared to the same quarter last year. Equities research analysts predict that DocuSign, Inc. will post 1.17 EPS for the current year.

DocuSign announced that its Board of Directors has initiated a stock repurchase plan on Thursday, June 5th that allows the company to buyback $1.00 billion in shares. This buyback authorization allows the company to buy up to 6.6% of its shares through open market purchases. Shares buyback plans are generally a sign that the company's board of directors believes its stock is undervalued.

DocuSign Company Profile

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.