Docusign (NASDAQ:DOCU) Trading Up 4.8% - Here's What Happened

Key Points

• DocuSign shares rose 4.8% to about $73.12 in midday trading, though volume was 71% below the average daily level.
• Analysts remain cautious overall: the stock has a consensus “Hold” rating and a $67.33 price target, despite targets ranging from $65 to $86.
• DocuSign exceeded quarterly expectations, reporting $1.16 in EPS and $875.75 million in revenue, with revenue up 9.4% year over year. Insiders sold about $10.4 million of stock over the past quarter.

Docusign Inc. (NASDAQ:DOCU - Get Free Report)'s share price rose 4.8% during mid-day trading on Tuesday . The stock traded as high as $72.73 and last traded at $73.1190. Approximately 1,167,065 shares were traded during mid-day trading, a decline of 71% from the average daily volume of 4,079,605 shares. The stock had previously closed at $69.76.

Analysts Set New Price Targets

Several equities analysts recently commented on DOCU shares. Evercore set a $65.00 price target on shares of Docusign in a report on Friday, September 4th. UBS Group raised their price objective on shares of Docusign from $54.00 to $70.00 and gave the stock a "neutral" rating in a research note on Friday, September 4th. Citizens Jmp reaffirmed a "market outperform" rating and set a $86.00 target price on shares of Docusign in a research note on Friday, September 4th. Wall Street Zen downgraded Docusign from a "strong-buy" rating to a "buy" rating in a report on Sunday, August 2nd. Finally, Piper Sandler raised their price target on Docusign from $52.00 to $75.00 and gave the stock a "neutral" rating in a research note on Friday, September 4th. Three equities research analysts have rated the stock with a Buy rating, fourteen have assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Hold" and a consensus price target of $67.33.

Docusign Trading Up 3.9%

The company has a market capitalization of $13.55 billion, a PE ratio of 44.18, a PEG ratio of 2.47 and a beta of 0.90. The firm's 50-day simple moving average is $58.21 and its 200-day simple moving average is $50.86.

Docusign (NASDAQ:DOCU - Get Free Report) last issued its earnings results on Thursday, September 3rd. The company reported $1.16 EPS for the quarter, topping analysts' consensus estimates of $1.09 by $0.07. Docusign had a net margin of 9.82% and a return on equity of 18.29%. The business had revenue of $875.75 million for the quarter, compared to analyst estimates of $867.22 million. During the same period last year, the company posted $0.30 earnings per share. The company's quarterly revenue was up 9.4% compared to the same quarter last year. As a group, analysts anticipate that Docusign Inc. will post 2.1 EPS for the current year.

Insider Buying and Selling at Docusign

In related news, CFO Blake Grayson sold 15,000 shares of Docusign stock in a transaction dated Tuesday, September 8th. The stock was sold at an average price of $65.57, for a total value of $983,550.00. Following the completion of the sale, the chief financial officer directly owned 81,429 shares in the company, valued at $5,339,299.53. The trade was a 15.56% decrease in their ownership of the stock. The transaction was disclosed in a legal 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, Director Teresa Briggs sold 548 shares of the business's stock in a transaction dated Thursday, September 10th. The shares were sold at an average price of $64.60, for a total transaction of $35,400.80. Following the completion of the sale, the director owned 10,811 shares of the company's stock, valued at approximately $698,390.60. This represents a 4.82% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 182,150 shares of company stock worth $10,443,740 over the last quarter. Insiders own 0.59% of the company's stock.

Institutional Trading of Docusign

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Modus Advisors LLC purchased a new position in Docusign during the fourth quarter worth approximately $27,000. Cary Street Partners Investment Advisory LLC raised its stake in shares of Docusign by 309.5% during the 4th quarter. Cary Street Partners Investment Advisory LLC now owns 561 shares of the company's stock worth $38,000 after buying an additional 424 shares during the period. Basepoint Wealth LLC acquired a new position in Docusign during the fourth quarter worth $39,000. Harbour Investments Inc. increased its stake in shares of Docusign by 56.6% during the fourth quarter. Harbour Investments Inc. now owns 797 shares of the company's stock worth $55,000 after purchasing an additional 288 shares in the last quarter. Finally, WealthCollab LLC increased its stake in Docusign by 372.4% during the 1st quarter. WealthCollab LLC now owns 855 shares of the company's stock worth $41,000 after buying an additional 674 shares in the last quarter. Institutional investors own 77.64% of the company's stock.

Docusign Company Profile

DocuSign, Inc is a provider of digital agreement management and electronic signature solutions. Its platform enables individuals and organizations to prepare, send, sign, manage and store agreements electronically, helping businesses replace paper-based contracting processes with digital workflows.

The company's products and services include DocuSign eSignature, which supports electronic signing and authentication, as well as tools for contract lifecycle management, agreement preparation, identity verification, notarial services and workflow automation.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.