Shares of DocuSign, Inc. (NASDAQ:DOCU – Get Free Report) saw an uptick in trading volume on Friday following a better than expected earnings announcement. 3,127,548 shares traded hands during mid-day trading, a decline of 17% from the previous session’s volume of 3,755,496 shares.The stock last traded at $49.32 and had previously closed at $52.13.
The company reported $0.72 earnings per share for the quarter, beating the consensus estimate of $0.66 by $0.06. DocuSign had a positive return on equity of 12.39% and a negative net margin of 0.64%. The business had revenue of $687.69 million during the quarter, compared to the consensus estimate of $677.56 million. During the same period in the previous year, the business earned ($0.18) EPS. The business’s quarterly revenue was up 10.5% on a year-over-year basis.
Wall Street Analyst Weigh In
Several research firms have recently weighed in on DOCU. Morgan Stanley boosted their target price on DocuSign from $49.00 to $51.00 and gave the company an “underweight” rating in a report on Friday. Citigroup upped their price objective on DocuSign from $78.00 to $81.00 and gave the company a “buy” rating in a research note on Thursday. Wells Fargo & Company reduced their price objective on DocuSign from $60.00 to $55.00 and set an “equal weight” rating for the company in a research note on Friday. 22nd Century Group reaffirmed a “maintains” rating on shares of DocuSign in a research note on Friday, June 9th. Finally, Wedbush upped their price objective on DocuSign from $60.00 to $67.00 in a research note on Friday, June 9th. Four analysts have rated the stock with a sell rating, six have assigned a hold rating and three have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, DocuSign currently has an average rating of “Hold” and a consensus price target of $61.79.
Insiders Place Their Bets
In other DocuSign news, Director Enrique T. Salem sold 2,500 shares of the business’s stock in a transaction that occurred on Friday, July 7th. The stock was sold at an average price of $50.02, for a total transaction of $125,050.00. Following the transaction, the director now owns 156,140 shares in the company, valued at approximately $7,810,122.80. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, insider Stephen Shute sold 100,315 shares of the company’s stock in a transaction that occurred on Thursday, July 6th. The stock was sold at an average price of $49.20, for a total value of $4,935,498.00. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Enrique T. Salem sold 2,500 shares of the company’s stock in a transaction that occurred on Friday, July 7th. The stock was sold at an average price of $50.02, for a total value of $125,050.00. Following the completion of the sale, the director now owns 156,140 shares in the company, valued at approximately $7,810,122.80. The disclosure for this sale can be found here. 17.80% of the stock is currently owned by insiders.
Institutional Investors Weigh In On DocuSign
A number of institutional investors and hedge funds have recently modified their holdings of DOCU. MetLife Investment Management LLC acquired a new stake in DocuSign during the 1st quarter valued at $1,337,000. Raymond James Trust N.A. grew its holdings in DocuSign by 27.3% during the 1st quarter. Raymond James Trust N.A. now owns 4,206 shares of the company’s stock valued at $450,000 after buying an additional 901 shares during the last quarter. Sei Investments Co. grew its holdings in DocuSign by 21.8% during the 1st quarter. Sei Investments Co. now owns 177,214 shares of the company’s stock valued at $18,934,000 after buying an additional 31,769 shares during the last quarter. National Pension Service grew its holdings in DocuSign by 25.9% during the 1st quarter. National Pension Service now owns 347,633 shares of the company’s stock valued at $37,238,000 after buying an additional 71,449 shares during the last quarter. Finally, Vanguard Group Inc. grew its holdings in DocuSign by 20.3% during the 1st quarter. Vanguard Group Inc. now owns 17,308,877 shares of the company’s stock valued at $1,854,127,000 after buying an additional 2,917,683 shares during the last quarter. Institutional investors and hedge funds own 77.96% of the company’s stock.
DocuSign Stock Performance
The business has a fifty day simple moving average of $50.83 and a 200 day simple moving average of $53.43. The stock has a market cap of $10.16 billion, a price-to-earnings ratio of -557.89, a PEG ratio of 11.33 and a beta of 0.90.
DocuSign Company Profile
DocuSign, Inc provides electronic signature solution in the United States and internationally. The company provides DocuSign 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; and Gen for Salesforce, which allows sales representatives to automatically generate agreements with a few clicks from within Salesforce.
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