Citigroup Raises DocuSign Price Target to $115.00

On Friday, Citigroup announced that it has increased its target price for shares of DocuSign (NASDAQ:DOCU) from $113.00 to $115.00. This adjustment comes along with a "buy" rating for the stock, suggesting that analysts are optimistic about its future performance.

The new price target indicates a possible upside of 33.31% based on the stock's previous closing price, signaling confidence in DocuSign's growth potential.

Analyst Ratings Overview

Other financial institutions have also recently revised their ratings on DocuSign. For instance, JMP Securities maintained a "market outperform" rating and set a price target of $124.00 on January 7. Meanwhile, UBS Group lowered its price target from $100.00 to $90.00, assigning a "neutral" rating to the stock.

Similarly, Robert W. Baird elevated its price target from $59.00 to $100.00, giving it a "neutral" rating as well. On the other hand, Bank of America dropped its target from $112.00 to $98.00 while maintaining a "neutral" stance. Piper Sandler also raised its price target for DocuSign from $60.00 to $90.00 with a "neutral" rating.

Currently, two research firms have given DocuSign a sell rating, nine have issued hold ratings, and three have provided buy ratings. According to MarketBeat.com, the average rating for the stock is "Hold", with a consensus target price of $95.58.

Stock Performance Update

On the same day of the announcement, DocuSign shares rose by $11.56, reaching $86.26 during trading. The company's trading volume on that day was 8,989,861 shares, significantly higher than its average volume of 2,333,131 shares. The stock has recently shown a fifty-day moving average of $88.06 and a two-hundred-day moving average of $79.04. The market capitalization of DocuSign is $17.43 billion, with a price-to-earnings ratio of 17.81.

Over the past year, DocuSign shares have experienced a low of $48.70 and a high of $107.86. The company released its quarterly earnings report on March 13, revealing an earnings per share (EPS) of $0.86, surpassing analysts' expectations of $0.84. The revenue for the quarter was reported at $776.25 million, exceeding analyst's projections of $760.94 million and marking a 9.0% increase compared to the same quarter the previous year.

Insider Trading Activity

In recent insider trading news, CFO Blake Jeffrey Grayson sold 15,588 shares of DocuSign on December 18, at an average price of $97.78, totaling approximately $1.52 million. Following this sale, he still owns 85,851 shares valued at around $8.39 million. Director Teresa Briggs also sold 534 shares at an average price of $94.60 for a total of about $50,516.40. Over the past 90 days, insiders have sold 104,422 shares worth around $9.67 million, and company insiders hold approximately 1.66% of DocuSign's total shares.

Institutional Ownership Trends

Institutional investors have actively traded shares of DocuSign recently, with Toronto Dominion Bank increasing its holdings by 30.3% during the third quarter. Now, it owns 26,159 shares valued at $1.6 million after acquiring an additional 6,081 shares. Charles Schwab Investment Management also upped its stake by 1.2%, owning 1,328,355 shares worth $82.48 million after adding 16,014 shares.

Quantinno Capital Management increased its holdings by 39.5%, with 201,546 shares now valued at $12.51 million. Additionally, Rhumbline Advisers boosted its stake by 118.8%, holding 608,123 shares worth approximately $54.70 million. KBC Group NV also increased its holdings by 32.7%, owning 1,535,107 shares valued at about $138.07 million. Currently, 77.64% of DocuSign's stock is owned by institutional investors and hedge funds.

About DocuSign

DocuSign, Inc. is a technology company that provides electronic signature solutions both in the United States and globally. The company's offerings include e-signatures that allow users to send and sign agreements on various devices, Contract Lifecycle Management (CLM) that automates workflow across the agreement process, Document Generation for creating custom agreements, and Gen for Salesforce, which simplifies agreement generation for sales representatives.

DocuSign, Citigroup, Stock