DA Davidson Initiates Coverage on Docusign (NASDAQ:DOCU)

Investment analysts at DA Davidson assumed coverage on shares of Docusign (NASDAQ:DOCU) in a note issued to investors on Thursday, The Fly reports. The firm set a “buy” rating on the stock.

Other research analysts have also issued research reports about the company. FBN Securities started coverage on Docusign in a report on Tuesday, July 9th. They issued an “outperform” rating and a $60.00 price target on the stock. ValuEngine raised Docusign from a “hold” rating to a “buy” rating in a research note on Thursday, June 27th. William Blair reissued an “outperform” rating on shares of Docusign in a research note on Friday, June 7th. Wedbush reissued a “hold” rating and issued a $48.00 price objective on shares of Docusign in a research note on Friday, June 7th. Finally, Zacks Investment Research downgraded Docusign from a “buy” rating to a “hold” rating in a research note on Monday, July 29th. Four analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. The stock currently has a consensus rating of “Buy” and a consensus price target of $60.91.

NASDAQ:DOCU traded up $0.22 on Thursday, hitting $44.13. The stock had a trading volume of 2,010,252 shares, compared to its average volume of 2,328,313. The business’s fifty day moving average is $50.58 and its 200 day moving average is $52.92. The company has a market cap of $7.68 billion, a PE ratio of -15.22 and a beta of 1.31. The company has a quick ratio of 1.76, a current ratio of 1.76 and a debt-to-equity ratio of 1.00. Docusign has a 52 week low of $35.06 and a 52 week high of $68.35.

Docusign (NASDAQ:DOCU) last announced its quarterly earnings results on Thursday, June 6th. The company reported $0.07 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.23) by $0.30. The business had revenue of $213.96 million for the quarter, compared to analyst estimates of $208.15 million. Docusign had a negative return on equity of 22.27% and a negative net margin of 26.54%. The company’s quarterly revenue was up 37.3% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.01 earnings per share. Equities analysts predict that Docusign will post -0.99 earnings per share for the current fiscal year.

In related news, insider Kirsten O. Wolberg sold 7,877 shares of the stock in a transaction that occurred on Tuesday, June 25th. The stock was sold at an average price of $50.93, for a total transaction of $401,175.61. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, COO Scott V. Olrich sold 10,000 shares of the stock in a transaction that occurred on Wednesday, May 22nd. The shares were sold at an average price of $54.85, for a total value of $548,500.00. The disclosure for this sale can be found here. Over the last three months, insiders sold 590,988 shares of company stock valued at $30,533,281. Company insiders own 13.60% of the company’s stock.

Several institutional investors and hedge funds have recently modified their holdings of the stock. Cambridge Investment Research Advisors Inc. increased its position in Docusign by 7.2% in the second quarter. Cambridge Investment Research Advisors Inc. now owns 69,868 shares of the company’s stock worth $3,473,000 after buying an additional 4,705 shares during the last quarter. Waddell & Reed Financial Inc. increased its position in Docusign by 7.9% in the second quarter. Waddell & Reed Financial Inc. now owns 844,053 shares of the company’s stock worth $41,958,000 after buying an additional 61,758 shares during the last quarter. Pictet Asset Management Ltd. purchased a new stake in Docusign in the second quarter worth $1,630,000. Nuveen Asset Management LLC purchased a new stake in Docusign in the second quarter worth $26,378,000. Finally, Andra AP fonden purchased a new stake in Docusign in the second quarter worth $696,000. 62.36% of the stock is owned by institutional investors.

About Docusign

DocuSign, Inc provides cloud based software in the United States. The company offers e-signature solution that enables businesses to digitally prepare, execute, and act on agreements. The company sells its products through direct, partner-assisted, and Web-based sales. It serves enterprise businesses, commercial businesses, and small businesses, such as professionals, sole proprietorships and individuals.

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Analyst Recommendations for Docusign (NASDAQ:DOCU)

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