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Author: Alan LittleDate: 2020-12-07

DocuSign (DOCU) up 5.29% on “stellar” report, analyst upgrades

DocuSign (DOCU) made share gains of 5.29% on Friday after analysts lined up to offer price target upgrades on the e-signature company’s impressive fiscal Q3 report.

Late on Thursday, DocuSign came in with $0.22 earnings per share and $382.9m sales for the three-month period to 30th October 2020.

Earnings beat the Wall Street consensus by 13 cents, while sales, which soared 53% from a year ago, were $21.7m higher than pre-report forecasts.

Subscription revenue and professional services and other revenue were particularly strong in Q3, rising 54% and 43%, respectively, year over year.

DocuSign CEO Dan Springer said that the company is thriving as an “essential cloud platform” amid a broader trend of digital transformation.

He added: “Our Q3 results reflect that tailwind, as well as the immediate and long-term value that customers see from eSignature and our broader Agreement Cloud.”

DocuSign said that it expects total revenue to rise to between $404m and $408m for Q4, which trumped the $387.4m expectations.

The strength of the San Francisco-based company’s report prompted a flurry of analyst upgrades on Friday.

Citi’s Walter Pritchard added $25 to a new $282 price target and reiterated a buy rating on his expectations of “higher growth for longer”.

JMP Securities analyst Patrick Walravens went from $261 to $276 after talking up DocuSign’s long-term capital appreciation and the potential in its international business.

Needham’s Scott Berg, who set a buy rating in initial coverage last month, added $35 to a $275 PT, while Wedbush’s Dan Ives stood pat on an outperform rating and $270 PT after the “stellar” report.

Deutsche Bank analyst Taylor McGinnis did sound a note of caution after continuing with a hold rating, stating that DocuSign’s management may have hinted that “recent high-growth rates are likely not sustainable”.

DocuSign has been one of the big winners on the stock market this year, rising 205% since 1st January, and it closed 5.29% higher at $234.22 on Friday.




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