Send me real-time posts from this site at my email

Why DocuSign Stock Popped Today

What happened

Shares of the electronic signature company DocuSign (NASDAQ: DOCU) rose today after a price target increase from an analyst.

The tech company's stock rose by as much as 5.8% on Friday and was up 5% as of 2:13 p.m. EDT.

So what

DocuSign investors were responding to a note that Wedbush analyst Daniel Ives published today, in which Ives raised the company's price target from $260 to $290.

Image source: Getty Images.

Ives mentioned that his optimism comes from his expectation that DocuSign will continue to get more deals with companies through fiscal 2022. He also mentioned that the ongoing increase in remote work should spur the use of e-signature services by companies.

Investors jumped on Ives' positive sentiment toward the stock, which had already experienced gains earlier this month when the company reported impressive first-quarter results. Investors have pushed up DocuSign's share price by 23% year to date as a result.

Now what

DocuSign has been volatile over the past year as investors have tried to gauge just how much demand the company's services will have once the pandemic has subsided. But it appears that at least some investors are now expecting DocuSign to continue growing even as some companies are bringing workers back into the office and social distancing is no longer the norm.

10 stocks we like better than DocuSign
When our award-winning analyst team has a stock tip, it can pay to listen. After all, the newsletter they have run for over a decade, Motley Fool Stock Advisor, has tripled the market.*

They just revealed what they believe are the ten best stocks for investors to buy right now... and DocuSign wasn't one of them! That's right -- they think these 10 stocks are even better buys.

See the 10 stocks

*Stock Advisor returns as of June 7, 2021

Chris Neiger has no position in any of the stocks mentioned. The Motley Fool owns shares of and recommends DocuSign. The Motley Fool has a disclosure policy.


Source

Popular posts

Welcome! Is it your First time here?

What are you looking for? Select your points of interest to improve your first-time experience:

Apply & Continue