Patrick Walravens, an analyst from JMP Securities, maintained the Buy rating on DocuSign (DOCU – Research Report). The associated price target remains the same with $124.00.
Patrick Walravens has given his Buy rating due to a combination of factors that highlight DocuSign’s potential for long-term growth. Despite a recent decline in stock value, Walravens is optimistic about the company’s market position and future prospects. His confidence is bolstered by positive channel checks, which include multiple data points indicating strong performance, such as individual contributors exceeding sales quotas and new government contracts.
Additionally, DocuSign’s dominant position in the e-signature market, coupled with a significant total addressable market and a stable core business, supports the Buy rating. The leadership team’s strategic focus on growth and the promising IAM product cycle further enhance the company’s outlook. Walravens also maintains favorable earnings estimates for the coming years, reinforcing his positive assessment of DocuSign’s financial trajectory.
Walravens covers the Technology sector, focusing on stocks such as DocuSign, Salesforce, and ServiceNow. According to TipRanks, Walravens has an average return of 4.3% and a 45.88% success rate on recommended stocks.
In another report released on March 10, Jefferies also maintained a Buy rating on the stock with a $115.00 price target.
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