Why DocuSign Is Trading Higher Today

DocuSign Inc DOCU is trading higher Friday morning after the electronic signature company announced better-than-expected financial results.

What Happened: DocuSign reported quarterly earnings of 44 cents per share, which beat the estimate of 28 cents per share. The company reported quarterly revenue of $469.1 million, which beat the estimate of $437.81 million. 

"We've increasingly become the way people agree in this emerging anywhere economy—and that's not only helping organizations continue operations during the pandemic, but helping them realize new and more efficient ways of doing business in the future," said Dan Springer, CEO of DocuSign.

Related Link: DocuSign: Q1 Earnings Insights

Analyst Assessment: Oppenheimer analyst Brian Schwartz maintained DocuSign with an Outperform rating and lowered the price target from $300 to $260.

Wells Fargo analyst Michael Turrin maintained DocuSign with an Equal-Weight rating and raised the price target from $210 to $215.

Price Action: DocuSign has traded as high as $290.23 and as low as $131.26 over a 52-week period. 

At last check Friday, the stock was up 7.01% in premarket trading at $208.40.

Photo courtesy of DocuSign.