Why DocuSign's Stock Is Trading Higher Today

DocuSign, Inc. DOCU shares are trading higher after Wedbush maintained an Outperform rating on the stock and raised its price target from $260 to $290.

Wedbush analyst Daniel Ives believes the company "is in a sweet spot to continue to receive significant customer spending given its unique solution set with an e-signature shift that has likely permanently changed among enterprises moving forward."

DocuSign offers the Agreement Cloud, a broad cloud-based software suite that enables users to automate the agreement process and provide legally binding e-signatures from nearly any device.

DocuSign's stock was trading about 4.5% higher at $272.25 at the time of publication. The stock has a 52-week high fo $290.23 and a 52-week low of $160.