DocuSign Reports Upbeat Q4 Results, Analysts Still Call lt A 'Wait-And-See' Story

Shares of DocuSign Inc DOCU were climbing in early trading on Friday, after the company reported upbeat fiscal fourth-quarter results.

Here are some key analyst takeaways.

• RBC Capital Markets analyst Rishi Jaluria maintained a Sector Perform rating and price target of $90.
• JMP Securities analyst Patrick Walravens reiterated a Market Outperform rating and price target of $124.
• Piper Sandler analyst Rob Owens reaffirmed a Neutral rating and price target of $90.
• Wedbush analyst Daniel Ives maintained a Neutral rating and price target of $100.
• Needham analyst Scott Berg reaffirmed a Hold rating on the stock.

Check out other analyst stock ratings.

RBC Capital Markets: DocuSign's revenues grew by 9% year-on-year to $776.3 million, beating consensus of $761.2 million, while non-GAAP earnings came in at 86 cents per share, higher than expectations of 85 cents per share, Jaluria said in a note. The company delivered a "solid" performance, with customer usage continuing to grow, he added.

"Revenue beat consensus roughly above recent trends, as growth accelerated 1-point to 9% YoY," the analyst wrote. NRR (net recurring revenue) accelerated to 101%, while "$300K customer adds improved QoQ and YoY to 1,131," he further stated.

JMP Securities: DocuSign's revenue growth accelerated from 8% year-on-year in the previous quarter to 9% in the latest one, which also marked the second consecutive quarter of acceleration, Walravens said. Billings growth also accelerated from 9% year-on-year to 11%, he added.

Management guided to revenue of $745 million to $749 million for the first quarter of fiscal 2026, which came in below consensus of $756 million, the analyst stated. Full-year guidance of $3.129 billion to $3.141 billion was above expectations of $3.150 billion.

Piper Sandler: The fiscal fourth-quarter results "were solid," with beats on both revenue and billings, Owens said. "Management highlighted continued traction with IAM and large customers (+56 net new > $300K ACV customers)," he wrote.

The initial guidance reflected revenue growth of around 5% and billings growth of about 7% in fiscal 2026, the analyst stated. DocuSign "remains a wait-and-see story given broad-based macro uncertainties that continue to evolve."

Wedbush: DocuSign delivered beats "across the board," Ives said. The company announced better-than-expected guidance for the full year due to its IAM strategy continuing to gain momentum, while its core business is stabilizing across the customer base, he added.

DocuSign continues to execute well to achieve accelerating profitable growth, the analyst stated. However, it may take the company some to "generate further Street confidence to show that the AI story is accelerating with the IAM strategy front and center.”

Needham: DocuSign reported the "best quarter in years," Berg said. The quarter reflected the company's "next growth catalyst.”

IAM bookings traction came in better than expected, with IAM in more than 20% of direct deals, the analyst stated. "The early success drives a positive bend in our view of mgmt’s commentary that NRR will accelerate in FY26," he added.

Price Action: Shares of DocuSign had risen by 15.52% to $86.30 at the time of publication on Friday.

Read More:

• DocuSign’s New AI-Powered IAM Platform Revitalizes Turnaround

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