E-signature company DocuSign reported its fiscal third quarter earnings that surpassed analysts’ expectations.
The company’s quarterly earnings came in at 22 cents a share, beating the Street estimate of 13 cents a share.
Revenue surged +53% year-over-year to $382.9 million, also exceeding analysts’ expectations of $361.2 million.
The earnings results were followed by upgrades from several analysts.
Citi analyst Walter Pritchard hiked his price target on DocuSign shares to $282 from $257, while maintaining his buy rating on the shares citing "higher growth for longer" potential amid the COVID-19 pandemic’s role in propelling businesses to digital signing permanently.
Needham analyst Scott Berg, who initiated coverage of DocuSign in mid-November with a buy rating and a $240 price target, lifted his one-year target to $275.
Wedbush Securities analyst Dan Ives called DocuSign’s results “stellar” .
JMP Securities analyst Patrick Walravens boosted his price target on DocuSign shares to $276 from $261, while keeping an outperform rating on the stock, citing "long-term capital appreciation" potential as well as strong potential in its international business.