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DocuSign Inc DOCU

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Morningstar’s Analysis

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Sign Us Up for More of What DocuSign Is Delivering; FVE Up to $290

Dan Romanoff, CPA Equity Analyst

Analyst Note

| Dan Romanoff, CPA |

We are raising our fair value estimate for narrow-moat DocuSign to $290 per share, from $207, based on strong results and guidance. DocuSign delivered another strong quarter, exceeding our above-consensus revenue estimates by a healthy margin. The company also provided strong guidance for the remainder of the year. It expects to continue on its path of high growth, fueled by strong user additions and upselling activity. Continued quarterly strength and continually increasing guidance gave us the confidence to sharply raise our growth and profitability forecasts. We think e-signatures and the Agreement Cloud, along with rapid international growth, are here to stay and that the financial performance is more sustainable than we were previously modelling. Still, shares have run over the last few months, and we, therefore, see the stock as fairly valued.

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Company Profile

Business Description

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. The company was founded in 2003 and completed its IPO in May 2018.

221 Main Street, Suite 1550
San Francisco, CA, 94105
T +1 415 489-4940
Sector Technology
Industry Software - Application
Most Recent Earnings Jul 31, 2021
Fiscal Year End Jan 31, 2022
Stock Type Speculative Growth
Employees 5,630