Docusign (NASDAQ: DOCU) Is Up 15.5% Since I Recommended It on 6/10 – Here’s Why

I expect the stock to breach this key level by the end of 2020. Here is my price target.

Coolcaesar / CC BY-SA

Since its inception in 2003, DocuSign has been on a mission to speed up business and simplify life for companies and people around the world.

In case you’re unaware, this firm developed some of the first electronic signature technology that helps organizations connect and automate how they prepare, sign, act on, and manage agreements.

Simply put, this company saves other businesses precious time and money. All you need is an Internet connection and an email address…

Instead of mailing a paper document back and forth (which would take days or weeks), DocuSign subscribers can send it to their customers via email to sign electronically in a matter of minutes. And the DocuSign users don’t have to worry about storing the paperwork somewhere safe when they can save the electronic document to the encrypted DocuSign cloud.

Companies that have been reluctant to switch from the “old-fashioned” way were forced to use DocuSign during the lockdown to get business done.

And now investors are betting that the new companies who signed up over the past couple months won’t be switching back after realizing all the time and money they’re saving using DocuSign.

After dropping 23% from $90 to $69 per share during the depths of the pandemic, shares of DOCU started rebounding based on the above hypothesis.

Since then, the stock has reported year-over-year Q2 revenue increases of 39% and shares have rocketed 103% higher to $140, outperforming the S&P 500 by 58%.

Since DOCU recently broke thorough its 50-day moving average with no signs of slowing down in sight, I expect the stock to continue its positive momentum and breach $200 per share by the end of 2020. This represents an additional 43% return from current levels.

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