DocuSign, Inc.
Company Overview: DocuSign, Inc. (NASDAQ: DOCU) is a leading company in the e-signature and agreement cloud market. Founded in 2003, it provides cloud-based electronic signature solutions and agreement management tools that help businesses and individuals prepare, sign, and manage agreements electronically.
As per our previous US American Technology report published on ‘DOCU’ on 07th November 2023, Kalkine provided a ‘Buy’ stance on the stock at USD 40.41 based on “solid Q2FY23 financial performance, impressive improvement in net income and cash flows, upside valuation and key risk in the business” and the stock price has now moved by ~56.17% since then and the price has crossed resistance 1 and resistance 2.
Noted below are the details of support and resistance levels provided in our previous report:
DOCU’s Daily Chart
DOCU’s Daily Price Chart. Source: REFINITIV, Analysis by Kalkine Group
Considering the resistance around the range of USD 65.00 – USD 70.00, attainment of resistance 1 and resistance 2 levels, current trading levels, risks associated, and volatile market conditions on the back of higher interest rates, a ‘Sell’ rating is assigned to the “DOCU” at the current market price of USD 63.11 (at the closing of 15 December 2023).
Note: This report may be updated with details around fundamental and technical analysis, price/ chart in due course, as appropriate
Note 1: Past performance is not a reliable indicator of future performance.
Note 2: The reference date for all price data, currency, technical indicators, support, and resistance level is December 18,, 2023. The reference data in this report has been partly sourced from REFINITIV.
Note 3: Investment decisions should be made depending on an individual's appetite for upside potential, risks, holding duration, and any previous holdings. An 'Exit' from the stock can be considered if the Target Price mentioned as per the Valuation and or the technical levels provided has been achieved and is subject to the factors discussed above.
Note 4: Target Price refers to a price level that the stock is expected to reach as per the relative valuation method and or technical analysis taking into consideration both short-term and long-term scenarios.
Note 5: ‘Kalkine reports are prepared based on the stock prices captured either from the New York Stock Exchange (NYSE), NASDAQ Capital Markets (NASDAQ), and or REFINITIV. Typically, all sources (NYSE, NASDAQ, or REFINITIV) may reflect stock prices with a delay which could be a lag of 15-20 minutes. There can be no assurance that future results or events will be consistent with the information provided in the report. The information is subject to change without any prior notice.’