Yahoo Finance Live checks out DocuSign shares after reporting its earnings.
SEANA SMITH: It's time for our Triple Play, three stocks that we're watching in the final 30 minutes of trading. For the week, we have DocuSign, Lululemon, and Paramount. Let's start with my pick, and it's DocuSign. The shares soaring this afternoon, up just over 14%. The move higher coming following its earnings beat. Billings growth was a standout in its most recent third quarter.
And because of that, analysts are getting a lot more positive on this stock. Piper Sandler upgraded DocuSign to neutral from underweight. Citi raising its price target to 72 bucks a share from 59. Wedbush writing in a note today that DocuSign is now, quote, "right on track" to meet long-term targets. So certainly this pop today very welcomed by the Street. Josh, so the year-to-date picture very, very different with shares still off just over 60%.
JOSH SCHAFER: I think that's why we're seeing that pop, right, Seana? Shares off over 60% over the year. And remember, this was a big pandemic play, right? This stock used to be over $300. It's selling at about $50 today. And so I think that's sort of what you're seeing.
And reading through that Wedbush note from Dan Ives, one thing that stuck out to me is it seems like maybe now is the moment to start seeing the recovery story in DocuSign and see potential to build back up. Not build back up toward $300, but build back up towards something profitable for investors and sort of create that smaller story after the big fall, which is--
SEANA SMITH: Aim for some middle ground there that Wall Street would be very happy if the stock up.
JOSH SCHAFER: We'll see if it happens two quarters in a row, right?
SEANA SMITH: Yeah.