DocuSign’s (NASDAQ:DOCU) upbeat Q3 results are unlikely to have surprised users of TipRanks’ Website Traffic Tool. The company delivered a strong performance in the recently reported quarter, with both sales and earnings surpassing analysts’ expectations.
Based in California, DocuSign allows small and medium-sized businesses to collect information, automate data workflows, and sign on various devices.
Per the website traffic tool, the web visits to docusign.com were up 15.39% year-over-year during the quarter. The spike in website visits indicated that the company could benefit from robust demand for its products. Eventually, DOCU reported 17% and 18% year-over-year growth in billings and revenues for the quarter, respectively.
Interestingly, a further improvement is expected in the company’s performance in Q4 as per the tool’s data. Year-to-date, total unique visitors are up 10.62% from the same period last year.
The management expects to report fourth-quarter revenues in the range of $637 million to $641 million, compared with $580.8 million reported in the same quarter last year. Meanwhile, billings are anticipated to be between $705 million and $715 million in Q4, up from $670.1 million in the year-ago quarter.
Is DOCU Stock a Buy, Hold, or Sell?
On TipRanks, DOCU has a Hold consensus rating based on three Buys, 12 Holds, and three Sells. The average price target of $55.33 implies upside potential of 12.6%. Shares have gained 9.2% year-to-date.
Ending Thoughts
Amid the current uncertain economic environment, investors are more interested in making informed investment decisions. Thus, using TipRanks’ Website Traffic tool, which provides data regarding the footfall on the websites of companies, may be used to assess their growth prospects.
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